Push to combat high energy bills helping boost residential insulation market
To hear builders and designers tell it, much of the credit for the success of high-performance homes and buildings goes to insulation.
In fact, the strategic use of insulation to line and plug holes throughout the thermal envelope has made the various types of the product the focal point of projects focused on efficiency.
The use of insulation to help combat high energy bills and concerns about global warming will drive the market over the next several years, pushing the residential global market past a value of $36 billion by 2024, according to new research. The value will reach $70 billion for the insulation market as a whole.
Global Market Insights found that the implementation of more stringent building codes to promote energy efficient building construction through the addition or replacement of insulating materials in both residential and nonresidential structure will spur further industry growth.
Increasing adoption of new building techniques offering superior performance in line with upgraded building regulations will further propel the product penetration rate, the report says.
With global construction output valued at $8.8 trillion in 2016, there has been a corresponding surge in the application of advanced insulating materials across industrial and commercial applications to reduce energy consumption and conservation norms.
At the same time, others are continuously focusing on building renovations with substantial energy conservation.
The fastest growth in the insulation market is expected over the forecast period in Asia Pacific, where demand is rising in emerging economies such as Malaysia, Vietnam and Indonesia. Those nations are expected to invest substantially in new infrastructure projects, funded by both public and private investment.
Increasing demand for new residential construction stemming to increased disposable income will also contribute to the product application rate, the reports says.