Thermal insulation demand
The global thermal insulation market is projected to grow at about 3.1% annually through 2028, signaling steady demand for energy-efficiency upgrades that could drive retrofit work. (stratviewresearch.com)
Stratview Research values the global thermal insulation market at USD 58.2 billion in 2023 and projects it will reach USD 67.7 billion by 2028. (stratviewresearch.com) MarketsandMarkets places the broader thermal insulation materials market higher, reporting a 2023 valuation of USD 71.7 billion and a projected USD 96.0 billion by 2028. (marketsandmarkets.com) Industry concentration is high: five manufacturers — Kingspan, Saint-Gobain, Owens Corning, Johns Manville and Rockwool — account for roughly half the global market, with Kingspan cited as the single largest player at about 15% share in some estimates. (globalinforesearch.com) Public filings show major suppliers are sizeable businesses: Owens Corning reported net sales of about $11.0 billion for full-year 2024, underscoring the scale of incumbents serving insulation demand. (investor.owenscorning.com) Energy and emissions policy underwrites retrofit demand: the IEA calculates building operations consume roughly 30% of global final energy and produce about 26% of energy-related emissions, highlighting the potential impact of envelope upgrades. (iea.org) Regulatory drivers include the EU’s recast Energy Performance of Buildings Directive, which requires member states to renovate the worst-performing portion of their non-residential stock (16% by 2030, 26% by 2033) under minimum performance standards. (rehva.eu) Near-term cost signals are mixed: RSMeans/Gordian construction-cost data show insulation unit cost averaged about $0.64 per square foot in January 2026 (up roughly 19% year‑over‑year), while polyurethane-feedstock price indices and polyiso supply tightness have driven volatility in foam insulation markets. (gordian.com) Analyst forecasts diverge on pace but agree on growth — estimates range from mid-single-digit CAGRs and a late‑2020s market size in the $67–96 billion band across providers, and the IEA says meeting climate targets will require deep renovations of about 20% of existing building stock by 2030 and higher annual renovation rates (~2%). (stratviewresearch.com)
