North America Thermal Insulation Market Forecast to 2028

North America Thermal Insulation Market Forecast to 2028 – COVID-19 Impact and Regional Analysis – by Material Type (Fiber Glass, Plastic Foam, Stone Wool, Calcium Silicate, Cellular Glass, and Others) and Industry Vertical (Building and Construction, Oil and Gas, Chemical, Aerospace and Defense, Automotive, Pharmaceutical, and Others)

Report Code : BMIRE00027692 | Region : North America | Industry : Chemicals and Materials | Published Date : 20/Dec/2022

The North America thermal insulation market is expected to grow from US$ 12,385.91 million in 2022 to US$ 17,591.02 million by 2028. It is estimated to grow at a CAGR of 6.0% from 2022 to 2028.

Growth in the Building and Construction Industry

Thermal insulation is a powerful technology that is used to reduce energy consumption in buildings by preventing heat gains or losses through the building covering. Thermal insulation is a construction material with minimal thermal conductivity, often less than 0.1W/mK. These materials save energy and provides comfort to residents by reducing the amount of heat transferred inside. Consumers are concentrating on the sustainable development of building construction projects, which is encouraging product demand. Using thermal insulation in buildings can reduce energy consumption, drastically decreasing the harmful effects on the climate and environment. Minimal maintenance, low operational costs, and high energy efficiency are helping to propel the green building development projects across the region. Further, the sustained amount of work in the public sector in areas including public housing and civil engineering is encouraging the growth of the construction industry in several nations, making prices broadly stable: thus, increasing the overall growth of the building & construction industry, thereby aiding the adoption of thermal insulation across the region.

Market Overview

The North America thermal insulation market is segmented into the US, Canada, and Mexico. North America is considered one of the prominent regions in the thermal insulation market. The growing demand for thermal insulation in the construction industry, such as residential and commercial buildings, is driving the market for thermal insulation. Fiberglass insulation material is expected to have a surge in demand from the rebounding construction sector in the US and Canada. The product is widely used in North America and is the region’s preferred choice of thermal insulating material due to its properties, low cost, and ease of installation. The increasing awareness among consumers regarding energy conservation and the employment of regulatory policies by North American countries to reduce greenhouse gas emissions are expected to positively impact the growth of the thermal insulation market in the region. Government initiatives such as the US Department of Energy (DOE) Weatherization Assistance Program (WAP) are promoting the use of thermal insulation, especially in low-income households. The program aims at reducing energy costs for low-income households by increasing the energy efficiency of their homes while ensuring health and safety. The weatherization program services ~35,000 homes every year using DOE funds, and through weatherization improvements and upgrades, these households save on average US$372 or more every year, according to a national evaluation of the program. Moreover, the International Code Council develops model residential energy codes every three years, referred to as the International Energy Conservation Code (IECC). The 2021 Residential IECC requires increased R-values in insulation in attics, slabs, and continuous insulation for walls. It also includes new options for insulation on wood-framed walls and basement walls. Thus, increased awareness regarding energy conservation and implementation of energy-efficient regulations and policies is driving the demand for thermal insulation in North America. According to the Federal Aviation Administration (FAA), practically all commercial aircraft must have thermal and acoustic insulation. These insulators ensure that the passengers’ comfort is not affected by exterior temperature variations and that excessive noise the aircraft creates does not interfere with communication. Further, the growing aerospace industry in countries such as the US is providing growth opportunities for the thermal insulation market in North America.

North America Thermal Insulation Market Revenue and Forecast to 2028 (US$ Million)

North America Thermal Insulation Market Segmentation

The North America thermal insulation market is segmented based on material type, industry vertical, and country.

