August 30, 2022 05:35 ET | Source: The Insight Partners The Insight Partners
New York, Aug. 30, 2022 (GLOBE NEWSWIRE) -- According to our new research study on The thermal insulation market is expanding at a steady pace. Increasing building insulation and energy-saving activities, along with increasing initiatives of several governments of various countries in the field of energy conservation, are propelling the thermal insulation market growth. These governments are actively promoting the construction of zero energy buildings, which is increasing the demand for thermal insulation products globally. Moreover, manufacturers are investing in product innovations and offering application-specific materials, which are designed to reduce assembly and overall installation time. This factor is boosting the demand for thermal insulation.
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Thermal Insulation Market: Competitive Landscape and Key Developments
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.
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In 2021, Asia Pacific accounted for the largest share of the global thermal insulation market. North America is expected to grow at the highest CAGR during the forecast period. The US is expected to witness sustainable growth over the forecast period due to the change in the country's construction sector. Increased demand for energy-efficient construction solutions and rising demand for insulating commercial construction materials are expected to boost thermal insulation market growth. Moreover, the high demand for the product for promoting thermal energy conservation in low-income households through federal funding is further expected to boost the thermal insulation market growth over the forecast period.
Thermal insulation material offers insulation in which the radiative heat is reflected, reduced, and absorbed. Consumers are demanding lightweight thermal insulation products as heavier insulation materials have high installation and labor costs. Lightweight thermal insulation material requires minimal effort and time for installation. If a thermal insulation material is too thick, rigid, or heavy, it can impede its performance and restrict its application. Moreover, companies are also focusing on providing lightweight thermal insulation products such as plastic. For aerospace applications, NASA has developed Aerogel insulation that packs a massive R-value of 2.4 at only 5mm thick for myriad uses within the space program. Due to the intense cold and heat that space travel inherently presents, NASA has created a solution—a premium aerogel insulation for space suits and spacecraft. Thus, lightweight products have become a preferred choice for manufacturers for complex and high-quality product designs.
The global thermal insulation market is segmented into material type, industry vertical, and geography. Based on material type, the global thermal insulation market is segmented 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 in the market, and the plastic foam segment is expected to account for the highest CAGR over the forecast period. Based on the industry vertical, the global thermal insulation market is segmented into building and construction, oil and gas, chemical, aerospace and defense, automotive, pharmaceutical, and others. In 2021, the building and construction segment accounted for the largest revenue share in the market.
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The thermal insulation market is witnessing high demand as thermal insulation reduces heat movements and vapor condensation. It prevents humidity, mold, freezing, and deformation. Moreover, the increasing spending on the construction industry by governments of various countries is predominantly fueling the thermal insulation market growth. Further, increasing government initiatives for promoting the construction of the green building is also bolstering the thermal insulation market growth.
Thermal insulation manufacturers are constantly innovating to meet the consumers' demands. They are launching lightweight insulation materials as they are easy to install and require less time and effort. For instance, due to the intense cold and heat that space travel inherently presents for aerospace applications, NASA has developed Aerogel insulation that packs a massive R-value of 2.4 at only 5mm thick for myriad uses within the space program. Such innovative products are gaining immense popularity among consumers.
Based on material type, the global thermal insulation market is segmented 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 in the market, and the plastic foam segment is expected to account for the highest CAGR over the forecast period. Many manufacturers are offering various products which are lightweight and can easily be installed.
The global thermal insulation market is segmented into five main regions, including North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South & Central America. In 2021, APAC accounted for the largest share of the market. APAC countries, such as China and India, have the world's fastest-growing populations; thus, they have a huge and rapidly growing construction & automotive industry. The overall market is growing rapidly in the region due to the increased construction activities and high purchasing power of consumers. Moreover, North America is expected to grow at the highest CAGR over the forecast period.
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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.
Thermal insulation materials limit the flow of heat energy from two ends of different temperatures. It offers insulation in which the radiative heat is reflected, reduced, and absorbed. Companies focusing on lightweight products such as plastic is expected to augment the market growth for lightweight thermal insulation. Furthermore, as heavier insulation material is used in electronic goods such as refrigerators, the labor costs for installation also increases. Whereas lightweight thermal insulation material requires minimal effort and time for installation.
Thermal insulation also finds applications in other sectors such as building and construction, automotive, aerospace, and others. For aerospace applications, NASA has developed Aerogel insulation that packs a massive R-value of 2.4 at only 5mm thick for myriad uses within the space program. Due to the intense cold and heat that space travel inherently presents, NASA has created a solution—a premium aerogel insulation for space suits and spacecraft. Thus, lightweight products have become a preferred choice for manufacturers for complex and high-quality product designs.
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.
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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.
Impact of COVID-19 Pandemic on Thermal Insulation Market
The COVID-19 pandemic affected economies and industries in various countries due to lockdowns, travel bans, and business shutdowns. The thermal insulation industry suffered serious disruptions in supply chains and shutdowns of many production activities, wholesale, and smaller retail businesses in the initial phases of the COVID-19 pandemic. The COVID-19 pandemic hindered the supply chains, manufacturing, delivery schedules, and goods sales. But, after some relaxation during the lockdown, the thermal insulation product sales surged.
Due to the severe spread of the virus, construction and transportation activities were negatively affected. This factor declined the thermal insulation market demand. Moreover, various industries including aerospace, oil and gas, and pharmaceutical, were adversely affected due to the pandemic, this ultimately resulted in the decline of thermal insulation production and hindered the growth of the thermal insulation market.
A few manufacturers faced issues with the supply of raw materials due to lockdown and shutdown of factories. Further, the gap in the supply chain is hampering the timely availability of end-product in the thermal insulation materials market. Thus, several governments of different countries are taking various initiatives to curb the demand-supply imbalance. These governments are providing various financial benefits to small and medium-sized enterprises to maintain the thermal insulation materials market equilibrium.
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