The global building thermal insulation market size is anticipated to grow from USD 28.89 billion in 2020 to 29.85 billion in 2021 and is projected to hit USD 40.34 billion by 2028 and exhibit a CAGR of 4.4% during the forecast period. Building thermal insulation help in energy usage reduction in buildings by preventing heat transfer through the building encasement. It has witnessed steep demand in recent years due to swift industrialization and urbanization. The growing concerns regarding power conservation across residential and commercial applications are expected to surge the market growth. Fortune Business Insights™ has presented this information in its report titled, “Building Thermal Insulation Market, 2021-2028”.

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.

Competitive Landscape-

Key Players Adopt Inorganic Growth Strategies to Garner Growth

This market consists of various players operating at global and regional levels. These players are primarily focusing on mergers & acquisitions, product launches, and expansions to strengthen their market position and dominate the market. For instance, in July 2019, Knauf Insulation invested USD 35 million to expand its fiberglass loose-fill plant, based in Albion, Michigan. The investment aims to improve the plant’s capacity by up to 30%.

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