Building Insulation Materials Market Overview
The global building insulation materials market is estimated to be USD 26,170 million in 2020, and it is expected to reach USD 32,790 million by 2026, registering a CAGR of over 3.9% during the forecast period. The factors driving the growth of the building thermal insulation market are the growing demand for energy efficiency and rising infrastructure and industrialization in Asia-Pacific. The residential industry is expected to dominate the building insulation materials market over the forecast period. Promoting energy efficiency (EE) requirements for new residential buildings has been proven an effective mandatory policy instrument to slow down the increase of energy consumption in the residential building sector.
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Building Insulation Materials Market – Geographical Overview
Germany to dominate the European building insulation materials market
Germany has the largest construction industry in Europe. The construction industry in the country is growing at a slow pace, majorly driven by the increasing number of new residential construction activities. The non-residential and commercial buildings in the country are expected to witness significant growth prospects during the forecast period. Cities, such as Berlin, Munich, Stuttgart, Frankfurt, Düsseldorf, Cologne, and Hamburg, have driven the construction market of high-rise residential buildings.
According to the Statistisches Bundesamt (Destatis), the construction of new dwellings in Germany increased to 327.26 thousand in 2020, compared to 317.82 thousand in 2019. Furthermore, according to Federal Statistical Office (Destatis), in May 2021, the construction of a total of 32,384 dwellings was permitted in Germany, which was an increase of 8.7 % compared with April 2021.
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Key Highlights of the Building Insulation Materials Market
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List of Key Players in the Building Insulation Materials Market
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Mordor Intelligence has segmented the global building insulation materials Market on the basis of type, end-user industry, and geography:
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