Thermal Insulation Market Share, Size and Growth Analysis By 2029

The thermal insulation sector is projected to expand from US$ 53.39 billion in 2022 to US$ 72.90 billion by 2028, reflecting a compound annual growth rate (CAGR) of 5.3% during this period.

This growth in the thermal insulation market is primarily fueled by increased investments in the construction industry by governments worldwide. The rising need for thermal insulation arises from its ability to minimize heat transfer and prevent vapor condensation. This insulation is crucial in mitigating humidity, mold growth, freezing, and structural deformation. Furthermore, government initiatives aimed at promoting green building practices are significantly enhancing the growth of the thermal insulation market.

The rapid development of zero energy buildings is also a key factor contributing to the expansion of the thermal insulation market. Thermal insulation materials are designed to restrict the flow of heat energy between areas of differing temperatures. These materials effectively reflect, reduce, and absorb radiative heat, thereby improving energy efficiency. Additionally, the growing preference for lightweight thermal insulation products has led many manufacturers to introduce options such as plastic insulation, which is favored for its ease of installation due to its lightweight nature. This trend is further propelling the growth of the thermal insulation market.

In terms of material classification, the global thermal insulation market is divided into several categories, including fiber glass, plastic foam, stone wool, calcium silicate, cellular glass, and others. In 2021, the fiber glass segment held the largest share of revenue, while plastic foam is anticipated to exhibit the highest growth rate throughout the forecast period.

When examining industry verticals, the thermal insulation market is segmented into various sectors such as building and construction, oil and gas, chemical, aerospace and defense, automotive, pharmaceutical, and others. The building and construction sector accounted for the largest revenue share in 2021.

Regionally, the thermal insulation market is categorized into North America, Europe, Asia Pacific (APAC), Middle East & Africa (MEA), and South & Central America (SAM). In 2021, the APAC region dominated the market share. Countries like China and India, which have some of the fastest-growing populations globally, are experiencing significant growth in their construction and automotive industries. The overall market in this region is expanding rapidly due to increased construction activities and rising consumer purchasing power. Additionally, North America is projected to experience the highest CAGR during the forecast period.

The North American thermal insulation market is further segmented into the US, Canada, and Mexico. The market is witnessing substantial growth due to transformations in the construction sector. The rising demand for energy-efficient construction solutions and the increasing need for insulating materials in commercial buildings are expected to drive market growth. Furthermore, the heightened demand for thermal insulation products aimed at promoting energy conservation in low-income households, supported by federal funding, is anticipated to further enhance market growth in this region.

Key players in the thermal insulation market include 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. These companies offer a diverse range of products within the market. Many of these firms are located in developing regions, presenting significant opportunities for market growth. They are focused on developing innovative, high-quality products to meet the evolving needs of customers.

The overall size of the thermal insulation market has been determined through a combination of primary and secondary research methodologies. The research process commenced with extensive secondary research utilizing both internal and external sources to gather qualitative and quantitative data related to the market. Additionally, numerous primary interviews were conducted with industry stakeholders to validate the findings and gain deeper analytical insights. Participants included industry experts such as VPs, business development managers, market intelligence managers, and national sales managers, as well as external consultants like valuation experts, research analysts, and key opinion leaders specializing in the thermal insulation sector.