India Thermal Insulation Market is expected to reach INR 3,674.98 crore by 2028

Stone Wool Segment to Dominate India Thermal Insulation Market during 2021–2028

According to our new market research study on “India Thermal Insulation Market Forecast to 2028 – COVID-19 Impact and Analysis”, the market is expected to reach INR 3,674.98 crore by 2028 from INR 2,189.81 crore in 2020. The market is estimated to grow at a CAGR of 7.4% from 2021 to 2028. The report provides trends prevailing in the market along with the drivers and restraints pertaining to the market growth. The chemical industry is growing exponentially. The India thermal insulation market players are installing thermal insulation in combination with heat tracing to further minimize process risks and enhance processes. Thermal insulation applications in the chemical industry are heat tracing for process and fire water lines; acoustic insulation for compressors and high-pressure piping systems; thermal insulation for pipework, exhausts, distillation units, boilers, and burners; (Jet) fire protection for chemical and fuel storage areas and burners; and cold/cryogenic insulation for cooling installations and liquefied gases such as N2 and O2.

Plastic foam is an innovative building material that allows contractors, architects, and other construction professionals to easily meet the stringent energy code standards set for both renovation and new construction projects. It is an energy-efficient and versatile material that can be used to effectively close air leaks and seal gaps; thus, it helps maintain indoor air temperature and boost the building’s energy performance. Polyisocyanurate, polyurethane, polystyrene, and phenolic foam are the different types of plastic foam insulation materials available in the market. As per the British Standard 476 and superior R-value, this material has good fire resistance, and it can be used in different forms such as spray-applied and rigid board insulation.

The rising expansion and evolution of India’s infrastructural stock is playing a critical role against climate change. According to Observer Research Foundation (ORF) online organization, the country’s total energy consumption accounts for more than 40% of the energy consumed by buildings, which is increasing with the rate of 8% annually. The practice of conventional inefficient building continues, and the buildings are anticipated to account for around 70% of emissions by 2050, thus posing a major threat to India’s green ambitions. As per the International Finance Corporation (IFC), about 70% of the infrastructural development that includes construction of buildings is required to be completed in India by 2030. The government of India is focusing on embracing the concept of green buildings to meet this huge demand and precisely deal with the environment and economy. At present, the green buildings market in India is currently at a growing stage, with only 5% buildings being classified as green buildings.

Some of the initiatives, such as the 2008 National Action Plan for Climate Change and National Commission on Enhanced Energy Efficiency, are being taken by the Indian government to boost the construction of green buildings across the country. Similarly, the Ministry of New and Renewable Energy introduced “The Green Rating for Integrated Habitat Assessment (GRIHA)”. Further, in Pune, the Pimpri-Chinchwad Municipal Corporation (PCMC) is the first municipal corporation to announce the introduction of energy efficient buildings by offering incentives to builders and property tax concessions to residents. Such initiatives are boosting the development of green buildings across the country. However, according to Credit Rating Information Services of India Limited (CRISIL), the growth of Indian construction industry is declined by 12–16% in the current fiscal year because of the COVID-19 outbreak. According to the same agency, major players in the construction sector are expected to witness a 13 to 17% drop in revenue in fiscal year 2021 as there is decline in the construction activities.

A few of the key players profiled in the report study on the India thermal insulation market are Armacell India Pvt. Ltd., BASF SE, Imerys, Lloyd Insulations (India) Limited, Minwool Rock Fibres Limited, Neo Thermal Insulation (India) Pvt. Ltd., Owens Corning, Saint-Gobain, Supreme Petrochem Ltd, Thermocareindia, and ROCKWOOL INDIA PVT. LTD. The market players are majorly focusing on both organic and inorganic growth strategies to sustain in the competitive environment. For instance, in June 2019, Owens Corning introduced new solutions at AIA Conference on Architecture. The company is also introducing FOAMGLAS cellular glass in the North American market to deliver outstanding performance for mission-critical commercial roofs. Similarly, in December 2018, Saint-Gobain Isover inaugurated its new blowing glass wool production line at its Isover plant in Chemillé, near Angers, France. The new facilities will meet the French market's growing demand for thermal insulation solutions for roof cavities.

The report segments the India Thermal Insulation Market as follows:

India Thermal Insulation Market – by Material Type

• Fiber Glass
• Plastic Foam
• Stone Wool
• Calcium Silicate
• Cellular Glass
• Others

India Thermal Insulation Market – by Industry Vertical

• Oil and Gas
• Chemical
• Aerospace and Defense
• Automotive,
• Pharmaceutical
• Others