CLEVELAND, Nov. 17, 2020 /PRNewswire/ — Global demand for residential insulation is forecast to rise 3.1% per year to $15.6 billion in 2024, according to a new Freedonia Group analysis. Despite weak homebuilding activity in many markets, demand growth will be supported by rising spending on home renovations –especially in the major US market, where home improvement activity has surged amid the Covid-19 pandemic.
Key Trends Affecting the Global Residential Insulation Market
Going forward, global demand for residential insulation products will be driven by:
- increasingly stringent energy efficiency and fire safety policies throughout the world, which often call for greater use of insulation in homes
- advances in global housing starts and average housing sizes
- rising awareness of insulation’s role in energy efficiency, boosting homeowner interest in undertaking retrofit projects
- gains in the quality of the global housing stock as construction practices improve and call for more insulation usage
- increasingly stringent building codes throughout the world, which are more often calling for increased insulation usage
- rising use of continuous insulation – or air barriers – to prevent air leaks
The COVID-19 pandemic will restrict 2020 demand in the residential market, as economic declines have taken a toll on residential building construction. However, demand is expect to return to growth in 2021 as economies rebound, leading to gains through 2024.
Want to Learn More?
Global Residential Insulation is now available from The Freedonia Group. This study analyzes global demand for global residential insulation by market (new and retrofit single-family and multifamily) and material (foamed plastic, fiberglass, mineral wool, and other materials such as cellulose and reflective insulation). Historical data (2009, 2014, and 2019) and forecasts for 2024 and 2029 are presented for global residential demand in US dollars, metric tons, and in square meters R-1 value.
About The Freedonia Group – The Freedonia Group, a division of MarketResearch.com, is a leading international industrial research company publishing more than 100 studies annually. Since 1985 we have provided research to customers ranging in size from global conglomerates to one-person consulting firms. More than 90% of the industrial companies in the Fortune 500 use Freedonia Group research to help with their strategic planning. Each study includes product and market analyses and forecasts, in-depth discussions of important industry trends, and market share information. Studies can be purchased at www.freedoniagroup.com and are also available on www.marketresearch.com and www.profound.com.
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SOURCE The Freedonia Group
