The thermal insulation market is expected to grow from US$ 53.39 billion in 2022 to US$ 72.90 billion by 2028; it is expected to grow at a CAGR of 5.3% from 2022 to 2028.
The demand for thermal insulation increased owing to its advantages. It reduces energy costs and the heat transfer between two objects of different temperatures. Thermal insulation material offers insulation in which the radiative heat is reflected, reduced, and absorbed. Companies are focusing on providing lightweight products such as plastic, as it is easy to install and requires less time and effort. These factors are expected to augment the thermal insulation market growth.
The thermal insulation market is projected to witness significant growth in the coming years due to the strong presence of prominent players, such as BASF SE, Bayer AG, ROCKWOOL A/S, Johns Manville, SAINT GOBAIN S.A, Kingspan Group PLC, Dow Chemicals Company, Owens Corning, Asahi Kasei Corporation, and DuPont. A large variety of thermal insulation products gained consumers' attention. Growing awareness about the benefits of high-temperature insulation, including resistance to elevated temperatures and thermal shocks, low thermal conductivity, environmental benefits, and cost efficiency, is likely to propel the thermal insulation market growth over the forecast period.
In 2021, Asia Pacific held the largest share of the global thermal insulation market. However, North America is estimated to register the highest CAGR in the market during the forecast period. The APAC market is segmented into China, India, Australia, Japan, South Korea, and the Rest of APAC. The construction industry is one of the booming industries in APAC due to the rapidly increasing population; this ultimately leads to the high demand for thermal insulation products. Moreover, the rising disposable income levels of consumers and the growth of the middle-class population are a few of the key factors driving the thermal insulation market growth in the region.
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Thermal Insulation Market: Strategic Insights
Market Size Value in US$ 53.39 Billion in 2022 Market Size Value by US$ 72.90 Billion by 2028 Growth rate CAGR of 5.3% from 2022 to 2028 Forecast Period 2022-2028 Base Year 2022
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Thermal Insulation Market: Strategic Insights
| Market Size Value in | US$ 53.39 Billion in 2022 |
| Market Size Value by | US$ 72.90 Billion by 2028 |
| Growth rate | CAGR of 5.3% from 2022 to 2028 |
| Forecast Period | 2022-2028 |
| Base Year | 2022 |
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Impact of COVID-19 Pandemic on Thermal Insulation Market
Before the COVID-19 pandemic, the thermal insulation market growth was primarily driven by the rising demand for buildings and construction activities. However, the market faced hurdles during the first quarter of 2020 due to business shutdown, raw material, and labor shortages, and decline in construction and transportation activities. The COVID-19 pandemic led to economic recession in the initial months of 2020, which created financial difficulties for low-income and mid-income consumers.
Moreover, due to restrictions, shutdown of many construction companies and manufacturing affected the growth of thermal insulation market. Moreover, during the pandemic, shortage of labor was a major concern for the thermal insulation industry. This led to shift towards mechanization, automation, and off-site fabrication in the thermal insulation industry.
Thermal Insulation Market Breakdown, by Region, 2021
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Market Insights
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Benefits of Using Thermal Insulation
Thermal insulation reduces heat movements and vapor condensation. Therefore, it prevents humidity, mold, freezing, deformation that may occur in the building and weakening of iron parts due to corrosion; and helps preservation of the building. Moreover, in various industries, huge energy saving benefits can be obtained with decreased thermal conductivity in the lining construction through the utilization of products such as BTU-BLOCK insulation.
Based on material type, the global market is categorized into fiber glass, plastic foam, stone wool, calcium silicate, cellular glass, and others. In 2021, the fiber glass segment accounted for the largest revenue share and plastic foam is expected to account for the highest growth rate over the forecast period. By industry vertical, the global market is segmented into building and construction, oil and gas, chemical, aerospace and defense, automotive, pharmaceutical, and others. The building and cocntruction segment accounted for the largest revenue share.
Thermal Insulation Market, by Material Type – 2021 and 2028
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BASF SE, Bayer AG, ROCKWOOL A/S, Johns Manville, SAINT GOBAIN S.A, Kingspan Group PLC, Dow Chemicals Company, Owens Corning, Asahi Kasei Corporation, and DuPont are a few of the key players operating in the thermal insulation market. These companies provide a wide range of product portfolios for the market. The companies have their presence in developing regions, providing lucrative market opportunities. Market players are developing high-quality, innovative products to meet customer requirements.
