Market Description & Overview
The Global Building Thermal Insulation Market is expected to witness a considerable expansion with a CAGR of 5.7% during the forecasted period of 2021 to 2030. According to market specialists, the Global Building Thermal Insulation Market is expected to witness a significant growth by 2030. The Global Building Thermal Insulation Market was treasured at USD 23 billion in 2021 and is poised to expand to USD 37.88 billion by the end of assessment year.
Favorable government policies for conservation of energy in US and Canada twining with establishment of energy certifications such as Leadership in Energy and Environmental Design (LEED) and the U.S. Green Building Council (USGBC) are expected to create lucrative opportunities for the market. The environmental impact of insulation materials is likely to create awareness among masses and switch their focus on development of ecological products over the forecast period. This is expected to propel the growth. Moreover, the reusable insulation is gaining popularity.
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Reusable insulin is gaining popularity owning to the fact of stringent regulations with regards to use of plastic foam in construction. Moreover, growing inclination for green and biodegradable sources by homemakers, and architects is driving the market.
Market Segmentation
The Global Building Thermal Insulation Market is segmented into Product, Application, and End Use
Product
The market is further segmented on Type as
- Glass Wool
- Mineral Wool
- EPS
- XPS
- Others
Of all segments, the EPS (Expanded Polystyrene) section is expected to show highest growth of 5.0% in terms of revenue and that is due to the ability to absorb extensive heat and longer life span.
Application
The market is further segmented on Application as
- Roof
- Walls
- Floor
The Roof segment is predicted to garner significant returns during the forecast timeline, which earlier accounted for 35% of market share in 2018.
End Use
- Residential
- Commercial
Residential construction segment is expected to display noteworthy rise with CAGR of 5% during the forecast period.
Regional Analysis
Based on the regional analysis the market covers regions such as North America, Europe, Asia Pacific, Middle East & Africa, and Latin America. Among these regions, Asia Pacific is marked as dominant region and stood at significant level. Several factors are responsible for the growth such as rapid urbanization, rise in construction activities, growing environmental awareness among the masses.
Market Key players
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. are some of the major key players of the market. While, in May 2016, Saint Gobain S.A. declared its acquisition of Buitex Industries to intensify its profile of multi-material insulation solutions.
The key players of a market comprise of investors and intermediaries and are marked to be pillars of the market. The market is highly competitive and has witnessed growing competition between vendors.
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