Thermal Insulation Market Forecast to 2028 - COVID-19 Impact and Global 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

Thermal Insulation Market Forecast to 2028 - COVID-19 Impact and Global 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 thermal insulation market is expected to grow from US$ 53.39 billion in 2022 to US$ 72.90 billion by 2028; it is expected to grow at a CAGR of 5.3% from 2022 to 2028.

The thermal insulation market growth is driven by the increasing spending on the construction industry by various governments of different countries. The demand for thermal insulation has increased as it reduces heat movements and vapor condensation. It prevents humidity, mold, freezing, and deformation. Moreover, increasing government initiatives for promoting the construction of the green building is bolstering the thermal insulation market growth.

The surging construction of zero energy buildings is contributing to the thermal insulation market growth. Thermal insulation materials limit the flow of heat energy from two ends of different temperatures. Thermal insulation material offers insulation in which the radiative heat is reflected, reduced, and absorbed. Additionally, the high demand for lightweight thermal insulation products has compelled many companies to launch lightweight insulation products such as plastic, as it is easy to install due to its lightweight property. This factor is augmenting the thermal insulation market growth.

Based on material type, the global thermal insulation market is categorized into fiber glass, plastic foam, stone wool, calcium silicate, cellular glass, and others. In 2021, the fiber glass segment accounted for the largest revenue share and plastic foam is expected to account for the highest growth rate over the forecast period. Based on industry vertical, the global thermal insulation market is segmented into building and construction, oil and gas, chemical, aerospace and defense, automotive, pharmaceutical, and others. In 2021, the building and construction segment accounted for the largest revenue share.

By region, the thermal insulation market is segmented into North America, Europe, Asia Pacific (APAC), Middle East & Africa (MEA), and South & Central America (SAM). In 2021, APAC accounted for the largest share of the market. APAC countries, such as China and India, have the world's fastest-growing populations; thus, they have a huge and rapidly growing construction & automotive industry. The overall market is growing rapidly in the region due to the increased construction activities and high purchasing power of consumers. Moreover, North America is expected to grow at the highest CAGR over the forecast period.

The North America thermal insulation market is segmented into the US, Canada, and Mexico. The market is growing significantly due to the change in the country's construction sector. Increased demand for energy-efficient construction solutions and rising demand for insulating commercial construction materials are expected to boost the market growth. Moreover, the high demand for the product for promoting thermal energy conservation in low-income households through federal funding is expected to boost the thermal insulation market growth over the forecast period.

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 are a few of the key players operating in the thermal insulation market. These companies provide a wide range of product portfolios for the market. The companies are in developing regions, providing lucrative market growth opportunities. Market players are developing high-quality, innovative products to meet customer requirements.

The overall thermal insulation market size has been derived using both primary and secondary sources. To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market. Also, multiple primary interviews have been conducted with industry participants to validate the data and gain analytical insights into the topic. Participants in this process include industry experts, such as VPs, business development managers, market intelligence managers, and national sales managers—along with external consultants, such as valuation experts, research analysts, and key opinion leaders—specializing in the thermal insulation market.

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