North America Thermal Insulation Market Forecast to 2028 – COVID-19 Impact and Regional Analysis – by Material Type (Fiber Glass, Plastic Foam, Stone Wool, Calcium Silicate, Cellular Glass, and Others) and Industry Vertical (Building and Construction, Oil

North America Thermal Insulation Market Forecast to 2028 – COVID-19 Impact and Regional Analysis – by Material Type (Fiber Glass, Plastic Foam, Stone Wool, Calcium Silicate, Cellular Glass, and Others) and Industry Vertical (Building and Construction, Oil and Gas, Chemical, Aerospace and Defense, Automotive, Pharmaceutical, and Others)

The North America thermal insulation market is expected to grow from US$ 12,385.91 million in 2022 to US$ 17,591.02 million by 2028. It is estimated to grow at a CAGR of 6.0% from 2022 to 2028.

Growth in the Building and Construction Industry

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. Thermal insulation is a construction material with minimal thermal conductivity, often less than 0.1W/mK. These materials save energy and provides comfort to residents by reducing the amount of heat transferred inside. Consumers are concentrating on the sustainable development of building construction projects, which is encouraging product demand. Using thermal insulation in buildings can reduce energy consumption, drastically decreasing the harmful effects on the climate and environment. Minimal maintenance, low operational costs, and high energy efficiency are helping to propel the green building development projects across the region. Further, the sustained amount of work in the public sector in areas including public housing and civil engineering is encouraging the growth of the construction industry in several nations, making prices broadly stable: thus, increasing the overall growth of the building & construction industry, thereby aiding the adoption of thermal insulation across the region.

Market Overview

The North America thermal insulation market is segmented into the US, Canada, and Mexico. North America is considered one of the prominent regions in the thermal insulation market. The growing demand for thermal insulation in the construction industry, such as residential and commercial buildings, is driving the market for thermal insulation. Fiberglass insulation material is expected to have a surge in demand from the rebounding construction sector in the US and Canada. The product is widely used in North America and is the region’s preferred choice of thermal insulating material due to its properties, low cost, and ease of installation. The increasing awareness among consumers regarding energy conservation and the employment of regulatory policies by North American countries to reduce greenhouse gas emissions are expected to positively impact the growth of the thermal insulation market in the region. Government initiatives such as the US Department of Energy (DOE) Weatherization Assistance Program (WAP) are promoting the use of thermal insulation, especially in low-income households. The program aims at reducing energy costs for low-income households by increasing the energy efficiency of their homes while ensuring health and safety. The weatherization program services ~35,000 homes every year using DOE funds, and through weatherization improvements and upgrades, these households save on average US$372 or more every year, according to a national evaluation of the program. Moreover, the International Code Council develops model residential energy codes every three years, referred to as the International Energy Conservation Code (IECC). The 2021 Residential IECC requires increased R-values in insulation in attics, slabs, and continuous insulation for walls. It also includes new options for insulation on wood-framed walls and basement walls. Thus, increased awareness regarding energy conservation and implementation of energy-efficient regulations and policies is driving the demand for thermal insulation in North America. According to the Federal Aviation Administration (FAA), practically all commercial aircraft must have thermal and acoustic insulation. These insulators ensure that the passengers’ comfort is not affected by exterior temperature variations and that excessive noise the aircraft creates does not interfere with communication. Further, the growing aerospace industry in countries such as the US is providing growth opportunities for the thermal insulation market in North America.

North America Thermal Insulation Market Revenue and Forecast to 2028 (US$ Million)

North America Thermal Insulation Market Segmentation

The North America thermal insulation market is segmented based on material type, industry vertical, and country.

Based on material type, the North America thermal insulation market is segmented into fiber glass, plastic foam, stone wool, calcium silicate, cellular glass, and others. The fiber glass segment held the largest share of the market in 2022. Based on industry vertical, the North America thermal insulation market is segmented into building and construction, oil and gas, chemical, aerospace and defense, automotive, pharmaceutical, and others. The building and construction segment held the largest share of the market in 2022. Based on country, the North America thermal insulation market is segmented into the US, Canada, and Mexico. The US dominated the market in 2022. Asahi Kasei Corporation, BASF SE, Bayer AG, Dow Chemicals Company, DuPont, Johns Manville, Kingspan Group PLC, Owens Corning, ROCKWOOL A/S, and Saint Gobain S.A. are the leading companies operating in the North America thermal insulation market.

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