Foamed Plastic Insulation Demand to Grow 4.4% Annually Through 2022
CLEVELAND, OH – June 1, 2018 – Foamed plastic insulation in the residential market is forecast to rise 4.4% per annum to 520 million pounds in 2022, valued at $1.1 billion. Foamed plastics are projected to be the fastest growing material in the residential insulation market through 2022. The materials’ ability to fully seal gaps and air leaks will support demand gains as recent IECC measures call for significant improvements in the reduction of air leaks in single-family and multifamily housing. The rising use of eco-friendly foam technologies has benefited sales of foamed plastics as consumers increasingly demand environmentally friendly products. These and other trends are presented in Residential Insulation Market in the US, a new study from The Freedonia Group, a Cleveland-based industry research firm.
Both value and volume gains will be restrained by a rapid increase in usage of lower density foams – which command significantly lower average prices than high density foams – over the past decade due to rising material costs and the ability of low density foams to meet codes using a lower volume of material.
In response to the rising popularity of green building practices, recent product developments in the residential foamed plastic insulation industry include the production of soy-based, eco-friendly foams, as well as water-blown closed-cell spray foams.
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Further growth opportunities for foamed plastics in the residential market include:
· SIPs gaining a foothold in housing construction
· Increasingly stringent building codes and energy efficiency policies
· The growing market for eco-friendly blowing agents, as HFC 245fa, which is a commonly used blowing agent in closed-cell foams, will be banned in 2020
Residential Insulation Market in the US
About The Freedonia Group, a division of MarketResearch.com
The Freedonia Group 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.
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