THERMAL INSULATION MATERIALS MARKET ANALYSIS

Thermal Insulation Materials MarketSize and Trends

Global Thermal Insulation Materials Market was valued at US$ 60.41 Bn in 2022, and is expected to exhibit a CAGR of 6.4%, in terms of revenue, over the forecast period (2023-2030) to reach US$ 99.32 Bn by 2030. The advantages of thermal insulation led to a rise in demand. Energy costs are reduced, and less heat is transferred among two objects with different temperatures. Insulation is produced by thermal insulation materials that absorb, reduce, and reflect radiant heat. Because they are simpler to install and require less time and effort, companies are placing an emphasis on lightweight products such as plastic. These elements are anticipated to further fuel the market for thermal insulation material during forecast period (2023-2030).

Global Thermal Insulation Materials Market - Impact of Coronavirus (COVID-19) Pandemic

The rising demand for buildings and construction projects was the main driver of the thermal insulation market growth prior to the COVID-19 pandemic. However, the market encountered difficulties in the first quarter of 2020 as a result of business closures, a labor and raw material shortage, a decline in construction and transportation activity, and other factors. In the first few months of 2020, the COVID-19 pandemic caused an economic recession, which put low-and middle-income consumers in a difficult financial situation.

Additionally, the closure of numerous manufacturing and construction firms as a result of restrictions hampered the expansion of the thermal insulation material market. In addition, the pandemic's labor shortage was a significant issue for the thermal insulation sector. This caused the thermal insulation industry to change in favor of mechanization, automation, and off-site fabrication.

Building and construction industry growth

As the building and construction industries have expanded, so has the demand for thermal insulation for buildings. Building thermal insulation techniques reduce heat transfer between surrounding environments to maintain stable interior temperatures. Additionally, they reduce carbon emissions by needing less energy to maintain temperature and limiting heat transmission to the outer environment. It offers outstanding structural qualities, such as impact and fire resistance. Due to their excellent energy efficiency, thermal insulation materials are essential for the building and construction sector. Additionally, increasing industrialization encourages the installation of thermal insulation systems in commercial buildings to reduce energy consumption, which is projected to fuel market growth.

For instance, according to the U.S. Census Bureau and the U.S. Department of Housing and Urban Development, 1,295,000 housing constructions were constructed. In addition, construction licenses are scheduled to authorize 1,724,700 home projects in 2021. This is 17.2% (0.6%). greater than the 2020 target of 1,471,100. Building thermal insulation market development is expected to be aided by rising construction projects.

Increasing Energy Consumption to Support Growth

Rising energy prices are being driven mostly by rising demand for building thermal insulation materials in both residential and commercial applications. Inefficient energy usage has two costs. Significant energy use may cost the consumer a lot of money due to recent price rises. It also contributes to the depletion of natural resources. As a result, consumers, particularly those who live in urban areas, make an effort to insulate their homes. Creating low-energy insulating goods such as foamed plastics represents huge commercial potential. Some of these solutions can recover insulating expenditures in as little as 12 months through energy savings.

Furthermore, according to the Indian Green Building Council, good building insulation saves money and protects the environment. It not only reduces monthly energy costs but also enhances overall comfort. Insulation maintains a suitable temperature by keeping heat loss and leaks at bay. With the implementation of green technology and practices, the potential for energy savings through design may now be as high as 40% to 50%. Building insulation is becoming increasingly essential since it may cut energy usage by up to 8%.