The thermal insulation material market is poised for significant growth, projected to reach US$ 70.74 billion in 2023 and surge to US$ 122 billion by 2033, reflecting a robust 5.6% Compound Annual Growth Rate (CAGR). This anticipated expansion is fueled by the widespread use and affordability of insulation materials, which boast versatile properties suitable for diverse end-use applications. As the demand for energy-efficient solutions rises, these materials play a crucial role in enhancing thermal performance across various industries, underlining their pivotal position in the evolving landscape of sustainable construction and manufacturing practices.
The market offers other products with similar physical and chemical characteristics. This parameter indicates the thermal conductivity of a thermal insulation material (lambda). Coefficients of thermal conductivity indicate how well a material will perform as a thermal insulator, thus demonstrating its energy efficiency.
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According to researchers, a new non-toxic insulation material has been developed, which helps reduce noise and thermal transfer in building construction. Using this material takes less of an environmental toll since it is derived from a natural substance. An insulwood material produced by University of Maryland engineers can be used to insulate structures such as walls and roofs. In addition to being highly porous and scalable, it is also cost-effective. insulwood, however, is made from lignin and hemicellulose found in wood, rather than toxic or petroleum-based materials that are typically found in current insulation.
Buildings can be made more energy-efficient and noise-proof by using environmentally friendly insulation materials that are not harmful to residents or the environment. Humans are being provided with a comfortable living environment by manufacturers using this renewable, eco-friendly material for thermal and acoustic insulation. An eco-friendly alternative insulation has been developed by ORNL scientists without chemicals that are harmful to the environment. In order to make the thermoplastic foam, hollow glass spheres are mixed with expandable polymer microspheres. A variety of insulation systems can benefit from the technology, which is easily adopted by industry.
Key Takeaways
- Investing more in urbanization projects to excel in the market and a relatively active construction industry to grow demand for thermal insulation material.
- Consumer awareness about energy consumption and the growing demand for reducing the cost of energy should drive the market.
- Regulations and initiatives to increase energy efficiency and sustainability in the government to grow the market.
- Increasing energy efficiency in buildings and innovation in smart technologies will drive the market for thermal insulation.
- India’s government is heavily investing in the construction industry, driving market growth for thermal insulation products.
“With the growing demand for construction applications, suppliers of thermal insulation material will see their growth thrive. The development of new technologies and advancements in materials will lead to an increase in demand for thermal insulation material in the coming years.,”, says an FMI analyst
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Competitive Landscape
Strategic partnerships are being formed between technology firms and thermal insulation material manufacturers. Organizations are looking to expand their product lines, technology capabilities, and marketing presence to gain a greater share of the market. Innovative products could be developed by combining strengths across companies.
Several companies improve their products through research and development. Gaining a competitive advantage can also be achieved through the launch of new products.
Market Developments Include:
- In February 2023, Dalsan and Saint-Gobain received approval from the Turkish competition authorities for the merger of their plasterboard and plaster products businesses.
- In March 2023, Japan-based Thermalytica developed a super insulation material that improves liquid hydrogen storage and transportation efficiency. Due to its high porosity and liquid-like fluidity, this patented material provides superior thermal insulation, heat shielding, and liquid-like fluidity. It can be used for liquid hydrogen logistics, thermal runaway mitigation in EV batteries, and home window insulation, among other uses. By April 2024, Japan will begin pilot production of the technology.
Top Key Players
- Asahi Kasei Corporation
- BASF SE
- E. I. du Pont de Nemours and Company
- Rockwool International A/S
- Berkshire Hathway (Johns Manville)
- Bayer AG
- Owens Corning
- Dow Chemicals Company
- Kingspan Group PLC
- Saint Gobain S.A.
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More Valuable Insights Available
Future Market Insights offers an unbiased analysis of the global thermal insulation material market, providing historical data for 2018 to 2022 and forecast statistics from 2023 to 2033.
To understand opportunities in the thermal insulation material market, the market is segmented on the basis of material type (stone wool, fiber glass, plastic foam, and others) and temperature range (-160oC to -50oC, -49oC to 0oC, 1oC to 100oC and 101oC to 650oC) across five major regions (North America, Latin America, Europe, Asia Pacific, and Middle East & Africa).
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