Based on material type, the North America thermal insulation market is segmented into fiber glass, plastic foam, stone wool, calcium silicate, cellular glass, and others. The fiber glass segment held the largest share of the market in 2022. Based on industry vertical, the North America thermal insulation market is segmented into building and construction, oil and gas, chemical, aerospace and defense, automotive, pharmaceutical, and others. The building and construction segment held the largest share of the market in 2022. Based on country, the North America thermal insulation market is segmented into the US, Canada, and Mexico. The US dominated the market in 2022. Asahi Kasei Corporation, BASF SE, Bayer AG, Dow Chemicals Company, DuPont, Johns Manville, Kingspan Group PLC, Owens Corning, ROCKWOOL A/S, and Saint Gobain S.A. are the leading companies operating in the North America thermal insulation market.

At 6.0% CAGR, the North America Thermal Insulation Market is speculated to be worth US$ 17,591.02 million by 2028, says The Insight Partners

According to The Insight Partners’ research, the North America thermal insulation market was valued at US$ 12,385.91 million in 2022 and is expected to reach US$ 17,591.02 million by 2028, registering a CAGR of 6.0% from 2022 to 2028. Increase in demand for lightweight thermal insulation and growth in the building and construction industry are the critical factors attributed to the market expansion.

Thermal insulation material offers insulation in which the radiative heat is reflected, reduced, and absorbed. Companies focusing on lightweight products such as plastic as plastic is a lightweight material and it is driving the market growth for lightweight thermal insulation. Furthermore, as heavier insulation material is used in electronic goods such as refrigerators, the labor costs for installation also increases. Whereas lightweight thermal insulation material requires minimal effort and time for installation. Thermal insulation also finds applications in other sectors such as building and construction, automotive, aerospace, and others. For aerospace applications, NASA has developed Aerogel insulation that packs a massive R-value of 2.4 at only 5mm thick for myriad uses within the space program. Due to the intense cold and heat that space travel inherently presents, NASA has created a solution—a premium aerogel insulation for space suits and spacecraft. The lightweight products have become a preferred choice for manufacturers for complex and high-quality product designs. Therefore, increase in demand for lightweight thermal insulation is expected to drive the market growth.

On the contrary, high cost of installing thermal insulation devices hurdles the growth of North America thermal insulation market.

Based on material type, the North America thermal insulation market is segmented into fiber glass, plastic foam, stone wool, calcium silicate, cellular glass, and others. The fiber glass segment held 37.4% market share in 2022, amassing US$ 6,695.84 million. It is projected to garner US$ 584.68 million by 2028 to expand at 6.3% CAGR during 2022–2028. Based on industry vertical, the North America thermal insulation market is segmented into building and construction, oil and gas, chemical, aerospace and defense, automotive, pharmaceutical, and others. The building and construction segment held 45.8% market share in 2022, amassing US$ 5,671.86 million. It is projected to garner US$ 8,390.77 million by 2028 to expand at 6.7% CAGR during 2022–2028. Based on country, the North America thermal insulation market has been categorized into the US, Canada, and Mexico. Our regional analysis states that the US captured 72.1% market share in 2022. It was assessed at US$ 8,933.96 million in 2022 and is likely to hit US$ 12,961.07 million by 2028, exhibiting a CAGR of 6.4% during the forecast period. Key players dominating the North America thermal insulation market are Asahi Kasei Corporation, BASF SE, Bayer AG, Dow Chemicals Company, DuPont, Johns Manville, Kingspan Group PLC, Owens Corning, ROCKWOOL A/S, and Saint Gobain S.A., among others.

In 2019, Johns Manville acquired ITW Insulation Systems, a business owned by Illinois Tool Works Inc. that is known in the industry for its premium, low temperature polyisocyanurate foam insulations and metal jacketing solutions.

