(MENAFN- GlobeNewsWire - Nasdaq) New York, March 24, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Building Thermal Insulation Global Market Report 2023" -
, NICHIAS Corporation, Fletcher Building Limited, Lloyd Insulations India Ltd., and ODE Insulation.
The global building thermal insulation market grew from $29.04 billion in 2022 to $30.37 billion in 2023 at a compound annual growth rate (CAGR) of 4.6%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The building thermal insulation market is expected to grow to $34.56 billion in 2027 at a CAGR of 3.3%.
The building thermal insulation market consists of sales of polyurethane foam and fiberglass.Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers.
The value of goods in this market includes related services sold by the creators of the goods.
Building thermal insulation refers to thermal insulation that prevents heat from moving from one substance to another when they are in thermal contact. The thermal conductivity of insulation serves as a measurement and is accomplished using low thermally conductive materials.
Asia-Pacific was the largest region in the building thermal insulation market in 2022. The regions covered in the building thermal insulation market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main types of materials in the building thermal insulation market are foamed plastic, mineral wool, aerogels, cellulose, and others.Glass wool refers to an insulating material produced from glass fibers bound together with a binder to create a texture similar to wool.
Glass wool is used to slow the movement of sound, heat, and cold through buildings.The different products include glass wool, mineral wool, expanded polystyrene (EPS), extruded polystyrene (XPS), and others that are used in roof insulation, wall insulation, and floor insulation.
The several end users include residential, commercial, and industrial.
Increasing the construction of green buildings is expected to propel the growth of the building thermal insulation market going forward.A green building minimizes or eliminates harmful effects on the climate and natural environment during design, construction, or operation.
Green structures don't affect natural resources and raise the standard of living.Building thermal insulation is used in the construction of green buildings to make them more energy efficient, and it also helps to keep the building cool naturally.
For instance, according to Times Property, an India-based e-commerce property sales, and purchase platform, in 2020, construction of green buildings increased in India.There was a 37% increase in buildings with green certification.
Further, according to CBRE, a US-based commercial real estate company, the overall amount of green assets in India has increased to nearly 40%. Further, according to the Singapore Green Building Council, a Singapore-based government organization, for the year 2021, 49% of Singapore's buildings have been greened, and it is estimated to increase by 80% in 2030. Therefore, an increase in the construction of green buildings is driving the growth of building thermal insulation.
Technological advancement is a key trend gaining popularity in the building thermal insulation market.Major companies operating in the building thermal insulation sector are focused on introducing new technologies to gain a competitive advantage.
For instance, in March 2022, ACC Ltd., an India-based building material manufacturer introduced a new product called the ACC Atrium, a thermal insulating climate control concrete system manufactured by using based insulating technology a unique technology that can insulate the roof while it is being built. The product, with its thermal insulation, is suitable to be used for residential and commercial construction purposes and is sustainable and fire-resistant.
In August 2021, Owens Corning, a US-based company that creates and manufactures fiberglass composites, roofing, insulation, and related materials, acquired Vliepa GmbH for an undisclosed amount.Through this acquisition, Owens Corning has expanded its worldwide nonwoven range and better supported European customers and regional growth in building and industrial insulation.
Vliepa GMBH is a Germany-based company that manufactures insulation, roofing membranes, and thermal roofing construction.
The countries covered in the building thermal insulation market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The building thermal insulation market research report is one of a series of new reports that provides building thermal insulation market statistics, including building thermal insulation industry global market size, regional shares, competitors with a building thermal insulation market share, detailed building thermal insulation market segments, market trends and opportunities, and any further data you may need to thrive in the building thermal insulation industry. This building thermal insulation market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
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