Thermal Insulation Market Size, Share to grow to about USD 34855.00423 million Globally by 2028
The global?Thermal Insulation market?size was worth around?USD 28,519.50 million in 2021 and is estimated to grow to about?USD 34855.00423 million by 2028, with a compound annual growth rate?(CAGR) of approximately 3.40 percent?over the forecast period. Some of the main competitors dominating the global Thermal Insulation market size include – Johns Manville Corporation (US), Saint-Gobain S.A. (France), BASF SE (Germany), Kingspan Group plc (Ireland), Knauf Insulation, Inc. (US), Owens Corning (US), Huntsman Corporation (US), Rockwool International A/S (Denmark), Firestone Building Products Company (US), Cabot Corporation (US), Dow Corning Corporation (US), Covestro AG (Germany), URSA Insulation, S.A. (Spain), Paroc Group Oy (Finland), Atlas Roofing Corporation (US), GAF Materials Corporation (US), Lapolla Industries, Inc. (US), Beijing New Building Material (Group) Co., Ltd. (China), NICHIAS Corporation (Japan), Fletcher Building Limited (New Zealand), ODE Industry and Trade Inc. (Turkey), Aspen Aerogels, Inc. (US), Trocellen GmbH (Germany), Recticel SA (Belgium), and KCC Corporation (South Korea).
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Recent Developments
Global Thermal Insulation Market: Segmentation
The global Thermal Insulation market is segregated based on material type, application, and building type.
By Material type, the market is classified into?Stone Wool, Glass Wool, Plastic Foam, and Others. This category had a significant share in 2021 and is expected to maintain its dominance throughout the forecast period. During the forecast period, the plastic foam sector of the global thermal insulation material market size is predicted to develop at the fastest rate. Increased global demand for LNG and LPG, as well as increased demand for refrigerators and?air conditioners?in the OEM market, are expected to propel this category forward.
By Application, the market is divided into Roof Insulation, Wall Insulation, and Floor Insulation. The global Thermal Insulation market size is dominated by the wall insulation segment. Furthermore, wall insulation reduces costs and energy loss by keeping heat inside the house during the winter and preventing heat from entering the house during the summer. Insulate the walls with a variety of materials such as EPS,?polyurethane foam, mineral wool, cellulose fibers, and sandwich panels, which would gradually enhance market demand in developed countries.
Opportunity: Increasing Energy Expenditure to Augment Growth
Due to recent price increases, significant energy usage might cost a lot of money to the consumer. It also results in the depletion of natural resources. As a result, consumers, particularly those who live in residential areas, make it a point to insulate their spaces. The development of low-energy insulation products, such as foamed plastics, presents a huge market opportunity because some of these products can recoup the cost of insulation in as little as 12 months through energy savings.
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