TABLE OF CONTENTS

1. Introduction

1.1 Study Scope

1.2 The Insight Partners Research Report Guidance

1.3 Market Segmentation

2. Key Takeaways

3. Research Methodology

3.1 Scope of the Study

3.2 Research Methodology

3.2.1 Data Collection

3.2.2 Primary Interviews

3.2.3 Hypothesis Formulation

3.2.4 Macro-economic Factor Analysis

3.2.5 Developing Base Number

3.2.6 Data Triangulation

3.2.7 Country Level Data

4. North America Thermal Insulation Market Landscape

4.1 Market Overview

4.2 North America PEST Analysis

4.3 Expert Opinion

5. North America Thermal Insulation Market — Key Market Dynamics

5.1 Market Drivers

5.1.1 Increase in demand for lightweight thermal insulation

5.1.2 Growth in the building and construction industry

5.2 Market Restraints

5.2.1 High cost of installing thermal insulation

5.3 Market Opportunities

5.3.1 Expansion of aerospace industry in emerging economies

5.4 Future Trends

5.4.1 Increasing demand for high-temperature thermal insulation

5.5 Impact Analysis of Drivers and Restraint

6. Thermal Insulation Market – North America Analysis

6.1 North America Thermal Insulation Market –Revenue and Forecast to 2028

7. North America Thermal Insulation Market Analysis – By Material Type

7.1 Overview

7.2 North America Thermal Insulation Market, By Material Type (2021 and 2028)

7.3 Fiber Glass

7.3.1 Overview

7.3.2 Fiber Glass: Thermal Insulation Market – Revenue and Forecast to 2028 (US$ Mn)

7.4 Plastic Foam

7.4.1 Overview

7.4.2 Plastic Foam: Thermal Insulation Market – Revenue and Forecast to 2028 (US$ Mn)

7.5 Stone Wool:

7.5.1 Overview

7.5.2 Stone Wool: Thermal Insulation Market – Revenue and Forecast to 2028 (US$ Mn)

7.6 Calcium Silicate:

7.6.1 Overview

7.6.2 Calcium Silicate: Thermal Insulation Market – Revenue and Forecast to 2028 (US$ Mn)

7.7 Cellular Glass:

7.7.1 Overview

7.7.2 Cellular Glass: Thermal Insulation Market – Revenue and Forecast to 2028 (US$ Mn)

7.8 Others:

7.8.1 Overview

7.8.2 Others: Thermal Insulation Market – Revenue and Forecast to 2028 (US$ Mn)

8. North America Thermal Insulation Market Analysis – By Industry Vertical

8.1 Overview

8.2 North America Thermal Insulation Market, By Industry Vertical (2021 and 2028)

8.3 Building and Construction

8.3.1 Overview

8.3.2 Building and Construction: Thermal Insulation Market – Revenue and Forecast to 2028 (US$ Mn)

8.4 Oil and Gas

8.4.1 Overview

8.4.2 Oil and Gas: Thermal Insulation Market – Revenue and Forecast to 2028 (US$ Mn)

8.5 Chemical

8.5.1 Overview

8.5.2 Chemical: Thermal Insulation Market – Revenue and Forecast to 2028 (US$ Mn)

8.6 Aerospace and Defense

8.6.1 Overview

8.6.2 Aerospace and Defense: Thermal Insulation Market – Revenue and Forecast to 2028 (US$ Mn)

8.7 Automotive

8.7.1 Overview

8.7.2 Automotive: Thermal Insulation Market – Revenue and Forecast to 2028 (US$ Mn)

8.8 Pharmaceutical

8.8.1 Overview

8.8.2 Pharmaceutical: Thermal Insulation Market – Revenue and Forecast to 2028 (US$ Mn)

8.9 Others

8.9.1 Overview

8.9.2 Others: Thermal Insulation Market – Revenue and Forecast to 2028 (US$ Mn)

9. North America Thermal Insulation Market – Country Analysis

9.1 Overview

9.1.1 North America: Thermal Insulation Market, by Key Country

9.1.1.1 US: Thermal Insulation Market –Revenue and Forecast to 2028 (US$ Million)

