Foamed plastic insulation demand is projected to nearly equal fiberglass insulation by 2017.
Cleveland-based research group Freedonia reported that foamed plastic insulation demand will nearly equal fiberglass insulation demand by 2017.
CLEVELAND, OH – January 2, 2013 – After several years of being a powerhouse for the insulation industry, providing high R-value, energy-efficient insulation, foamed plastic is projected to have a significant surge by 2017. Among the variations of plastic foam insulation, spray polyurethane foam is one of the key segments that will induce the foreshadowed growth that will be seen in the coming years.
According to Freedonia, a Cleveland-based research group, the implementation of new building codes and energy mandates, as well as increased spending in the construction sector, will drive U.S. demand for insulation to a 7.6-percent annual growth, creating a $10.3 billion market in 2017.
The booming insulation industry is directly correlated with the recent comeback in housing, with current and potential homeowners opting for high-performing, “green” technologies for their homes. The use of green technologies has also been incorporated into commercial construction and office buildings, so as to reduce energy consumption and also to appeal to customers. Upgrading existing homes and buildings with SPF insulation is an increasingly popular option in order to comply with the 2012 International Energy Conservation Code (IECC) and LEEDv4, which are LEED updates incorporated last November.
Matt Zielenski, a Freedonia analyst, was on record stating that not only are more houses being built, but builders are installing more insulation per new structure to comply with the 2012 IECC.
The success of SPF insulation, along with other foamed plastic insulation types, is forecasted to produce a 7-percent annual growth rate, which will put the foamed plastic insulation market in the neighborhood of $4.6 billion by 2017. At that point, foamed plastic insulation will for the first time match the market share of fiberglass, which has been the insulation market leader for many years.
About Freedonia: The Freedonia Group is a leading international business research company, founded in 1985, that publishes more than 100 industry research studies annually. Our industry analysis provides an unbiased outlook and a reliable assessment of an industry and includes product and market forecasts, industry trends, threats and opportunities, competitive strategies, market share determinations and company profiles. For more information on Freedonia and their World Housing report, please call the number provided below.
Contact Details for Freedonia: Phone: 440-684-9600