The global building insulation material market is expected to exhibit a CAGR of 3.49% over the forecast period from 2022 to 2030 to reach a valuation of more than USD 30 billion by 2023. The growing demand for effective insulation materials in construction projects is likely to be the major driver for the global building insulation material market over the forecast period, according to a new report from Market Research Future (MRFR).
Insulation materials have become highly important in the construction industry due to the help they provide in terms of lowering the overall energy consumption of the project and protecting the building's interiors from moisture, heat, and sound. Effective insulation has emerged as a prime factor in creating energy-efficient construction projects, which minimize the costs of energy (ie heating or cooling) for the building's occupants and lower the overall energy bill of the project.
The growing research into expanding the application scope of plastics and creating highly effective building insulation materials is likely to be a key driver for the global building insulation material market. Building insulation materials are used in various applications in the construction industry, including walls, windows, doors, and plumbing. The diverse applicability of building insulation materials is likely to be a major driver for the global building insulation materials market over the forecast period
Competitive Leader Board:
Leading players in the global building insulation material market include BASF SE, Owens Corning Corporation, Lloyd Insulations Limited, Johns Manville Inc., Saint-Gobain SA, Kingspan Group plc, GlassRock Insulation Company SAE, Knauf Insulation Inc., Paroc Group Oy, and Rockwool International A/S.
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Segmentation:
The global building insulation materials market is segmented on the basis of type, application, end use, and region.
By material type, the building insulation material market is segmented into stone wool, glass wool, EPS, and XPS. Glass wool holds the largest share in the global building insulation material market and is likely to remain the dominant segment over the forecast period due to the growing awareness about the high efficacy of glass wool insulation products. The glass wool segment alone is expected to account for more than USD 10 billion by 2023, accounting for around a third of the global building insulation material market.
By application, the report covers floors, walls, and roofs.
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By end use, the building insulation material market is segmented into residential and nonresidential. Residential construction is likely to be the best revenue generator for the global building insulation material market over the forecast period due to the growing demand for residential construction in emerging regions such as Asia Pacific and Latin America.
Regional Analysis:
The global building insulation material market is expected to be dominated by North America over the forecast period due to the strong presence of research initiatives aimed at producing better insulation products with higher performance characteristics. The growing demand for green buildings in North America is likely to be a major driver for the global building insulation material market over the forecast period.
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