CLEVELAND, Jan. 7, 2020 /PRNewswire/ -- Demand for foamed plastic insulation is expected to rise 2.4% annually through 2023 to 2.5 billion pounds, supported by its high R-values compared to other insulation materials and the ability of some foamed plastic resins to seal cracks and gaps and be installed in hard-to-reach places.
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Among foamed plastic resins, SPF is forecast to grow at the fastest rate going forward. SPF has become more popular in recent years due to its ability to be customized for any given space. In addition, it provides greater sealing against air flow than other foamed plastic products, which can increase the energy efficiency of buildings.
Commercial buildings are expected to account for the largest share of foamed plastic insulation demand through 2023, as increasingly stringent building codes require insulation to withstand extreme temperatures, resulting in the use of high-cost, high R-value insulation. Demand will also be supported by the rising interest in green building practices, which include the increased use of insulation to improve energy efficiency.
Among other markets, foamed plastic accounts for nearly all insulation demand for appliance manufacturing, as it is:
- easy to install in these products
- energy efficient in the thin sheets required for appliances
- thought to be safer than some other insulation materials, as there have been concerns about water leaking into freezers, condensing, and then freezing on fiberglass insulation
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