The Business Research Company's global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032
LONDON, July 12, 2023 /PRNewswire/ -- As per The Business Research Company's Building Insulation Materials Global Market Report 2023, the global building insulation materials market size will grow from $25 billion in 2022 to $26.1 billion in 2023 at a compound annual growth rate (CAGR) of more than 4%. The building insulation materials market size is then expected to grow to $29.1 billion in 2027 at a CAGR of more than 2%. The market is poised to grow due to factors such as rising government support, the global population growth and urbanization, the rising investment for infrastructure development and the steadily increasing global temperatures.
The global building insulation materials market is fairly concentrated, with a few large players operating in the market. Owens Corning was the largest competitor with a 9.7% share of the market, followed by Rockwool International A/S, Knauf Gips KG, Saint-Gobain S.A., BASF SE, Dow Inc., Berkshire Hathaway Inc (Johns Manville), Huntsman Corporation, Covestro AG, and DuPont de Nemours, Inc.
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Companies in the building insulation materials market are focusing on eco-friendly insulation materials including glasswool, polyester, sheep's wool, cellulose, and earthwool, to save energy costs, and for safety and sustainability. For example, in May 2023, UPM Biochemicals, a Germany-based company that develops and offers wood-based biochemicals, and URSA, a Spain-based manufacturer of insulation materials intended for buildings' envelope, internal partitions and ceilings, announced the development of more environmentally friendly building insulation that will help to reduce energy consumption and lower CO2 (carbon dioxide) emissions. URSA will produce sustainable glass wool made from an innovative, binder based on UPM BioPiva lignin.
In addition, key firms in the building insulation materials market are increasingly focusing on collaborations and acquisitions to improve their financial strength, strengthen their product portfolio and expand their geographical presence. For example, in May 2022, Huntsman, a US-based manufacturer and marketer of chemical products for consumers and industrial customers, collaborated with BRUGG Pipes, a Switzerland-based manufacturer of pre-insulated flexible and rigid pipe systems, to develop a next generation polyurethane foam system with excellent insulation properties that can be used to create highly flexible, thermally efficient, pre-insulated pipes for connecting ground source heat pumps and local heating units to domestic and commercial buildings.
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The global building insulation materials market is segmented -
1) By Material: Fiberglass, Mineral Wool, Cellulose, Polyurethane Foam, Polyisocyanurate Foam, Polystyrene, Aerogels, Other materials
2) By Insulation: Bulk, Reflective
3) By Application: Wall Insulation, Underfloor Insulation, Ceiling or Roof Insulation, Window Insulation, Other Applications
4) By End User: Residential, Commercial, Industrial
As per the building insulation materials market overview, the top growth potential in the building insulation materials market by insulation will arise in the bulk market, which will gain $2.5 billion of global annual sales by 2027.
Furthermore, TBRC recommends players to focus on Asia-Pacific region since it was the largest region in the building insulation materials market, accounting for 36.8% of the global market in 2022. In addition, regions such as North America and Western Europe are expected to show promising growth.
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