The global building insulation material market is expected to exhibit a CAGR of 3.49% over the forecast period from 2020 to 2027 to reach a valuation of more than USD 30 billion by 2027. The growing demand for effective insulation materials in construction projects is likely to be the major driver for the global building insulation material market over the forecast period, according to a new report from Market Research Future (MRFR).
Insulation materials have become highly important in the construction industry due to the help they provide in terms of lowering the overall energy consumption of the project and protecting the building’s interiors from moisture, heat, and sound. Effective insulation has emerged as a prime factor in creating energy-efficient construction projects, which minimize the costs of energy (i.e. heating or cooling) for the building’s occupants and lower the overall energy bill of the project.
The growing research into expanding the application scope of plastics and creating highly effective building insulation materials is likely to be a key driver for the global building insulation material market size. Building insulation materials are used in various applications in the construction industry, including walls, windows, doors, and plumbing. The diverse applicability of building insulation materials is likely to be a major driver for the global building insulation materials market over the forecast period.
The growing emphasis on the development of infrastructure as well as residential construction projects in developing as well as developed countries is likely to be a major driver for the global building insulation material market over the forecast period. The growing demand to support economic growth in growing economies has led to robust growth in the urban construction industry, leading to a rapid rise in the demand for building construction materials.
On the other hand, the adverse environmental effects of nonbiodegradable building insulation materials could present a major barrier for the growth of the global building insulation material market over the forecast period. Inconsistent supply conditions are likely to hold back the building insulation material market over the forecast period. Being a petroleum-derived product, fluctuations in the cost of raw materials are also likely to hinder the growth of the global building insulation materials market over the forecast period.
Leading players in the global building insulation material market include BASF SE, Owens Corning Corporation, Lloyd Insulations Limited, Johns Manville Inc., Saint-Gobain SA, Kingspan Group plc, GlassRock Insulation Company SAE, Knauf Insulation Inc., Paroc Group Oy, and Rockwool International A/S.
In February 2019, Ravago acquired the European Styrofoam operations of DowDuPont, including production as well as post-production activities such as sales and marketing, customer service, and supply chain operations.
The global building insulation materials market is segmented on the basis of type, application, end use, and region.
By material type, the building insulation material market is segmented into stone wool, glass wool, EPS, and XPS. Glass wool holds the largest share in the global building insulation material market and is likely to remain the dominant segment over the forecast period due to the growing awareness about the high efficacy of glass wool insulation products. The glass wool segment alone is expected to account for more than USD 10 billion by 2027, accounting for around a third of the global building insulation material market.
By application, the report covers floors, walls, and roofs.
By end use, the building insulation material market is segmented into residential and nonresidential. Residential construction is likely to be the major revenue generator for the global building insulation material market over the forecast period due to the growing demand for residential construction in emerging regions such as Asia Pacific and Latin America.
The global building insulation material market analysis is expected to be dominated by North America over the forecast period due to the strong presence of research initiatives aimed at producing better insulation products with higher performance characteristics. The growing demand for green buildings in North America is likely to be a major driver for the global building insulation material market over the forecast period.
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