BURLINGAME, Calif., March 27, 2024 /PRNewswire/ -- Coherent Market Insights published a report, titled, the global external wall insulation board market size is estimated to grow from $14.9 Million in 2023 and is forecast to reach a value of $14.9 Million by 2030 at a CAGR of 8.3% between 2023 and 2030. The External Wall Insulation Board Market is driven by the increasing demand for energy-efficient buildings. As governments worldwide are focusing on reducing carbon footprint, the use of external wall insulation boards has gained traction. Additionally, the growing construction industry, especially in developing economies, is also fueling the market growth.
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Market Trends:
One of the key trends in the External Wall Insulation Board Market is the rising popularity of green buildings. Builders and homeowners are increasingly opting for sustainable construction materials, including external wall insulation boards, to reduce energy consumption and environmental impact. Another trend is the development of advanced insulation boards that offer better thermal performance and durability, meeting the evolving needs of the construction industry.
The External Wall Insulation Board market presents a lucrative opportunity driven by the increasing demand for energy-efficient buildings. As governments around the world strive to reduce carbon emissions and promote sustainable construction practices, the adoption of external wall insulation boards has been on the rise. These boards help in improving the thermal performance of buildings, reducing energy consumption for heating and cooling, and ultimately lowering carbon footprints.
External Wall Insulation Board Market Report Coverage
Report Coverage | Details |
Market Revenue in 2022 | $8.5 million |
Estimated Value by 2030 | $14.9 million |
Growth Rate | Poised to grow at a CAGR of 8.3% |
Historical Data | 2018-2021 |
Forecast Period | 2023-2030 |
Forecast Units | Value (USD Million/Billion) |
Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
Segments Covered | By Material Type, By End-Use Sector, By Application, By Position |
Geographies Covered | North America, Europe, Asia Pacific, and Rest of World |
Growth Drivers | • Government regulations for energy efficiency • Rising energy costs • Growth in construction sector • Lower environment impact |
Restraints & Challenges | • High product and installation costs • Low consumer awareness • Shortage of skilled labor • Low penetration in developing market |
As per the market segmentation, the mineral wool segment is dominating the market by material type, with its excellent thermal insulation properties and fire resistance. In the residential sector, external wall insulation boards are extensively used, making it the dominating end-use sector. Moreover, in new construction applications, these boards are increasingly being incorporated, driving growth in this segment.
Another market opportunity in the External Wall Insulation Board market is the growing trend of renovation and retrofitting projects, driving the demand for these insulation solutions. With aging buildings in need of energy efficiency upgrades and increased awareness about the benefits of external wall insulation, the market for insulation boards is witnessing significant growth. Retrofitting projects involve adding external wall insulation boards to existing structures, enhancing their thermal performance and energy efficiency.
On the basis of application, the retrofit segment is expected to witness considerable growth, as more buildings undergo energy efficiency improvements. Additionally, the external thermal insulation composite systems (ETICS) segment is dominating the market by position, offering a comprehensive solution for external wall insulation requirements.
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Recent Developments:
In January 2021, BASF presented the Neopor BMB insulting board solution, which offers improved fire protection and is derived from Neopor F5300 Plus.
In October 2020, in order to reduce formaldehyde emission associated with binder, Knauf Insulation introduced ECOSE Technology onto its glass mineral wool insulation line.
Key Market Takeaways:
The External Wall Insulation Board market is projected to grow at a CAGR of 8.3% during the forecast period 2023-2030, driven by the increasing trend of renovation and retrofitting projects. The retrofit segment is expected to witness significant growth, as older buildings undergo energy efficiency upgrades.
In terms of position, the external thermal insulation composite systems (ETICS) segment is dominating the market, providing a comprehensive solution for external wall insulation. North America is expected to hold a dominant position in the market, as the region witnesses a surge in retrofitting projects. Key players such as Saint-Gobain, Kingspan, and Rockwool are at the forefront of catering to the growing demand for external wall insulation boards in renovation and retrofitting projects.
Detailed Segmentation:
By Material Type:
- Mineral Wool
- Expanded Polystyrene
- Extruded Polystyrene
- Polyurethane Foam
- Phenolic Foam
- Others
By End-Use Sector:
- Residential
- Commercial
- Institutional
- Industrial
By Application:
- New Construction
- Retrofit
By Position:
- External Thermal Insulation Composite Systems (ETICS)
- Internal Thermal Insulation Composite Systems (ITICS)
By Geography:
- North America
- U.S.
- Canada
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Europe
- Germany
- U.K.
- Spain
- France
- Italy
- Russia
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- Australia
- South Korea
- Rest of Asia Pacific
- Middle East & Africa
- South Africa
- GCC Countries
- Rest of Middle East & Africa
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