Press release
Thermal Insulation Market Insights, Global Trend And Revenue Growth Forecast Till 2028
The Thermal Insulation Market is expected to grow from US$ 53.39 billion in 2022 to US$ 72.90 billion by 2028; it is expected to grow at a CAGR of 5.3% from 2022 to 2028.The thermal insulation market growth is driven by the increasing spending on the construction industry by various governments of different countries. The demand for thermal insulation has increased as it reduces heat movements and vapor condensation. It prevents humidity, mold, freezing, and deformation. Moreover, increasing government initiatives for promoting the construction of the green building is bolstering the thermal insulation market growth.
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Analysis of the Top Market Players:
1. BASF SE
2. Bayer AG
3. ROCKWOOL A/S
4. Johns Manville
5. SAINT GOBAIN S.A
6. Kingspan Group PLC
7. Dow Chemicals Company
8. Owens Corning
9. Asahi Kasei Corporation
10. DuPont
In this report, the market has been segmented on the basis of:
Material Type (Fiber Glass, Plastic Foam, Stone Wool, Calcium Silicate, Cellular Glass, and Others)
Industry Vertical (Building and Construction, Oil and Gas, Chemical, Aerospace and Defense, Automotive, Pharmaceutical, and Others)
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The surging construction of zero energy buildings is contributing to the thermal insulation market growth. Thermal insulation materials limit the flow of heat energy from two ends of different temperatures. Thermal insulation material offers insulation in which the radiative heat is reflected, reduced, and absorbed. Additionally, the high demand for lightweight thermal insulation products has compelled many companies to launch lightweight insulation products such as plastic, as it is easy to install due to its lightweight property. This factor is augmenting the thermal insulation market growth.
Based on material type, the global thermal insulation market is categorized into fiber glass, plastic foam, stone wool, calcium silicate, cellular glass, and others. In 2021, the fiber glass segment accounted for the largest revenue share and plastic foam is expected to account for the highest growth rate over the forecast period. Based on industry vertical, the global thermal insulation market is segmented into building and construction, oil and gas, chemical, aerospace and defense, automotive, pharmaceutical, and others. In 2021, the building and construction segment accounted for the largest revenue share.
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