Insulating Board Market

The global insulating board market is forecasted to increase in both consumption and value terms from 2022 to 2030, with a projected CAGR of +0.8% and +3.4% respectively. Key consuming countries in 2022 included India, the US, and Germany. Production, imports, and exports all saw fluctuations, with Poland being the largest exporter of insulating board in 2022. The average export price increased in 2022, with Turkey having the highest export price per cubic meter.

Market Forecast

Driven by rising demand for insulating board worldwide, the market is expected to start an upward consumption trend over the next eight years. The performance of the market is forecast to increase slightly, with an anticipated CAGR of +0.8% for the period from 2022 to 2030, which is projected to bring the market volume to 31M cubic meters by the end of 2030.

In value terms, the market is forecast to increase with an anticipated CAGR of +3.4% for the period from 2022 to 2030, which is projected to bring the market value to $11.6B (in nominal prices) by the end of 2030.

Consumption

World Consumption of Insulating Board

Global insulating board consumption rose modestly to 29M cubic meters in 2022, picking up by 1.5% against the previous year. Overall, consumption, however, recorded a relatively flat trend pattern. Over the period under review, global consumption reached the maximum volume at 31M cubic meters in 2012; however, from 2013 to 2022, consumption stood at a somewhat lower figure.

The global insulating board market value dropped to $8.8B in 2022, falling by -13.8% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). In general, consumption, however, recorded a noticeable descent. Over the period under review, the global market hit record highs at $11.7B in 2012; however, from 2013 to 2022, consumption stood at a somewhat lower figure.

Consumption By Country

The countries with the highest volumes of consumption in 2022 were India (3.1M cubic meters), the United States (3M cubic meters) and Germany (1.8M cubic meters), with a combined 27% share of global consumption. Pakistan, the Netherlands, Nigeria, Bangladesh, Brazil, Turkey, France, the UK, Tanzania and Thailand lagged somewhat behind, together accounting for a further 36%.

From 2012 to 2022, the most notable rate of growth in terms of consumption, amongst the key consuming countries, was attained by the Netherlands (with a CAGR of +20.3%), while consumption for the other global leaders experienced more modest paces of growth.

In value terms, the United States ($1.1B), Pakistan ($625M) and Brazil ($587M) constituted the countries with the highest levels of market value in 2022, with a combined 26% share of the global market. Nigeria, Germany, Bangladesh, the Netherlands, France, Tanzania, the UK, Thailand, Turkey and India lagged somewhat behind, together accounting for a further 27%.

In terms of the main consuming countries, the Netherlands, with a CAGR of +19.1%, recorded the highest rates of growth with regard to market size over the period under review, while market for the other global leaders experienced more modest paces of growth.

In 2022, the highest levels of insulating board per capita consumption was registered in the Netherlands (92 cubic meters per 1000 persons), followed by Germany (21 cubic meters per 1000 persons), Turkey (11 cubic meters per 1000 persons) and France (10 cubic meters per 1000 persons), while the world average per capita consumption of insulating board was estimated at 3.7 cubic meters per 1000 persons.

In the Netherlands, insulating board per capita consumption increased at an average annual rate of +19.9% over the period from 2012-2022. The remaining consuming countries recorded the following average annual rates of per capita consumption growth: Germany (+1.6% per year) and Turkey (-1.7% per year).

Production

World Production of Insulating Board

In 2022, production of insulating board decreased by -1.9% to 28M cubic meters for the first time since 2018, thus ending a three-year rising trend. Over the period under review, production recorded a relatively flat trend pattern. The pace of growth appeared the most rapid in 2020 when the production volume increased by 26%. Over the period under review, global production attained the peak volume at 31M cubic meters in 2012; however, from 2013 to 2022, production failed to regain momentum.

In value terms, insulating board production declined slightly to $7.6B in 2022 estimated in export price. Overall, production recorded a noticeable curtailment. The pace of growth appeared the most rapid in 2019 with an increase of 14% against the previous year. Over the period under review, global production attained the peak level at $10.2B in 2012; however, from 2013 to 2022, production remained at a lower figure.

Production By Country

The countries with the highest volumes of production in 2022 were the United States (3.2M cubic meters), India (3.1M cubic meters) and Poland (2M cubic meters), together accounting for 30% of global production.

From 2012 to 2022, the biggest increases were recorded for Poland (with a CAGR of +8.5%), while production for the other global leaders experienced more modest paces of growth.

Imports

World Imports of Insulating Board

In 2022, overseas purchases of insulating board increased by 24% to 5.9M cubic meters, rising for the third consecutive year after three years of decline. Over the period under review, imports saw a prominent expansion. The pace of growth appeared the most rapid in 2020 with an increase of 74%. Over the period under review, global imports attained the maximum in 2022 and are likely to see gradual growth in the immediate term.