9.1.1.1.1 US: Thermal Insulation Market, by Material Type

9.1.1.1.2 US: Thermal Insulation Market, by Industry Vertical

9.1.1.2 Canada: Thermal Insulation Market –Revenue and Forecast to 2028 (US$ Million)

9.1.1.2.1 Canada: Thermal Insulation Market, by Material Type

9.1.1.2.2 Canada: Thermal Insulation Market, by Industry Vertical

9.1.1.3 Mexico: Thermal Insulation Market –Revenue and Forecast to 2028 (US$ Million)

9.1.1.3.1 Mexico: Thermal Insulation Market, by Material Type

9.1.1.3.2 Mexico: Thermal Insulation Market, by Industry Vertical

10. Industry Landscape

10.1 Overview

10.2 Merger and Acquisitions

10.3 Product News

10.4 Expansion

11. Company Profile

11.1 BASF SE

11.1.1 Key Facts

11.1.2 Business Description

11.1.3 Products and Services

11.1.4 Financial Overview

11.1.5 SWOT Analysis

11.1.6 Key Developments

11.2 Bayer AG

11.2.1 Key Facts

11.2.2 Business Description

11.2.3 Products and Services

11.2.4 Financial Overview

11.2.5 SWOT Analysis

11.2.6 Key Developments

11.3 ROCKWOOL A/S

11.3.1 Key Facts

11.3.2 Business Description

11.3.3 Products and Services

11.3.4 Financial Overview

11.3.5 SWOT Analysis

11.3.6 Key Developments

11.4 Johns Manville

11.4.1 Key Facts

11.4.2 Business Description

11.4.3 Products and Services

11.4.4 Financial Overview

11.4.5 SWOT Analysis

11.4.6 Key Developments

11.5 Saint Gobain S.A.

11.5.1 Key Facts

11.5.2 Business Description

11.5.3 Products and Services

11.5.4 Financial Overview

11.5.5 SWOT Analysis

11.5.6 Key Developments

11.6 Kingspan Group PLC

11.6.1 Key Facts

11.6.2 Business Description

11.6.3 Products and Services

11.6.4 Financial Overview

11.6.5 SWOT Analysis

11.6.6 Key Developments

11.7 Dow Chemicals Company

11.7.1 Key Facts

11.7.2 Business Description

11.7.3 Products and Services

11.7.4 Financial Overview

11.7.5 SWOT Analysis

11.7.6 Key Developments

11.8 Owens Corning

11.8.1 Key Facts

11.8.2 Business Description

11.8.3 Products and Services

11.8.4 Financial Overview

11.8.5 SWOT Analysis

11.8.6 Key Developments

11.9 Asahi Kasei Corporation

11.9.1 Key Facts

11.9.2 Business Description

11.9.3 Products and Services

11.9.4 Financial Overview

11.9.5 SWOT Analysis

11.9.6 Key Developments

11.10 DuPont

11.10.1 Key Facts

11.10.2 Business Description

11.10.3 Products and Services

11.10.4 Financial Overview

11.10.5 SWOT Analysis

11.10.6 Key Developments

12. Appendix

12.1 About The Insight Partners

12.2 Glossary of Terms

LIST OF TABLES.

Table 1. North America Thermal Insulation Market –Revenue and Forecast to 2028 (US$ Million)

Table 2. North America Thermal Insulation Market, by Country – Revenue and Forecast to 2028 (USD Million)

Table 3. US Thermal Insulation Market, by Material Type – Revenue and Forecast to 2028 (USD Million)

Table 4. US Thermal Insulation Market, by Industry Vertical – Revenue and Forecast to 2028 (USD Million)

Table 5. Canada Thermal Insulation Market, by Material Type – Revenue and Forecast to 2028 (USD Million)

Table 6. Canada Thermal Insulation Market, by Industry Vertical– Revenue and Forecast to 2028 (USD Million)

Table 7. Mexico Thermal Insulation Market, by Material Type – Revenue and Forecast to 2028 (USD Million)

Table 8. Mexico Thermal Insulation Market, by Industry Vertical – Revenue and Forecast to 2028 (USD Million)

Table 9. Glossary of Terms

LIST OF FIGURES.

