CLEVELAND, Nov. 24, 2020 /PRNewswire/ -- Despite near stagnancy in new residential demand, trends in other building construction sectors are expected to drive 3.0% annual global market growth for fiberglass insulation to $11 billion in 2024:
- Residential improvement and repair is expected to experience solid growth, particularly in the US during 2020, as consumers have been engaging in home improvement projects while spending more time at home.
- The nonresidential market will provide the best growth prospects and drive the market through 2024. Continued expansion of nonresidential construction markets in the Asia/Pacific and Africa/Mideast regions will boost demand for insulation going forward.
Key Trends in the Global Fiberglass Insulation Market
A new Freedonia Group analysis examines these and other trends affecting growth in the global fiberglass insulation market through 2024, including:
- rising home renovation activity in North America, the most intensive user of fiberglass insulation products among the major global regions
- its low cost relative to its major competitive material – foamed plastic – on a per kilogram basis
- fiberglass's superior resistance to mold, moisture, and insect damage
- efforts by homeowners to increase the energy efficiency of their homes as fiberglass insulation offers a low-cost, high R-value solution
- rising income levels, supporting attic reinsulation and other retrofit projects
- fiberglass's installation and handling advantages over other insulation materials
The effects of the COVID-19 pandemic will restrict 2020 demand in several building and manufacturing markets, as most of the world's leading economies were at least partially locked down for a significant portion of the year. However, demand is expected to grow as economies rebound, leading to gains through 2024.
Want to Learn More?
Global Fiberglass Insulation is now available from The Freedonia Group. This study analyzes global demand for fiberglass insulation. Historical data (2009, 2014, and 2019) and forecasts for 2024 and 2029 are provided for fiberglass insulation demand by market (in dollars and metric tons).
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.
SOURCE The Freedonia Group