Thermal insulation market tipped for significant growth
07th June 2023
The market for thermal building insulation is set to grow considerably over the coming years, according to a new report published this week.
Global Market Insights collected data from all over the world and said it believes the market size for such products will surpass $34.9 billion (£27.4 billion) by 2024, mostly driven by high construction spending and an increasing desire to conserve energy.
It pointed out that as more people and companies - particularly in developing countries - realise that insulation can offer benefits such as room temperature maintenance at minimum energy consumption, demand is likely to be boosted still further.
Another factor that was cited as being important in the projection is the adoption rate of the International Energy Conservation Code from 2012, while the limitation of greenhouse gas releases on many governments as a result of climate change protocols was an additional driver.
However, improvements in technology concerning insulation have also been a key factor in increasing adoption rates over the past few years. The report highlighted ease of installation, better moisture sensitivity, compressive strength, improved thermal conductivity and better durability as driving recent growth, all things that are likely to positively influence buying habits in the future.
Enhancements soon to be the norm in insulation such as multi-chamber profiles and triple-insulated glass could be incentives in the run-up to 2024 too, which might help industry growth continue to climb as businesses seek advanced energy-saving measures with no expense spared.
For firms and individuals not fortunate enough to be in this position, though, the report pointed out that government financial support including low interest loans should still support growth in nations across the world, as should new European energy-saving regulations (EnEV) standards.
However, it remains to be seen what the impact will be of the UK and potentially other countries leaving the European Union in terms of energy-saving measures and their adoption. And, of course, there is also President Trump's rejection of the Paris climate change agreement to take into consideration, which could significantly reduce the US's spending on green technology.
In terms of the materials being used, wool insulation was found by Global Market Insights to have contributed more than 50 per cent of consumption in the thermal building insulation market in 2016, which may be a surprisingly low-tech result for many.
Going forward, though, polystyrene was tipped for the biggest boost, with a compound annual growth rate of 4.2 per cent thanks to its lightness, durability, high R-value at lesser quantities and process ability.
As for the region highlighted as being set to expand its thermal building solutions the most by 2024, this accolade was given to the United Arab Emirates due to infrastructure spending, expanding business districts and increased adoption of technology to beat the relentless heat.
It comes after a report published earlier in 2017 by the World Meteorological Organization showed that 2016 was the hottest year on record, suggesting that the rate of climate change has accelerated and its effects are becoming more pronounced.
All this means that cutting emissions becomes even more important than ever - and thermal building insulation could play a key part in helping to do it, since a third of UK emissions come from buildings.