Building Insulation Materials Market Forecast 2024-2033: Growth Rate, Drivers, And Trends

The Building Insulation Materials by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).

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According to The Business Research Company’s Building Insulation Materials, The building insulation materials market size has grown steadily in recent years. It will grow from $25.5 billion in 2023 to $26.23 billion in 2024 at a compound annual growth rate (CAGR) of 2.8%. The growth in the historic period can be attributed to emerging markets growth, the rise in demand for energy-efficient buildings, the increased focus towards sustainability and the rapid industrialization.

The building insulation materials market size is expected to see steady growth in the next few years. It will grow to $30.11 billion in 2028 at a compound annual growth rate (CAGR) of 3.5%. The growth in the forecast period can be attributed to emerging markets growth, the rise in demand for energy-efficient buildings, the increased focus towards sustainability and the rapid industrialization. Major trends in the forecast period include focusing on eco-friendly insulation materials, focusing on product innovations and developing new product solutions, focusing on new technologies and developing advanced product solutions, focusing on collaborations and acquisitions to improve financial strength and focusing on new plant expansions to serve the increasing demand.

The increase in construction activities is expected to propel the growth of the building insulation materials market going forward. Construction activities refer to any activity that is essential for building or structural construction, destruction, assembly, alteration, installation, or equipment. Construction activities have been on the rise due to rapid industrialization and urbanization. These construction activities are creating a massive demand for insulation materials for the construction of residential and commercial buildings, as insulation refers to an energy-saving measure that lowers heat surplus in warm weather or climates and lowers heat loss in buildings in cold weather or climates. For instance, in June 2021, according to the Stats NZ Tatauranga Aotearoa, a New Zealand-based government data agency, building activities increased by 3.7 percent in March 2021. Further, in 2021, residential activities rose 4.3 percent compared to 2020. Additionally, according to the US Census Bureau, The value of construction activities increased from $1,626.4 billion in 2021 to $1,792.9 billion in 2022 with a growth rate of 10.2 percent. Therefore, the increasing construction activities are driving the growth of the building insulation materials market.

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The building insulation materials market covered in this report is segmented –

1) By Material: Fiberglass, Mineral Wool, Expanded Polystyrene, Extruded Polystyrene, Cellulose, Other Materials

2) By Insulation: Bulk, Reflective

3) By Application: Wall Insulation, Underfloor Insulation, Ceiling Or Roof Insulation, Window Insulation, Other Applications

4) By End User: Residential, Commercial, Industrial

Sub segments: Weather-Stripping, Caulk, Spray Foam, Window Inserts Or Interior Storm Stoppers, Window Film Insulation Kits, Residential End-User, Commercial End-User, Industrial End-User

Technological innovations have emerged as a key trend gaining popularity in the building insulation materials market. Major companies operating in the building insulation materials market are focused on innovating new technologies to sustain their position in the market. For instance, in January 2021, Armacell, a Luxembourg-based manufacturer and supplier of industrial foams and flexible insulation materials launched a new AF/ArmaFlex generation, which satisfies fire class B/BL-s2, d0 and increases fire safety in buildings. The new elastomeric foam technology increases visibility in the event of a fire, which increases the amount of time that is available to evacuate a structure. In the event of a fire, its smoke quickly spreads throughout the structure, obstructing escape and rescue routes and reducing sight. In comparison to other flexible elastomeric foam materials, AF/ArmaFlex Evo emits 50% less smoke, giving inhabitants more time to leave the structure and improving access for rescue crews.

The building insulation materials market report table of contents includes: