The thermal insulation material market is projected to reach USD 70.74 billion by 2023, rising to USD 122 billion by 2033, with a CAGR of 5.6%. Effective insulation of all partitions in a building is the best way to reduce energy consumption. Common thermal insulation materials used in buildings include polyurethane foam, mineral wool, and polystyrene foam, which provide both acoustic and thermal insulation.
Researchers have recently developed a new non-toxic insulation material that reduces noise and thermal transfer in building construction. This environmentally friendly material is derived from natural substances, reducing its environmental impact. Engineers at the University of Maryland have produced “insulwood,” a highly porous, scalable, and cost-effective material made from lignin and hemicellulose found in wood. Unlike current insulation materials, which are often toxic or petroleum-based, insulwood offers a sustainable alternative for insulating structures such as walls and roofs.
The market also offers other products with similar physical and chemical characteristics. The thermal conductivity of a material, represented by the lambda coefficient, is a key indicator of its performance as a thermal insulator and its energy efficiency.
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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.
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 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 Key Players:
- Asahi Kasei Corporation
- BASF SE
- 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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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.
Key Segmentations
Material Type:
- Stone Wool
- Fiber Glass
- Plastic Foam
- Others
Temperature Range:
- -160°C to -50°C
- -49°C to 0°C
- 1°C to 100°C
- 101°C to 650°C
Region:
- North America
- Latin America
- Europe
- Asia Pacific
- 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.
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