The global building thermal insulation market size was valued at USD 32.53 billion in 2023 and is projected to grow from USD 33.98 billion in 2024 to USD 48.60 billion by 2032, exhibiting a CAGR of 4.5% during the forecast period. Asia Pacific dominated the building thermal insulation market with a market share of 49.12% in 2023.

According to the report, the stringent regulations by the governments of major economies to reduce greenhouse gas emissions and energy consumption are anticipated to stimulate market growth significantly.

Drivers & Restraints-

High Energy Costs to Drive the Market Growth

Thermal insulation systems in buildings help to reduce carbon emissions by using less energy input and limiting the heat conduction to the external environment. They also offer impact and fire resistance to building structures which augments their demand in the construction industry. Due to rapid urbanization and industrialization, the increasing construction activities are anticipated to bolster the global building thermal insulation market growth.

Thermal insulation systems also help to reduce energy costs. The high energy costs are expected to boost the demand for the product across commercial and residential applications and foster market growth. The companies operating in the market have launched Do-It-Yourself (DIY) insulation products for customers who cannot afford insulation technicians. The development of DIY products by key companies such as Ecofoam Insulation & Coatings, Owens Corning, and Knauf Insulation is expected to boost the market's growth in the forthcoming years.

However, the health-related issues of the insulation products are likely to restrain the growth of the market.

Regional Insights-

Asia Pacific to Gain the Largest Share Due to Increasing Government Investments on Infrastructural Development

Asia Pacific is projected to gain the largest portion of the global building thermal insulation market share due to the increasing government investments in infrastructural development across India, China, and Southeast Asia. Additionally, the growing government regulations regarding energy consumption in India and China are anticipated to boost the growth of the market.

North America is expected to witness significant growth in the global market due to the government’s substantial support for energy-saving technologies. Moreover, the growing consumer awareness is likely to complement market growth.

Key Industry Developments:

January 2020: IMERYS Group acquired the thermal insulation business of Hyderabad Industries Limited (a CK Birla Group Company). The acquisition will help IMERYS to expand its operations in the Indian market.

Browse Detailed Summary of Research Report:

https://www.fortunebusinessinsights.com/building-thermal-insulation-market-102708