by The external wall insulation board market consists of boards made from extruded polystyrene (XPS) or mineral wool insulation which are fixed to external walls of residential and commercial buildings to improve energy efficiency. These boards provide an insulating airspace between the inner and outer walls of structures leading to superior heat retention within indoor spaces and lower energy bills.
The global external wall insulation board market is estimated to be valued at US$ 8.46 Bn in 2023 and is expected to exhibit a CAGR of 5.4% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Growing requirements for energy efficient buildings have been propelling the demand for external wall insulation boards across the globe. Regulations in various countries mandate minimum energy efficiency standards for new constructions which is driving increased adoption of insulation solutions like external wall insulation boards. For instance, the European Union’s Energy Performance of Buildings Directive requires all new buildings to be nearly zero-energy by 2021. In addition, retrofitting of existing buildings with insulation is being encouraged through various rebate programs to meet sustainability goals. This has significantly boosted the sales of external wall insulation boards in Europe in recent years. Growing awareness among consumers about financial and environmental benefits of insulated buildings is also contributing to the market growth.
SWOT Analysis
Strength: External wall insulation boards provide better energy efficiency and thermal insulation compared to traditional building materials. This helps in reducing energy costs.
Weakness: Higher upfront costs associated with installing external wall insulation boards compared to conventional building materials.
Opportunity: Growing construction industry worldwide especially in developing countries due to rapid urbanization provides significant growth opportunities. Increasing awareness and government initiatives towards energy efficient green buildings also supports growth.
Threats: Availability of substitute products offering insulation at marginally lower costs can pose threats. Stiff competition among existing players affects profit margins.
Key Takeaways
Global External Wall Insulation Board Market Size is expected to witness high growth over the forecast period of 2023 to 2030. The global external wall insulation board market is estimated to be valued at US$ 8.46 Bn in 2023 and is expected to exhibit a CAGR of 5.4% over the forecast period 2023 to 2030.
Asia Pacific region currently dominates the market and is expected to maintain its lead position over the forecast period. Rapid infrastructure development and growth in construction activities especially in China, India are driving the demand for external wall insulation boards in the region.
Key players operating in the external wall insulation board market are Etex Group, Elementia Materials, Everest Industries Limited, James Hardie Industries PLC, Johns Manville, Knauf Gips KG, Saint-Gobain, BetonWood Srl, Cembrit Holding A/S, HIL Limited, GAF, and NICHIHA Co. Ltd. These companies focus on new product launches, expansions and mergers & acquisitions to gain more market share and enhance their presence. For instance, in 2021 Knauf acquired Everlite, a leading South African manufacturer of plasterboard and external ceilings. This acquisition strengthened its position in Africa.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
