April 21, 2024
External Wall Insulation Board Market

External Wall Insulation Board Market Owing to Rising Thermal Efficiency and Energy Saving Benefits

The external wall insulation board market involves products that are applied as protective surfacing to the exterior walls of residential and commercial constructions. External wall insulation boards deliver high thermal insulation, weather resistance, fire protection and soundproofing. Made from lightweight materials like expanded polystyrene, mineral wool and extruded polystyrene, these boards help manage temperature regulation and reduce energy costs of heated and air conditioned buildings.

The Global external wall insulation board market is estimated to be valued at US$ 9.75 Mn in 2024 and is expected to exhibit a CAGR of 5.4% over the forecast period 2024 to 2030.

Key Takeaways

Key players operating in the external wall insulation board market are Etex Group, Elementia Materials, Everest Industries Limited, James Hardie Industries PLC, Johns Manville, Knauf Gips KG, Saint-Gobain, BetonWood Srl, Cembrit Holding A/S, HIL Limited, GAF, and NICHIHA Co. Ltd. The key opportunities in the market include rising thermal renovation activities of old buildings and increasing adoption in developing countries owing to stringent energy efficiency regulations. The global expansion of the external wall insulation board market will be driven by growing construction activities across Asia Pacific and Middle Eastern countries on account of rapid urbanization and economic growth.

Market drivers

Stringent energy efficiency laws and regulations promoted by governments across countries is a major driver for the External Wall Insulation Board Market Growth . Regulations mandate thermal insulation standards for new buildings and energy audits for existing structures. This has increased the demand for efficient insulating materials like external wall insulation boards. Their benefits of enhanced thermal retention and reduced energy bills incentivize construction firms and building owners to opt for external wall insulation boards.

Pest Analysis:

Political: External wall insulation systems help improve energy efficiency of buildings and reduce carbon footprint, many governments promote their use through building codes and subsidies.

Economic: Growing construction industry and rising disposable incomes are increasing homeowners’ willingness to invest in green buildings and energy efficient solutions to reduce long term power costs.

Social: People are increasingly aware about climate change and importance of sustainability which is increasing demand for green building materials and energy saving construction techniques.

Technological: New formulations and production processes help improve properties of insulating boards like higher insulation value, stronger adhesion, moisture resistance allowing them to better withstand varying weather conditions. Fiber reinforced boards offer improved strength.

North America currently holds the largest share of external wall insulation board market in terms of value led by countries like the US and Canada where awareness about energy efficiency is high. Europe is also a major regional market aided by regulations mandating energy efficient construction in the region.

Asia Pacific region is poised to be the fastest growing market during the forecast period due to rapid urbanization and infrastructure development activities underway in nations like China and India coupled with rapidly expanding construction industry. Rising disposable incomes are also fueling adoption of better construction standards incorporating green materials.

 

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it