Thermal Insulation Market Key Players and Forecast by 2028

Historic Data: 2020-2021   |   Base Year: 2022   |   Forecast Period: 2023-2028

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

  • Report Date : Aug 2022
  • Report Code : TIPRE00004359
  • Category : Chemicals and Materials
  • Status : Published
  • Available Report Formats : pdf-format excel-format
  • No. of Pages : 159

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

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  • Get Top Key Market Trends of this report.
    This FREE sample will include data analysis, ranging from market trends to estimates and forecasts.

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.

Market Insights

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.

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.

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

Thermal Insulation Market Regional Insights

The regional trends and factors influencing the Thermal Insulation Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses Thermal Insulation Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.

thermal-insulation-market-global-geography
  • Get the Regional Specific Data for Thermal Insulation Market

Thermal Insulation Market Report Scope

Report Attribute Details
Market size in 2022 US$ 53.39 Billion
Market Size by 2028 US$ 72.9 Billion
Global CAGR (2022 - 2028) 5.3%
Historical Data 2020-2021
Forecast period 2023-2028
Segments Covered By Material Type
  • Fiber Glass
  • Plastic Foam
  • Stone Wool
  • Calcium Silicate
  • Cellular Glass
By Industry Vertical
  • Building and Construction
  • Oil and Gas
  • Chemical
  • Aerospace and Defense
  • Automotive
  • Pharmaceutical
Regions and Countries Covered North America
  • US
  • Canada
  • Mexico
Europe
  • UK
  • Germany
  • France
  • Russia
  • Italy
  • Rest of Europe
Asia-Pacific
  • China
  • India
  • Japan
  • Australia
  • Rest of Asia-Pacific
South and Central America
  • Brazil
  • Argentina
  • Rest of South and Central America
Middle East and Africa
  • South Africa
  • Saudi Arabia
  • UAE
  • Rest of Middle East and Africa
Market leaders and key 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

  • Thermal Insulation Market Players Density: Understanding Its Impact on Business Dynamics

    The Thermal Insulation Market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.

    Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.

    Major Companies operating in the Thermal Insulation Market are:

    1. BASF SE
    2. Bayer AG
    3. ROCKWOOL A/S
    4. Johns Manville
    5. SAINT GOBAIN S.A

    Disclaimer: The companies listed above are not ranked in any particular order.


    thermal-insulation-market-cagr

    • Get the Thermal Insulation Market top key players overview

    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.


    Frequently Asked Questions

    Based on the industry vertical, which segment led the global thermal insulation market in 2021?

    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.

    What are the trends observed in the global thermal insulation market?

    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.

    Which type segment is the fastest growing in the thermal insulation globally?

    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.

    What are the drivers for the growth of the global thermal insulation market?

    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.

    Can you list some major players operating in the global thermal insulation market?

    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, which region held the largest share of the global thermal insulation market?

    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.

    Habi Ummer
    Habi Ummer
    Manager,
    Market Research & Consulting

    Habi is a seasoned Market Research Analyst with 8 years of experience specializing in the Chemicals and Materials sector, with additional expertise in the Food & Beverages and Consumer Goods industries. He is a Chemical Engineer from Vishwakarma Institute of Technology (VIT) and has developed deep domain knowledge across industrial and specialty chemicals, paints and coatings, paper and packaging, lubricants, and consumer products. Habi’s core competencies include market sizing and forecasting, competitive benchmarking, trend analysis, client engagement, report writing, and team coordination—making him adept at delivering actionable insights and supporting strategic decision-making.

    • Historical Analysis (2 Years), Base Year, Forecast (7 Years) with CAGR
    • PEST and SWOT Analysis
    • Market Size Value / Volume - Global, Regional, Country
    • Industry and Competitive Landscape
    • Excel Dataset

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    The List of Companies - Thermal Insulation Market

    1. BASF SE
    2. Bayer AG
    3. ROCKWOOL A/S
    4. Johns Manville
    5. SAINT GOBAIN S.A
    6. Kingspan Group PLC
    7. Dow Chemicals Company
    8. Owens Corning
    9. Asahi Kasei Corporation
    10. DuPont
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