North America Building Thermal Insulation Market Size Is Poised To Reach $13.83 Billion By 2027: Grand View Research Inc.

 

The North America building thermal insulation market size is expected to reach USD 13.83 billion by 2027, according to a new report by Grand View Research, Inc. The market is projected to expand at a CAGR of 2.7% in terms of revenue during the forecast period. Rising consumer awareness, demand for thermal insulation materials, and favorable regulations owing to the focus on lowering the overall energy consumption are the factors expected to drive market growth.

The market players focus on increasing its market share through organic growth. The companies indulge in the expansion of their product portfolio by developing cost-effective insulation products with enhanced properties and expanding their manufacturing capabilities to cater to the ascending product demand worldwide.

Numerous local and international players in the market provide raw materials for thermal insulating components. Extensive production facilities and high capital investments result in high volume production of materials by prominent players, which is then used to manufacture insulating components.

The industry exhibits a large number of established players controlling significant market share. These companies develop a robust business model to adapt to market volatility and any technological and geographical change. The players usually maintain a strategic relationship with their suppliers to maintain uninterrupted supply.

Favorable regulations, owing to the focus on lowering overall energy consumption, are likely to be a significant factor in the rising popularity of building thermal insulation materials. Thermal insulation materials help reduce the heat buildup within the buildings which helps the main nominal temperature inside the households, leading to a reduction in the energy costs. High demand for the product for promoting thermal energy conservation in low-income households through federal funding is expected to drive product growth in the region.

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North America Building Thermal Insulation Market Report Highlights

• Expanded Polystyrene (EPS) is expected to witness the fastest CAGR of 3.1%, from 2020 to 2027, on account of high product penetration owing to the sound absorption, lightweight, and quakeproof nature of the product
• The walls application segment dominated the market in 2020 and is expected to reach USD 5.58 billion by 2027, owing to the adoption of high-class architecture and maintaining high energy efficient standards by the residential and commercial structures
• Residential end-use application accounted for 5.88 billion in 2020, on account of growth in the number of single-family houses in developing economies and rising disposable income of the consumers
• The U.S. dominated the market in 2020 and is expected to reach USD 10.83 billion by 2027, owing to growth in the construction sector and increased demand for energy-efficient construction solutions
• The major manufacturers emphasize innovation through extensive R&D for the production of advanced insulating materials. Numerous local players are engaged in manufacturing standard components, which results in stiff competition in the market

The U.S. market is expected to witness sustainable growth over the forecast period due to the change in the country's construction sector. Increased demand for energy-efficient construction solutions and rising demand for insulating commercial construction materials are expected to boost market growth.

The market in North America is expected to exhibit high growth in the forthcoming years on account of the construction industry's rapid development. The products are expected to gain wide acceptance in North America owing to its several benefits such as lightweight materials, improved external appearance, and acoustic performance of the buildings.

The regional market for building thermal insulation is competitive, owing to the presence of a large number of significant players in the market. The market has been witnessing an increasing trend of organic growth. Companies in the market are focusing on expanding their product portfolio with enhanced properties.

The market is competitive due to the presence of major companies involved in product manufacture. The market is characterized by a significant consumer base across the globe, with the companies operating their business through dedicated distribution networks. Some prominent players in the North America building thermal insulation market include:

• Anco Products, Inc.
• Atlas Roofing Corporation
• Cellofoam North America Inc.
• Certain Teed Corporation
• GAF Material Corporation
• Huntsman International LLC
• Johns Manville Corporation
• Knauf Insulation
• Owens Corning
• ROCKWOOL Insulation A/S
• Dow Inc.
• DuPont