The Global Building Insulation Market Evaluated
to Progress at $38.41 Billion by 2028
Triton’s research report implies that the global building insulation market acquired $28.31 billion in 2020, and is assessed to progress at a CAGR of 3.06% by 2028.
A recent study by Triton Market Research titled ‘Global Building Insulation Market’ entails the Global Analysis and Forecasts by End-user (Residential End-users, Commercial End-users), Application (Floor, Ceiling & Attic, Wall, Other Applications), Material (Wool Insulation [Slag Wool, Rock Wool, Glass Wool], Plastic Foams [Polyurethane Foam, Extruded Polystyrene Foam (XPS), Expanded Polystyrene Foam (EPS)]), and by Geography (North America, Asia-Pacific, Middle East and Africa, Latin America, Europe).
Insulation assists in decreasing thermal energy transmission between spaces like walls and floors within a building. It mainly limits energy consumption, reducing energy prices to a large extent.
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Triton’s research report alludes that the global building insulation market is likely to develop at a CAGR of 3.06% in revenue, and 2.59% in volume, during the estimated years 2021-2028. It is further likely to attain revenue worth $38.41 billion by 2028.
The building insulation industry is expanding due in large part to government requirements, the increasing desire for environmentally friendly construction, and the rise in the refurbishment of older buildings. The need for building insulation materials has surged in developed regions due to a growth in the remodeling and repair operations conducted in both residential and commercial structures. The market under study is expanding due to the increased demand for energy-saving devices such as green roofs. However, the market's overall growth is being hampered by fluctuating raw material costs and a manpower shortage.
The building insulation market is segmented by end-user, application, and material. Based on end-user, the market is sectioned into residential end-users and commercial end-users. In terms of application, it is divided into floor, ceiling & attic, wall, and other applications. Similarly, the material section is branched into wool insulation and plastic foams, with wool insulation trifurcated into slag wool, rock wool, and glass wool. Lastly, plastic foams are divided into polyurethane foam, extruded polystyrene foam (XPS), and expanded polystyrene foam (EPS).
Geographically, over the course of the study, Latin America is anticipated to witness the quickest growth in the building insulation market. The robust growth of the region can be ascribed to the increasing allocation of funds towards the construction of reasonably priced homes in major nations such as Brazil and Mexico. Furthermore, there is a greater need for building insulation materials due to the growing demand for commercial structures. As a result, each of these elements is probably going to support the growth of the Latin American building insulation industry.
Owens Corning, Johns Manville Corporation (Berkshire Hathaway), Paroc Group, Knauf Insulation Inc, Rockwool International A/S, Kingspan Group, Saint-Gobain SA, Huntsman Corporation, GAF Materials Corporation, Beijing New Building Material (Group) Co Ltd, Dow Chemical Company, and BASF are prominent companies in the building insulation market.
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Question & Answer: Building Insulation Market
Question 1: What key factors are driving the growth of the building insulation market?
Answer: The rise in the renovation of old construction, government regulations, and rising preference for environmentally beneficial construction are key factors driving the growth of the building insulation market. The rise in remodeling and repairing activities undertaken in residential and commercial
buildings has increased the demand for building insulation materials across developed regions. Moreover, there is a high demand for green roofs and other energy-saving systems, adding to the growth of the studied market.
Question 2: What factors are restricting the overall development of the building insulation market?
Answer: The unstable costs of raw materials and a labor shortage are restricting the overall development of the building insulation market.
Question 3: Which region is expected to observe the fastest growth in the building insulation market?
Answer: Geographically, Latin America is expected to observe the fastest growth in the building insulation market over the considered period. The region’s strong growth can be attributed to the rising investments in affordable home building across major countries, including Brazil and Mexico. In addition, the rising demand for commercial buildings has surged the demand for building insulation materials. Hence, all these factors are likely to supplement the development of the building insulation market across Latin America.
Question 4: Which are the prominent companies in the building insulation market?
Answer: Owens Corning, Johns Manville Corporation (Berkshire Hathaway), Paroc Group, Knauf Insulation Inc, Rockwool International A/S, Kingspan Group, Saint-Gobain SA, Huntsman Corporation, GAF Materials Corporation, Beijing New Building Material (Group) Co Ltd, Dow Chemical Company, and BASF are prominent companies in the building insulation market.
Related Report:
Global Wood Coatings Market
The global wood coatings market is anticipated to surge at a CAGR of 5.77% (value) and 5.41% (volume) through the estimated period of 2019-2027, while attaining $12774.7 million in revenue by 2027.
Wood coatings are popularly used in the protection of wood or wood-made structures, as well as beautifying the visual appearance of wood products.
The rise in disposable income among consumers, along with the growth in construction activities, are augmenting the growth of the reviewed market globally. Additionally, the technological advancements undertaken across various regions are another factor supplementing the growth of the wood coatings market.
However, the stringent environmental regulations and fluctuations in raw material prices are significantly restricting the expansion of the wood coatings market.
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