The thermal insulation material market, projected to reach USD 70.74 billion by 2023 and grow at a 5.6% CAGR, underscores the importance of efficient building insulation in reducing energy consumption. Effective insulation of all building partitions is critical, and materials such as polyurethane foam, mineral wool, and polystyrene foam are commonly used due to their dual benefits of acoustic and thermal insulation. These materials not only enhance energy efficiency but also contribute to a comfortable indoor environment by minimizing heat loss and sound transmission. As the demand for energy-efficient solutions rises, the adoption of advanced insulation materials is expected to drive market growth significantly.
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.
Discover Growth Opportunities in Thermal Insulation Material – Get Your Sample Report Now!
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. 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
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.
Contact Our Sales Team Now to Discuss How You Can Acquire This Report and Gain Valuable Insights for Your Business.
Key Players in the Thermal Insulation Material Market
- 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.
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).
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of ~400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
Contact Us:
Future Market Insights Inc.
Christiana Corporate, 200 Continental Drive,
Suite 401, Newark, Delaware – 19713, USA
T: +1-845-579-5705
For Sales Enquiries: sales@futuremarketinsights.com
Website: https://www.futuremarketinsights.com
LinkedIn| Twitter| Blogs | YouTube
