NEW YORK, Jan. 24, 2017 /PRNewswire/ -- The North America building thermal insulation market is slated to reach USD 10.75 billion by 2025, according to a new report by Grand View Research, Inc. Favorable regulations focusing on lowering the overall energy consumption is likely to be an important factor for rising popularity of these materials. Thermal insulation materials assistin reducing the heat buildup within the buildings, thus cutting down the dependence on air conditioning.
The blowing agents employed in the insulation industry contain ozone depleting substances and are a serious environmental concern. These blowing agents which are employed in various insulation materials such as PU foams, phenolic foam, EPS, and XPS contain hydro fluorocarbons (HFC), carbon dioxide, and pentane which are considered as major greenhouse gasses.
Fiberglass observes the highest penetration and benefits from the early introduction of the product in North American market. The product has witnessed wide popularity owing to the low fire hazards. Fiberglass can be installed easily with the help of DIY tools, and that has helped the market penetration.Extruded polystyrene (EPS) is a popular product in the Europe and is now gaining good attention in North America as well.EPS is expected to be the fastest growing product segment.
Being a mature market the industry has witnessed slow but stable growth in most of the application segments. Insulation materials have been in demand in this region for a long time, and hence the market is highly price sensitive. New constructions and implementation of energy efficiency codes is likely to result in high industry rivalry.
Further key findings from the report suggest:
The glass wool segment in North America is projected to grow at a CAGR of 3.7% over the forecast period
Glass wool reduces temperature fluctuations and energy consumption and is one of the most economical thermal insulation products available in the market
Residential construction is expected to emerge as the fastestgrowing segment and is estimated to grow at a CAGR of 4.4% from 2016 to 2025
Initiatives by the U.S. Dept. of Energy through Weatherization Assistance Program to improve the energy efficiency of low income households is expected to further drive the demand for thermal insulation in the residential construction segment
Presence of key market players is a major factor, which is likely to support the market growth for building thermal insulation material industry in the U.S.
Key market players include Dow Building Solutions, Owens Corning Corp.,Johns Manville Corporation, Huntsman International LLC, CertainTeed Corporation, etc.
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