Board Insulation Market Size, Share & Trends Analysis Report By Application (Building & Construction, Transportation, Industrial,), By Region (North America, Europe, APAC, CSA, MEA), And Segment Forecasts, 2023 - 2030

Board Insulation Market Size, Share & Trends Analysis Report By Application (Building & Construction, Transportation, Industrial,), By Region (North America, Europe, APAC, CSA, MEA), And Segment Forecasts, 2023 - 2030

Board Insulation Market Growth & Trends

The global board insulation market size is expected to reach USD 16.88 billion by 2030, expanding at a CAGR of 3.6% from 2023 to 2030, according to a new report by Grand View Research, Inc. The growth is attributed to the increasing utilization of advanced insulating materials from the construction & building and transportation industries. Increasing awareness regarding the environmental impact created by excess use of fuel has led to the development of new advanced materials to reduce heat losses. Boards are one of the materials used for increasing energy efficiency and reducing heat losses. Thus, the increased demand for advanced insulating materials from the building and transportation industry is expected to increase in demand for boards.

Governments and regulatory bodies worldwide have been implementing stricter energy efficiency standards for buildings to reduce greenhouse gas emissions and minimize energy consumption. These regulations often specify requirements for insulation levels and thermal performance in new construction and renovation projects. Board insulation plays a critical role in meeting these requirements by effectively reducing heat transfer through walls, roofs, and floors.

Increasing construction activities, especially in the residential, commercial, and industrial sectors, drive the demand for insulation materials. As urbanization continues and the population grows, there’s a need to construct more houses, offices, commercial spaces, and industrial buildings. Overall, increasing construction activities and the need to adhere to energy efficiency standards create a robust market for board insulation in the building and construction industry.

Major market players are emphasizing the use of sustainable materials for developing insulation materials such as EPS, XPS, and PUR. Manufacturers use recycled content to produce these materials. It also includes the usage of scrap-insulating materials, which results in reduced demand for new production. In addition, there has been widespread use of EPS type of material worldwide. This implies that EPS insulating material meets the highest environmental and social standards. These initiatives are expected to fuel the demand for sustainable insulating material, thereby fueling market growth.

Board Insulation Market Report Highlights

• The building & construction segment dominated the market and accounted for a share of 66.8% in terms of revenue in 2022. Boards are frequently utilized in both exterior and interior wall applications. Insulating exterior walls improves thermal efficiency, reduces energy consumption, and improves building comfort. Interior wall insulation is used for soundproofing and temperature management. Furthermore, it is often utilized for roof applications, where it provides thermal resistance and protects structures from heat gain and loss. It saves energy while maintaining occupant comfort. As the construction industry promotes energy efficiency, sustainability, and occupant comfort, demand for board insulation is likely to increase across a variety of building applications.
• Board insulation is commonly utilized to provide acoustic and thermal insulation in a variety of industrial applications such as process equipment, boilers and furnaces, industrial ovens, and cold storage and refrigeration. It also lowers the risk of fires and improves energy efficiency. Building materials that aid in energy efficiency, protect employees from hot surfaces, and minimize operating expenses are being sought after by industries such as petrochemicals, oil and gas, and chemical manufacturing. This growth in demand for insulating materials will increase board usage in the coming year
• Transportation and industrial applications accounted for 25.5% of the global market share. Boards are used in automobile insulation to lower noise, vibration, and harshness levels within the car. The board contributes to a more peaceful and comfortable interior environment for passengers
• Asia Pacific dominates the market, accounting for USD 5.11 billion in 2022. The region's flourishing economic growth, increased construction activities, and rising awareness regarding eco-friendly insulating materials drive the growth. The demand for environmentally friendly insulation materials also drives the industry's growth, resulting in a rise in demand for board insulation in the region
• The market exhibits high competition owing to the presence of established players in this industry. The competitors in the industry opt for various strategies such as product portfolio expansion, partnerships, and collaborations in order to gain market share in the industry. Moreover, a few manufacturers in the industry are vertically integrated to ensure easy availability and reduce their dependence on raw material suppliers

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