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Report Spotlights
- Progressive industry trends in the market to help players develop effective long-term strategies
- Business growth strategies adopted by developed and developing markets
- Quantitative analysis of the thermal insulation products market size from 2022 to 2028
- Estimation of global demand for thermal insulation
- PEST analysis to illustrate the efficacy of buyers and suppliers operating in the industry
- Recent developments to understand the competitive market scenario
- Market trends and outlook and factors driving and restraining the growth of the thermal insulation market
- Assistance in the decision-making process by highlighting market strategies that underpin commercial interest, leading to the market growth
- The size of the thermal insulation market at various nodes
- Detailed overview and segmentation of the market, as well as the thermal insulation industry dynamics
- Thermal insulation market size in various regions with promising growth opportunities
The "Thermal Insulation Market Analysis to 2028" is a specialized and in-depth study of the consumer goods industry with a special focus on the global thermal insulation market trend analysis. The report aims to provide an overview of the market with detailed market segmentation.
The thermal insulation market is segmented into material type, industry vertical, and geography. Based on material type, the global market is segmented into fiber glass, plastic foam, stone wool, calcium silicate, cellular glass, and others. Based on industry vertical, the global market is segmented into building and construction, oil and gas, chemical, aerospace and defense, automotive, pharmaceutical, and others. By geography, the market is broadly segmented into North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South & Central America.
Company Profiles
BASF SE, Bayer AG, ROCKWOOL A/S, Johns Manville, SAINT GOBAIN S.A, Kingspan Group PLC, Dow Chemicals Company, Owens Corning, Asahi Kasei Corporation, and DuPont are the prominent players operating in the global thermal insulation market.
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Material Type, and Industry Vertical
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Saudi Arabia, South Africa, South Korea, Spain, United Arab Emirates, United Kingdom, United States
Frequently Asked Questions
The major players operating in the global thermal insulation market BASF SE, Bayer AG, ROCKWOOL A/S, Johns Manville, SAINT GOBAIN S.A, Kingspan Group PLC, Dow Chemicals Company, Owens Corning, Asahi Kasei Corporation, and DuPont.
In 2021, Asia Pacific accounted for the largest share of the global thermal insulation market. The Asia Pacific thermal insulation market is segmented into China, India, Japan, South Korea, Australia, and the Rest of Asia Pacific. These countries are witnessing growth in various end-use industries which will boost the growth of the thermal insulation market in the region. Growing urbanization in the emerging economies of Asia Pacific has led to an increased requirement for better commercial and public infrastructure. Rural-to-urban migration in developing countries in the region is increasing the construction activity in urban areas. As urban buildings are usually more insulation intensive than those in rural areas, this will, in turn, stimulate demand for thermal insulation in residential buildings.
Increase in demand for lightweight thermal insulation and growth in the building and construction industry are drivers of thermal insulation. Thermal insulation material offers insulation in which the radiative heat is reflected, reduced, and absorbed. Thermal insulation is a powerful technology that is used to reduce energy consumption in buildings by preventing heat gains or losses through the building covering.
Based on the material type, plastic foam is expected to be the fastest-growing segment during the forecast period. Plastic foams are a type of polymer that includes voids and cells within the polymers. It is a lightweight cellular foam that is increasingly used as an insulation material.
Based on the industry vertical, building and construction segment accounted for the highest share of the global market in 2021. Thermal insulation materials are increasingly used in the building and construction sector as they slow heat transfer through the enclosure to reduce heat gain and loss. Thermal insulation is increasingly becoming an essential technology to reduce energy consumption in buildings by preventing heat gain/loss through the building envelope.
Increasing demand for high-temperature thermal insulation is a recent trend in the global thermal insulation market. Growing awareness about the benefits of high-temperature insulation, including resistance to elevated temperatures and thermal shocks, low thermal conductivity, environmental benefits, and cost efficiency, is likely to propel the thermal insulation market growth over the forecast period. In addition, thermal insulation can protect equipment and help achieve extraordinarily high or low temperatures with reduced accident risks.
The List of Companies - Thermal Insulation Market
- BASF SE
- Bayer AG
- ROCKWOOL A/S
- Johns Manville
- SAINT GOBAIN S.A
- Kingspan Group PLC
- Dow Chemicals Company
- Owens Corning
- Asahi Kasei Corporation
- DuPont
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- 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.
- 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:
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.
- 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.
- 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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