Figure 1. North America Thermal Insulation Market Segmentation

Figure 2. North America Thermal Insulation Market Segmentation – By Country

Figure 3. North America Thermal Insulation Market Overview

Figure 4. North America Thermal Insulation Market, By Material Type

Figure 5. North America Thermal Insulation Market, By Country

Figure 6. North America: PEST Analysis

Figure 7. Expert Opinion

Figure 8. North America Thermal Insulation Market Impact Analysis of Drivers and Restraints

Figure 9. North America: Thermal Insulation Market – Revenue and Forecast to 2028 (US$ Million)

Figure 10. North America Thermal Insulation Market Revenue Share, By Material Type (2021 and 2028)

Figure 11. North America Fiber Glass: Thermal Insulation Market – Revenue and Forecast To 2028 (US$ Mn)

Figure 12. North America Plastic Foam: Thermal Insulation Market – Revenue and Forecast To 2028 (US$ Mn)

Figure 13. North America Stone Wool: Thermal Insulation Market – Revenue and Forecast To 2028 (US$ Mn)

Figure 14. North America Calcium Silicate: Thermal Insulation Market – Revenue and Forecast To 2028 (US$ Mn)

Figure 15. North America Cellular Glass: Thermal Insulation Market – Revenue and Forecast To 2028 (US$ Mn)

Figure 16. North America Others: Thermal Insulation Market – Revenue and Forecast To 2028 (US$ Mn)

Figure 17. North America Thermal Insulation Market Revenue Share, By Industry Vertical (2021 and 2028)

Figure 18. North America Building and Construction: Thermal Insulation Market – Revenue and Forecast To 2028 (US$ Mn)

Figure 19. North America Oil and Gas: Thermal Insulation Market – Revenue and Forecast To 2028 (US$ Mn)

Figure 20. North America Chemical: Thermal Insulation Market – Revenue and Forecast To 2028 (US$ Mn)

Figure 21. North America Aerospace and Defense: Thermal Insulation Market – Revenue and Forecast To 2028 (US$ Mn)

Figure 22. North America Automotive: Thermal Insulation Market – Revenue and Forecast To 2028 (US$ Mn)

Figure 23. North America Pharmaceutical: Thermal Insulation Market – Revenue and Forecast To 2028 (US$ Mn)

Figure 24. North America Others: Thermal Insulation Market – Revenue and Forecast To 2028 (US$ Mn)

Figure 25. North America: Thermal Insulation Market, by Key Country – Revenue (2021) (US$ ‘Million)

Figure 26. North America: Thermal Insulation Market Revenue Share, by Key Country (2021 and 2028)

Figure 27. US: Thermal Insulation Market –Revenue and Forecast to 2028 (US$ Million)

Figure 28. Canada: Thermal Insulation Market –Revenue and Forecast to 2028 (US$ Million)

Figure 29. Mexico: Thermal Insulation Market –Revenue and Forecast to 2028 (US$ Million)

● Asahi Kasei Corporation

● BASF SE

● Bayer AG

● Dow Chemicals Company

● DuPont

● Johns Manville

● Kingspan Group PLC

● Owens Corning

● ROCKWOOL A/S

● Saint Gobain S.A.

● Save and reduce time carrying out entry-level research by identifying the growth, size, leading players, and segments in the North America thermal insulation market.

● Highlights key business priorities in order to assist companies to realign their business strategies

● The key findings and recommendations highlight crucial progressive industry trends in the North America thermal insulation market, thereby allowing players across the value chain to develop effective long-term strategies

● Develop/modify business expansion plans by using substantial growth offering developed and emerging markets

● Scrutinize in-depth North America market trends and outlook coupled with the factors driving the thermal insulation market, as well as those hindering it

● Enhance the decision-making process by understanding the strategies that underpin commercial interest with respect to client products, segmentation, pricing, and distribution

TOP