The European Market for Thermal Insulation Products

IAL Consultants is pleased to announce the publication of the fourteenth edition of its popular study on The Market for Thermal Insulation in Europe. 

This study updates the previous report published in 2021 and contains market data for all the main thermal insulation products, by material type and end-use application, for the base year of 2022. Data is presented in both volume (cubic metres and tonnes) and value (€), with five-year forecasts to 2027. The materials covered include: 

·       Glass Wool  ·       Stone Wool  ·       White EPS  ·       Grey EPS  ·       XPS  ·       PUR

·     PIR  ·     Phenolics  ·     ENR   ·     PE   ·     Renewable Insulation Materials   ·     Vacuum Insulation Panels/Aerogel

An in-depth report covering 26 countries and the 4 key insulation material types:

The report is based upon an extensive programme of interviews throughout the industry and across the different geographies in Europe. This has been further supported by an analysis of economic indicators and relevant legislation and/or technical issues affecting the demand for thermal insulation materials. The analysis covers 26 countries (including all major European thermal insulation markets), covering the insulation materials mentioned above.

In addition, separate material volumes are provided for the 4 key insulation materials: mineral wool, EPS (white and grey), XPS and PUR/PIR. Data is presented regionally (Western Europe, Central Europe and Eastern Europe) and then for the individual 26 countries. Furthermore, we have separated our analysis for the first time based on the categories of New Build, Non-Housing, and Renovation, Maintenance and Improvement (RMI) within the ‘Building’ segment.

All data is available on our online database platform, enabling the customer greater ease of comparison and data manipulation.

Market Summary and Key Findings

• The total market for thermal insulation products in Europe stood at 2 million m3 in 2022 (10.3 million tonnes). This equates to an approximate market value of €29.6 billion.

• The CAGR is forecast at1% from 2022 to 2027. The 2023 market is estimated at 253.6 million m3, a decline of over 7.5% from 2022.

• In recent years, the majority of European countries have suffered as a result of the fallout from the Russia-Ukraine war, which has resulted in severe inflation.  Most of the European nations saw flat or negative growth rates in 2022 compared to 2021, with the exception of Hungary, Turkey, Ireland and Italy.

• Western Europe accounted for 58.2% of the European thermal insulation demand in the region in 2022, and the market is forecast to show growth at a CAGR of 2.0% to 2027. In 2022, only Ireland and Italy had a positive growth of about 6% and 2%, respectively, compared to 2021. Belgium and Portugal saw very low growth.

• The Central European market’s share has decreased slightly since IAL’s last report, representing 17.7% of demand with a CAGR of 1.6% to 2027. In 2022, all the Central European countries exhibited flat or negative growth except for Hungary, which showed a steady growth of 1.7%. There was very low growth in Bulgaria, Slovakia and Romania.

• Eastern Europe’s market share has risen in 2022, comprising 24.1% of European thermal insulation demand. Furthermore, Eastern Europe is expected to recover during the forecast period to register a CAGR of 2.4% to 2027. Russia is the strongest market in the region and also continues to be the largest, but it experienced a small decline in 2022.