The Global Building Insulation Market to Advance at CAGR of 3.06% by 2028

Triton Market Research presents the Global Building Insulation Market segmented by Application (Ceiling & Attic, Wall, Floor, Other Applications), Material (Plastic Foams [Extruded Polystyrene Foam (XPS), Polyurethane Foam, Expanded Polystyrene Foam (EPS)], Wool Insulation [Glass Wool, Slag Wool, Rock Wool]), End-user (Commercial End-users, Residential End-users), and by Geography (Middle East and Africa, North America, Europe, Asia-Pacific, Latin America). The report also discusses the Market Summary, Industry Outlook, Market Scope, Key Insights, Porter's Five Forces Analysis, Market Attractiveness Index, Vendor Scorecard, Drivers, Restraints, Opportunities, Key Strategic Developments, Impact of Coronavirus, Competitive Landscape, Research Methodology & Scope, Global Market Size, Forecasts & Analysis (2021-2028).

Triton's research report suggests that the global building insulation market is likely to surge based on revenue and volume over the forecast period, growing at a CAGR of 3.06% and 2.59%, respectively.

Insulation primarily helps reduce thermal energy transmission between various spaces, including walls, floors, and ceiling, in a building. Building insulation is gaining momentum mainly because it limits energy consumption, which ultimately decreases energy costs.

Due to economic development across various countries, there has been a tremendous rise in investments in the construction sector. In addition, countries showcasing tourism opportunities have increased the need for new buildings to accommodate tourists. Hence, this growth in the construction sector supports the growing demand for building insulation, opening new opportunities for the building insulation market. However, unstable raw material prices, coupled with labor shortages, have restricted the overall growth of the building insulation market globally.

North America is the largest market for building insulation and is expected to continue its stronghold over the market till 2028. The region's robust growth can be attributed to the growing adoption of the green building concept. Here, insulation helps reduce energy wastage, which increases its demand for such projects. Furthermore, the growing demand for building insulation among various end-users, such as residential and commercial, is augmenting the growth of the building insulation market across North America.

The well-known companies in the building insulation market are Johns Manville Corporation (Berkshire Hathaway), Saint-Gobain SA, Beijing New Building Material (Group) Co Ltd, BASF, Huntsman Corporation, Owens Corning, Dow Chemical Company, Rockwool International A/S, Paroc Group, GAF Materials Corporation, Knauf Insulation Inc, and Kingspan Group.

Due to the presence of several well-known international companies, the entry of new players is restricted in the market. Moreover, huge capital investment is required to set up operations in the field, limiting the entry of new market players. On the other hand, the competition among the existing players has surged, owing to low switching costs and innovative marketing strategies. Hence, the threat of new players is estimated to be low, whereas the competition level is likely to be high.

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