Building Thermal Insulation Market Worth $28.39 Billion by 2021
North America is the largest market in building thermal insulation
PUNE, India — The global building thermal insulation market was valued at $22.73 billion in 2015 and is projected to reach $28.39 billion by 2021, increasing at a compound annual growth rate (CAGR) of 3.5 percent between 2016 and 2021, according to a report published by MarketsandMarkets.
The regulatory environment, greenhouse gas emissions reductions, and the energy efficiency delivered by these products are factors expected to drive the market.
The building thermal insulation market is segmented on the basis of material into wool insulation, plastic foams, and others. In 2015, the wool insulation segment captured the largest share of the overall market, while plastic foams are expected to witness the highest growth rate during the forecast period. The demand for plastic foam insulation is increasing because of its attributes such as higher thermal resistance, versatility, strength, and life span.
The major applications of the building thermal insulation market are wall insulation, roof insulation, and floor insulation. Wall insulation is the leading application, while roof insulation is expected to grow with the highest CAGR during the forecast period. The roof insulation market is divided into two main segments, flat roof and pitched roof insulation. Flat roof insulation is the major market in building roof insulation. The performance of the flat roofing market is closely linked to that of the construction sector as well as the economy overall. Most buildings with flat roofs are nonresidential, such as logistics centers, supermarkets, factories, and airports.
The building thermal insulation market is broadly segmented into six regions: North America, Western Europe, Central & Eastern Europe, Asia-Pacific, the Middle East & Africa, and Latin America. North America is the largest building thermal insulation market, closely followed by Western Europe, in terms of value.
Several countries and regional organizations including the U.S. and the European Union have adopted legislation on energy efficient buildings. Such legislation is growing stricter and is being adopted in the developing world as well. Stringent energy efficiency regulations for buildings are driving the penetration of insulation in the overall building stock and increasing the amount of insulation needed per building.
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Publication date: 8/25/2016