India Thermal Insulation Market to Grow at a CAGR of 7.4% to reach INR 3,674.98 crore from 2020 to 2028

India Thermal Insulation Market Forecast to 2028 - COVID-19 Impact and Country Analysis By Material Type (Fiber Glass, Plastic Foam, Stone Wool, Calcium Silicate, Cellular Glass, and Others) and Industry Vertical (Oil and Gas, Chemical, Aerospace and Defense, Automotive, Pharmaceutical, and Others)

  • Report Code : TIPRE00020900
  • Category : Manufacturing and Construction
  • Status : Published
  • No. of Pages : 123
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The India thermal insulation 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 constant rise in the infrastructural development in India is expected to boost the residential sector and industrial activities, which, in turn would increase the adoption of insulation material during the forecast period. The Indian government is focused on introducing various infrastructure projects, such as the urban transformation schemes, smart city initiative, business parks, and new industrial estates, which are projected to boost the adoption of thermal insulation material from 2021 to 2028. According to the India Brand Equity Foundation (IBEF), India is expected to become the third largest construction sector in the world in the coming years. Several initiatives, such as” Smart City Mission” and “Housing for all” initiative, across the country are boosting the adoption of thermal insulation. The growing infrastructural investment with the increasing FDI in the country is one of the significant factors driving the growth of the thermal insulation market. Such initiative along with rising infrastructural spending in India is creating lucrative opportunities for the Indian market players to develop advanced material for thermal insulation. Several market players operating in the region are focusing on the development of a variety of thermal insulation. For instance, in 2020, Fontaine introduced Fontaine Magnitude 60LCC, a lowbed trailer intended for customers working in regions where spread-axle configurations are not required to maximize their trailer loads. Similarly, in 2019, Saint-Gobain 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. Thus, such developments are accelerating the growth of the India thermal insulation market

India is adopting several advanced technologies for developing thermal insulation material. Companies present in the country are continuously focusing on enhancing the overall business processes to meet customer requirements by offering high-quality products and services in the best possible way. Saint-Gobain has inaugurated its new blowing glass wool production line at its Isover plant in Chemillé, near Angers, France. The new facilities will meet the market's growing demand for thermal insulation solutions for roof cavities. Thus, the demand for thermal insulation is growing in India. On other hand, amid the COVID-19 outbreak, new construction activities in the country are restricted due to lockdown. Therefore, there is a decline in the use of insulation material. Insulation in old buildings, as per new local government rules and regulations, is also on hold owing to the lack of material and labor. 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. Also, the government's budgetary support for the next fiscal year is changed, putting the revised estimate for this fiscal year in jeopardy. Thermal insulation is also used in the consumer goods and transportation industries. The demand for foam insulation from OEMs has been decreased because of the poor sales in the automotive industry during the pandemic. Thus, the COVID-19 pandemic restrained the growth of the thermal insulation market in India.

India Thermal Insulation Market Revenue and Forecast to 2028 (INR Crore)

India Thermal Insulation Market Revenue and Forecast to 2028 (INR Crore)
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India Thermal Insulation Market Segmentation

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

India thermal insulation Market - Companies Mentioned

  • Armacell India Pvt. Ltd.
  • Imerys
  • Lloyd Insulations (India) Limited
  • Minwool Rock Fibres Limited
  • Neo Thermal Insulation (India) Pvt. Ltd.
  • Owens Corning
  • Saint-Gobain
  • Supreme Petrochem Ltd
  • Thermocareindia
Report Coverage
Report Coverage

Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends

Segment Covered
Segment Covered

This text is related
to segments covered.

Regional Scope
Regional Scope

North America, Europe, Asia Pacific, Middle East & Africa, South & Central America

Country Scope
Country Scope

This text is related
to country scope.

The List Companies - India Thermal Insulation Market

  1. Armacell India Pvt. Ltd.
  2. BASF SE
  3. Imerys
  4. Lloyd Insulations (India) Limited
  5. Minwool Rock Fibres Limited
  6. Neo Thermal Insulation (India) Pvt. Ltd.
  7. Owens Corning
  8. Saint-Gobain
  9. Supreme Petrochem Ltd
  10. Thermocareindia

The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.

  1. Data Collection and Secondary Research:

As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.

Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.

  1. Primary Research:

The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.

For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.

A typical research interview fulfils the following functions:

  • Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
  • Validates and strengthens in-house secondary research findings
  • Develops the analysis team’s expertise and market understanding

Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:

  • Industry participants: VPs, business development managers, market intelligence managers and national sales managers
  • Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.

Below is the breakup of our primary respondents by company, designation, and region:

Research Methodology

Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.

  1. Data Analysis:

Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.

  • 3.1 Macro-Economic Factor Analysis:

We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.

  • 3.2 Country Level Data:

Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.

  • 3.3 Company Profile:

The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.

  • 3.4 Developing Base Number:

Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.

  1. Data Triangulation and Final Review:

The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.

We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.

We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.

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