North America Building Thermal Insulation Market Size, Share & Trends Analysis Report By Product (Glass Wool, Mineral Wool, EPS, XPS, Cellulose, Others), By Application (Roof, Walls, Floor) By End-use, And Segment Forecasts, 2023 - 2030

North America Building Thermal Insulation Market Size, Share & Trends Analysis Report By Product (Glass Wool, Mineral Wool, EPS, XPS, Cellulose, Others), By Application (Roof, Walls, Floor) By End-use, And Segment Forecasts, 2023 - 2030

North America Building Thermal Insulation Market Growth & Trends

The North America building thermal insulation market is forecast to reach USD 15.47 billion by 2030 and register a CAGR of 3.5% from 2023 to 2030, according to a new report by Grand View Research, Inc. This growth can be attributed to growth in construction activities in North America.

Building thermal insulation systems are expected to gain wide acceptance owing to its several benefits such as lightweight materials, improved external appearance, and acoustic performance of the buildings. Site-built homes qualify for the credit if they are certified to reduce energy consumption during heating and cooling by 50%, relative to the International Energy Conservation Code (IECC), 2006, and meet minimum efficiency standards set by the Department of Energy.

Increasing demand for energy-efficient buildings, owing to the stringent government regulations and rising awareness regarding environmental degradation, is anticipated to fuel the demand for thermal insulation for residential, non-residential, commercial, and industrial buildings. Favorable government policies coupled with increasing awareness among consumers are expected to remain the key driving factor for the growth of the building thermal insulation market in North America.

The government initiatives are inclusive of labor training and monetary aid are likely to propel the industry growth. Moreover, favorable building codes in the U.S. and Canada coupled with the establishment of energy certification agencies such as LEED and the U.S. Green Building Council are expected to have a positive influence on market growth.

Increasing investments in energy-efficient systems is projected to benefit the building thermal insulation system in North America over the forecast period. In addition, a rise in disposable income among consumers across the globe is projected to propel the expansion of the construction industry, thereby driving the building thermal insulation market.

The growing awareness related to energy conservation is projected to have a significant impact on the demand for energy-efficient buildings and is likely to benefit the industry growth in the forecast period. A rise in spending capacities among the people is projected to benefit the growth of the construction industry, thereby benefiting the building thermal insulation market.

The North America thermal insulation market is characterized by the presence of a large number of raw material suppliers that promotes price negotiation and quantity among the buyers. Additionally, the manufacturers and installers are dependent on the buyers due to the increase in infrastructural spending coupled with stringent government regulations with respect to energy efficiency. Moreover, the presence of multiple well-established and small-scale manufacturers is projected to allow buyers to bargain over the prices.

The presence of a large number of manufacturers in North America on the account of growing demand for building thermal insulation across the globe is estimated to intensify the market competition. Moreover, the expansion of the construction industry coupled with the implementation of energy-efficient codes is projected to further result in high competition.

North America Building Thermal Insulation Market Report Highlights

• The U.S. accounted for the largest revenue share of 78.4% in 2022. The increased demand for energy-efficient construction solutions is driving the growth of thermal insulation products in the region
• On the basis of end-use, the residential sector accounted for the major revenue share of 53.13% of the building thermal insulation market in 2022. The growth in the number of single-family houses in developing economies and the rising disposable income of consumers are among the various factors projected to drive the residential construction activities
• On the basis of application, the wall segment is forecast to expand at a CAGR of 3.7% over the forecast period. This is attributed to the rise in investments in public infrastructure
• Based on products, glass wool dominated the building thermal insulation market with a revenue share of 39.6% and is expected to expand at a CAGR of 3.3%. This is because it helps to reduce energy consumption and fluctuation in temperature. Glass wool thermal insulation also provides extremely high-temperature tolerances, as the product itself is flame-resistant. In addition, it is cost-effective, versatile, and easily customizable thereby accounting for a notable demand in building insulation.
• The players in the North America building thermal insulation market focus on increasing their market share through organic growth, rather than mergers and acquisitions. Companies in the market are focusing on expanding their product portfolio by developing cost-effective insulation products with enhanced properties.