February 21, 2024
Thermal Insulation Materials Market

Thermal Insulation Materials Market Propelled By Rising Demand From Construction Industry

The global thermal insulation materials market predominantly encompasses materials that help reduce heat transfer and provide thermal resistance, which find widespread application across various end-use industries such as building & construction, oil & gas, automotive, aerospace & defense and others. Some of the commonly used thermal insulation materials include mineral wool, cellular glass, expanded polystyrene (EPS), fiberglass, polyurethane (PU), extruded polystyrene (XPS) and others. Thermal insulation materials play a crucial role in energy conservation, protecting freezeable pipes against freezing and regulating interior temperatures of buildings. The global thermal insulation materials market is estimated to be valued at US$ 81.91 billion in 2024 and is expected to exhibit a CAGR of 10% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.

Market key Trends:

One of the major market trends driving the demand for thermal insulation materials is the rising construction activities globally. According to statistics, the global construction industry is expected to grow at an annual rate of over 3.5% between 2022 to 2030. Rapid urbanization and rising incomes have increased the demand for residential and commercial buildings. Moreover, infrastructural development projects across emerging economies such as China, India, Indonesia is also fueling the market growth. Thermal insulation helps in minimizing heat transfer through building walls, windows, rooftops, and attics, thereby serving to lower energy costs, reduce carbon footprint and ensure thermal comfort. Various government policies and initiatives promoting energy efficiency in buildings have necessitated the use of insulation materials. This coupled with high performance and cost effectiveness of next-generation thermal insulation materials is expected to further accelerate their adoption during the forecast period.

SWOT Analysis

Strength: Thermal insulation materials provide energy efficiency and reduce operating costs. They help users lower their carbon footprint and meet sustainability goals.
Materials like fiberglass and mineral wool have good thermal properties and are widely available at affordable prices.

Weakness: Some insulation materials like fiberglass can cause skin and respiratory irritation during installation. Proper protective equipment needs to be used.
Certain materials are combustible and require fire-rated versions to be used in some applications.

Opportunity: Growing demand for green buildings and sustainable construction practices is driving demand for advanced insulation materials.
Evolving energy efficiency codes and standards are increasing insulation requirements in new buildings.

Threats: Volatility in raw material prices can impact insulation costs.
Substitution threat from emerging insulation materials like aerogels and vacuum insulated panels that have better thermal performance.

Key Takeaways

The global Thermal Insulation Materials Market Growth  is expected to witness high growth over the forecast period of 2024 to 2031.

Regional analysis:

The Asia Pacific region accounts for over 40% of the global thermal insulation materials demand led by China, India, Japan and South Korea. Rising infrastructure spending, rapid urbanization and increasing stringency of building energy codes are driving the region’s insulation market. North America and Europe are significant markets with stringent energy efficiency norms in place for new construction.

Key players operating in the thermal insulation materials market are Qualcomm, Huawei, Intel, Samsung, Nokia, Ericsson, ZTE, NEC, Aviat Networks, Ceragon Networks, DragonWave, Comba Telecom, CommScope, Texas Instruments, NXP Semiconductors, Analog Devices, Broadcom, MediaTek, Murata Manufacturing, and Qorvo. These companies offer a range of thermal insulation solutions for various applications along with continuous investment in new product development.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it