In value terms, insulating board imports stood at $862M in 2022. In general, imports, however, recorded a relatively flat trend pattern. The growth pace was the most rapid in 2021 when imports increased by 23% against the previous year. Over the period under review, global imports reached the maximum at $924M in 2014; however, from 2015 to 2022, imports failed to regain momentum.

Imports By Country

In 2022, the Netherlands (1.6M cubic meters), distantly followed by Germany (979K cubic meters) and France (938K cubic meters) were the major importers of insulating board, together achieving 59% of total imports. The following importers - the United Arab Emirates (238K cubic meters), Italy (230K cubic meters), Belgium (212K cubic meters), the United States (161K cubic meters), Austria (136K cubic meters), Denmark (107K cubic meters) and Syrian Arab Republic (106K cubic meters) - together made up 20% of total imports.

From 2012 to 2022, the biggest increases were recorded for the Netherlands (with a CAGR of +31.5%), while purchases for the other global leaders experienced more modest paces of growth.

In value terms, Germany ($161M) constitutes the largest market for imported insulating board worldwide, comprising 19% of global imports. The second position in the ranking was held by France ($52M), with a 6.1% share of global imports. It was followed by the United States, with a 5.9% share.

From 2012 to 2022, the average annual growth rate of value in Germany totaled +4.5%. In the other countries, the average annual rates were as follows: France (+0.0% per year) and the United States (-4.9% per year).

Import Prices By Country

The average insulating board import price stood at $145 per cubic meter in 2022, reducing by -18% against the previous year. Overall, the import price continues to indicate a abrupt slump. The most prominent rate of growth was recorded in 2018 when the average import price increased by 28% against the previous year. Global import price peaked at $384 per cubic meter in 2013; however, from 2014 to 2022, import prices remained at a lower figure.

There were significant differences in the average prices amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was the United States ($318 per cubic meter), while the Netherlands ($23 per cubic meter) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Syrian Arab Republic (-0.9%), while the other global leaders experienced a decline in the import price figures.

Exports

World Exports of Insulating Board

In 2022, global exports of insulating board rose to 5.1M cubic meters, surging by 3% on the year before. In general, exports showed a resilient increase. The most prominent rate of growth was recorded in 2020 with an increase of 59%. Over the period under review, the global exports reached the peak figure in 2022 and are expected to retain growth in years to come.

In value terms, insulating board exports expanded rapidly to $912M in 2022. Over the period under review, exports continue to indicate a relatively flat trend pattern. The growth pace was the most rapid in 2021 when exports increased by 17% against the previous year. The global exports peaked at $938M in 2014; however, from 2015 to 2022, the exports failed to regain momentum.

Exports By Country

In 2022, Poland (2M cubic meters) represented the largest exporter of insulating board, generating 39% of total exports. Germany (624K cubic meters) took a 12% share (based on physical terms) of total exports, which put it in second place, followed by Thailand (12%), France (6.4%), the United States (5.8%) and Spain (4.5%). Turkey (224K cubic meters) followed a long way behind the leaders.

From 2012 to 2022, average annual rates of growth with regard to insulating board exports from Poland stood at +19.6%. At the same time, France (+27.9%), Spain (+23.4%), Turkey (+20.1%), Germany (+17.1%), the United States (+9.5%) and Thailand (+3.2%) displayed positive paces of growth. Moreover, France emerged as the fastest-growing exporter exported in the world, with a CAGR of +27.9% from 2012-2022. Poland (+25 p.p.), Germany (+6.8 p.p.), France (+5.3 p.p.), Spain (+3.3 p.p.) and Turkey (+2.9 p.p.) significantly strengthened its position in terms of the global exports, while Thailand saw its share reduced by -6.8% from 2012 to 2022, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Poland ($286M) remains the largest insulating board supplier worldwide, comprising 31% of global exports. The second position in the ranking was taken by Thailand ($110M), with a 12% share of global exports. It was followed by the United States, with an 8.8% share.

From 2012 to 2022, the average annual growth rate of value in Poland amounted to +12.0%. The remaining exporting countries recorded the following average annual rates of exports growth: Thailand (+0.6% per year) and the United States (+6.1% per year).

Export Prices By Country

In 2022, the average insulating board export price amounted to $180 per cubic meter, rising by 9.7% against the previous year. In general, the export price, however, saw a deep reduction. The most prominent rate of growth was recorded in 2019 an increase of 10%. The global export price peaked at $383 per cubic meter in 2014; however, from 2015 to 2022, the export prices remained at a lower figure.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Turkey ($347 per cubic meter), while Spain ($41 per cubic meter) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Thailand (-2.5%), while the other global leaders experienced a decline in the export price figures.

Source: IndexBox Market Intelligence Platform