Growing investment in construction sector is likely to drive the global building insulation materials market is expected to showcase significant growth
- Himanshu Patni
- January 19, 2022
- BUILDING MATERIAL AND CONSTRUCTION, NEWS
- Building Insulation Materials Market, Building Insulation Materials Market growth, Building Insulation Materials Market share, Building Insulation Materials Market size, Building Insulation Materials Market trends
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The global Building Insulation Materials Market is expected to showcase a CAGR of ~4% during the forecast period (2021-2027). This can be attributed to growing investment in construction, increasing urbanization, and growing population. Further, rising cost of energy is also aiding in the growth of building insulation materials market
Insulation in buildings provides resistance to heat flow and lowers heating and cooling costs. Properly insulating buildings not only reduces heating and cooling costs, but also improves comfort. Owing to such factors, use of insulation materials is growing globally. Further, region which suffers extreme winter and summer environment commonly uses insulating material in order to maintain the comfortable environment. For example, to maintain comfort, the heat lost in the winter must be replaced by your heating system and the heat gained in the summer must be removed by your cooling system. Properly insulating your home will decrease this heat flow by providing an effective resistance to the flow of heat. In addition, increasing residential and non-residential construction across the globe due to growing population, increasing urbanization, and increasing number of nuclear families are some of the key factors for the growth of the building insulation materials market.
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However, halted construction activities in the light of COVID-19 had been affected the sentiments of building insulation materials manufacturers. Owing to halted activities manufacturers across the globe has witnessed losses in their businesses. Further, new variants of virus like Omicron has further driving manufacturers to analyze their business in order to deal with supply chain mismanagement.
Based on application, the market is categorized into wall insulation, roof & ceiling insulation, and floor insulation. Among these, wall insulation category held the significant share in the market and is expected to maintain its position during the forecast period. Since insulation of wall requires larger number of insulation materials as number of walls is more than floors and roof & ceiling. Further, in many cases, wall is more in contact with outer atmosphere therefore insulation of wall becomes more necessary than floors and roof & ceiling.
For a detailed analysis of the Covid-19 Impact on the industry browse through – https://univdatos.com/report/building-insulation-materials-market/
Based on end-use, the market is bifurcated into residential and non-residential. Of both, residential accounted for substantial share in 2020. Due to the growing housing sector in countries like US and Germany. Further, increasing spending on energy efficient buildings owing to rising cost of energy is driving the demand of building insulation materials in residential buildings. For instance, according to International Energy Agency (IEA), a total of USD 250 billion was invested in energy efficiency across the buildings, transport and industry sectors in 2019.
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For a better understanding of the market adoption of Building Insulation Materials, the market is analyzed based on its worldwide presence in the countries such as North America (United States, Canada, Rest of North America), Europe (Germany, UK, France, Spain, and Rest of Europe), Asia-Pacific (China, Japan, India, Australia, and Rest of APAC), and Rest of World. North America held the significant share in the global building insulation materials market owing to extreme weather conditions, high awareness regarding insulating materials, and high people spending power.
Global Building Insulation Materials Market Segmentation
Market Insight, by Insulation Type
- Concrete Block Insulation
- Rigid Foam
- Insulating Concrete Foams
Market Insight, by Material Type
- Mineral Wool
- Natural Fiber
Market Insight, by Application
- Wall Insulation
- Roof & Ceiling Insulation
- Floor Insulation
Market Insight, by End-Use
Market Insight, by Region
- North America Building Insulation Materials Market
- United States
- Rest of North America
- Europe Building Insulation Materials Market
- United Kingdom
- Rest of Europe
- Asia-Pacific Building Insulation Materials Market
- Rest of Asia-Pacific
- Rest of World Building Insulation Materials Market
Top Company Profiles
- Compagnie de Saint-Gobain S.A.
- Rockwool International A/S
- Owens Corning
- BASF SE
- Knauf Gips KG
- Johns Manville Corporation
- Cabot Corporation
- The Dow Chemical Company
- Atlas Roofing Corporation
- Huntsman Corporation