Building Thermal Insulation Market was valued at USD 23 billion in 2021 and is poised to expand at a CAGR of 5.7% over 2022-2030, thereby amassing USD 37.88 billion by end of the assessment timeframe.
Building Thermal insulation is referred to the adoption of insulation materials and designs for residential and commercial buildings so as to slow the transfer of heat. This insulation process can also reduce the energy needs of the heating and cooling systems embedded in a building. The commonly used thermal insulation materials are glass wool, cellulose, urethane foam, vermiculite, perlite, wood fibre, and plant fibre, among others.
Throughout the forecast period, the market for building thermal insulation is anticipated to expand moderately and continuously. It is crucial to comprehend the state of the market and how temperature extremes in various geographic regions affect it. Buildings require insulation to preserve temperature and guarantee that ideal conditions are maintained. Because it enables the conservation of vital energy by reducing heat or cooling loss, it is advantageous for both users and the environment.
The market demand is further boosted by the growing consumer awareness of the importance of energy conservation and the planet’s growing carbon footprint. The UN estimates that the building sector has used 55 percent of all electricity, accounting for more than 38 percent of all global energy-related CO2 emissions. Consumer spending will probably increase as a result of rising energy prices and the depletion of fossil fuel supplies, propelling market expansion. The market demand is projected to increase as a result of innovations such sensor-embedded buildings, geopolymer concrete, sensor-embedded roadways, and water management.
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Segmental Assessment
By Product:
• Glass Wool
• Mineral Wool
• EPS
• XPS
• Others
The mineral wool segment is poised to amass notable gains over 2022-2030 due to the wide array of beneficial characteristics of the products such as efficient heat barrier, fire safety, dimensional stability, and ecological compatibility.
By Application:
• Roof
• Walls
• Floor
The roof segment is slated to generate significant returns over the stipulated timeline owing to the rise in single unit housing across the globe.
By End Use:
• Residential
• Commercial
The residential segment is expected to lead the market in terms of volume share. This is credited to the rise in multi-family housing constructions, re-insulation of old houses, and surge in construction expenditure worldwide.
Global Building Thermal Insulation Market: Competitive Intelligence
The prominent players characterizing the competitive gamut of this market vertical are Honeywell International Inc., Siemens, Johnson Controls, Axis Communications, AB Schneider Electric, ASSA ABLOY, ADT, ABB, Robert Bosch GmbH, Ooma Inc., Delta Controls, SimpliSafe Inc., Armorax (U.S.), and Legrand.
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