March 1, 2024
Thermal Insulation Materials Market

Thermal Insulation Materials Market Is Expected To Be Flourished By Growing Construction Industry

The thermal insulation materials are extensively used in construction industry for providing thermal insulation in walls, attics, roofs and other areas. These materials help in maintaining the indoor temperature without consuming additional energy. Materials like mineral wool, cellular glass, expanded polystyrene and polyurethane foam are widely used across residential and commercial buildings for thermal insulation. Rapid urbanization and infrastructure development has fueled the growth of construction industry globally. According to United Nations Population Fund report, 68% of the global population is projected to live in urban areas by 2050 which is increasing the demand for residential and commercial buildings. The global thermal insulation materials market is estimated to be valued at US$ 81.91 billion in 2023 and is expected to exhibit a CAGR of 10% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.

Market Dynamics:

Growing construction industry is one of the major drivers propelling the growth of thermal insulation materials market. According to International Energy Agency report, buildings are responsible for around 40% of global energy consumption and construction industry plays a key role in reducing energy demand from buildings. Various government regulations and norms related to energy efficiency in buildings are accelerating the adoption of thermal insulation materials. For instance, ISOHERZ ISO standards in Germany specify the minimum insulation thickness required based on different types of buildings. Rising awareness about green buildings and sustainability is also contributing to the market growth. Green buildings utilize sustainable and energy efficient materials like thermal insulation for reducing carbon footprint. Implementation of strict norms and policies pertaining to energy efficiency by regulatory bodies across nations will continue to drive the demand for thermal insulation materials over the forecast period.

Segment Analysis

Thermal Insulation Materials segment is dominated by the mineral wool sub-segment, which accounts for over 30% of the market share. Mineral wool offers superior insulation compared to other materials and remains stable at high temperatures without emitting harmful gases. It has wide applications across industries like building & construction, oil & gas, automotive, among others.

PEST Analysis

Political: Stringent regulations around energy efficiency and greenhouse gas emissions are driving the demand for effective insulation materials. Most countries have set time-bound targets to reduce energy consumption in buildings.
Economic: Rising disposable income and rapid urbanization in developing nations are fueling investments in infrastructure and real estate development. This is steadily increasing the consumption of insulation materials.
Social: Growing awareness about energy conservation and sustainability is encouraging consumers to opt for eco-friendly insulation solutions in homes and workplaces. Insulation helps cut long-term costs on energy bills.
Technological: Manufacturers are developing advanced materials that provide high insulation even with reduced thickness. Some innovative products integrate phase-change materials for round-the-clock thermal regulation.

Key Takeaways

The global Thermal Insulation Materials Market Growth is expected to witness high growth over the forecast period between 2024 to 2031 supported by strong construction spending across major economies.

Regional analysis:

The Asia Pacific region currently dominates the global market and is expected to witness the fastest growth led by countries like China and India. Expanding building & construction industry coupled with favorable government policies around green buildings is driving the regional insulation demand.

Key players:

Key players operating in the thermal insulation materials market are Qualcomm, Huawei, Intel, Samsung, Nokia, Ericsson, ZTE, NEC, Aviat Networks, Ceragon Networks, DragonWave, Comba Telecom, CommScope, Texas Instruments, NXP Semiconductors, Analog Devices, Broadcom, MediaTek and Murata Manufacturing, Qorvo.

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