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Global Insulation Market Heats Up

Friday, November 9, 2012

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The global insulation market is set to sizzle, with demand expected to climb more than five percent per year to nearly 29 billion square meters of R-1 value in 2016, according to a new market study.

In developed countries, sales are expected to rebound after falling sharply in 2008 and 2009 as a result of the global financial crisis, according to “World Insulation,” a report from The Freedonia Group Inc., a Cleveland-based market research firm.

Spray foam application
Chicagosprayfoam / WikiMedia Commons

Spray polyurethane foam (SPF) is one of the leading insulation products in use.

Rising building construction, industrial activity and growing per-capita incomes are expected to contribute to the  growth, the report said. Spray polyurethane foam and other foamed plastics are projected to lead the insulation market in terms of value.

Further boosting demand will be new government regulations requiring building insulation to reduce energy consumption, the report said.

Boost from Housing Sectors

Solid residential building construction expenditure gains will be the primary driver of demand, according to the report.

In North America, insulation sales for residential applications are projected to rise nearly nine percent annually between 2011 and 2016, primarily due to recovery of the U.S. housing market.

Moreover, in Western Europe, rebounding housing markets in several countries will lead insulation demand to  moderate gains through 2016, as opposed to the decline of 2006-2011, the report said.  In many West European countries, government efforts to encourage insulation use to lower energy consumption will also contribute to demand, according to the report.

In developing countries in the Asia/Pacific region, Africa/Mideast region, and Central and South America, rural-to-urban migration will stimulate building activity and therefore insulation demand, the report said. In some countries, the adoption of minimum insulation requirements is also expected to contribute to industry growth.

US Army Garrison Humphreys - South Korea
U.S. Army

The Asian Pacific building boom will help stimulate insulation demand. This is new housing at U.S. Army Garrison Humphreys in South Korea.

Also, demand for insulation in the industrial, HVAC, and OEM markets will be driven by expanding manufacturing activity, appliance output, and HVAC system installations, the report noted.

Asia/Pacific Region to Set Pace

The study projects that the Asia/Pacific insulation market will register the fastest growth through 2016, accounting for more than 65 percent of new demand. Several Asia/Pacific countries are expected to post solid growth, including China, India, Indonesia, and Thailand.

The increases in this region will be due in part to advances in building construction activity as well as manufacturing and industrial output.

Foamed Plastic Insulation to Lead in Value

In value terms, worldwide insulation consumption is projected to advance roughly seven percent per annum through 2016, approaching $60 billion.

The fastest growth is expected in the foamed plastic insulation segment, as these products will be used more frequently in construction applications because of their high-insulation values, allowing them to capture market share from fiberglass and mineral wool insulation.

Foamed plastic insulation is also used extensively in refrigerator and freezer manufacture, further boosting demand.

Demand for fiberglass insulation will benefit from the rebounding residential construction market in North America, as the material is widely used in the U.S. and Canada. Other insulation materials, such as cellulose, will also see strong gains, as environmentally friendly options continue to gain popularity.

The report also profiles global industry players including Johns Manville, Knauf Gips, Owens Corning, Rockwool, and Saint-Gobain.



Tagged categories: Building envelope; Commercial Construction; Contractors; Insulation; Residential Construction; Roof insulation; Spray polyurethane foam

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