CLEVELAND, Nov. 7, 2019 /PRNewswire/ -- Through 2023, the strongest growth in the $21 billion global foamed plastic insulation market is expected in developing nations, particularly in the Asia/Pacific and Africa/Mideast regions, where large populations, expanding construction and manufacturing, and rising building standards are driving more intensive use of insulation. Freedonia's new Global Foamed Plastic Insulation study finds:
- China will see the largest volume demand gains of any country through 2023, or 45% of global increases, as nonresidential building construction continues to grow in the country, and the government increasingly requires the installation of insulation to improve energy efficiency and combat noise pollution.
- India is projected to be the fastest growing major market in the world, as building construction in the country continues to grow at a rapid pace.
Nevertheless, mature markets such as the US and Western Europe will also see strong growth due to more stringent energy efficiency policies and building codes requiring installation of higher-value insulation products, such as spray polyurethane foam (SPF), which is forecast to be the fastest-growing product type in both North America and Western Europe through 2023. SPF is highly suitable for meeting energy efficiency standards because it offers superior performance and customization to protect against air leaks.
For example, building codes throughout the region that call for more exterior wall insulation and protection from air leaks. SPF is highly suitable to meet these needs.
Want to learn more? Visit our webpage for Global Foamed Plastic Insulation: https://www.freedoniagroup.com/industry-study/global-foamed-plastic-insulation-3756.htm
Contact Corinne Gangloff for an interview with the analyst.
Additional Construction & Building Products topics can be viewed here: https://www.freedoniagroup.com/industry-category/build/construction-building-products.htm
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SOURCE The Freedonia Group