The growth prospect for the building thermal insulation market is moderate with the market size expected to witness a growth rate of 3.65% from 2017 to 2022, in terms of value. The market is evolving with major players playing a crucial role in the development of the market. Market players such as Saint-Gobain S.A. (France), BASF SE (Germany), and Owens Corning (US), led the market in 2016.
BASF focuses on new product launches, partnerships, and expansions to strengthen its market position. In 2017, the company launched Elastospray LWP, which is an eco-friendly spray foam insulation used in buildings. Earlier, in 2016, the company entered into a partnership agreement with Aspen Aerogels, Inc. (US) to create new products and market opportunities targeted at the global building materials market. In addition, the company in 2015, opened a new plant at Lemförde, Germany to manufacture SLENTITE insulation.
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Residential buildings segment is expected to have the largest share of the building thermal insulation market in 2018.
The residential building segment is estimated to account for the largest share of the building thermal insulation market, in terms of both value and volume, during forecast period. The presence of strict building codes, accompanied by the growing demand for housing sector especially in the US, the UK, and Germany drive the demand for building thermal insulation in residential buildings. The retrofit and renovation activities in Western Europe are also expected to drive the building thermal insulation market in the residential sector.
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North America was the biggest market for building thermal insulation in 2018.
The North American region is estimated to lead the building thermal insulation market, in terms of value, during forecast period. Increased concerns over improving efficiency in buildings drive the demand for building thermal insulation. In addition, the growing demand for green buildings also drive the demand for building thermal insulation in the region. The growth in residential and non-residential buildings in the US due to the demand for single-family homes and robust manufacturing is another factor that drives the demand for building thermal insulation.
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