The North America building thermal insulation market size is projected to value at USD 10.75 billion by 2025, according to a new report published by Million Insights, Conducive regulations regarding reducing energy consumption are expected to be the key factor for the increasing popularity of these products. These materials help in lowering the heat piled up within the buildings thereby, reducing the dependency on air conditioners.
The blowing hosts that are used in the insulation sector have ozone-depleting materials that can harm the environment. These agents are employed in different insulation materials like phenolic foam, PU foams, XPS, and EPS contain carbon dioxide, pentane, and hydrofluorocarbons (HFC), which are termed as key greenhouse gases.
The fiberglass witnesses the highest penetration and has a first-mover advantage in the North American industry. The product has observed huge popularity due to minimal fire accidents. Fiberglass can easily be installed using DIY tools, which have supported the market expansion. Extruded polystyrene (EPS) is popular in Europe and is further acquiring higher attention among the consumers of North America. EPS is likely to account for the fastest-growing segment based on product.
Being an established market, the industry has observed slow but steady growth in a majority of application divisions. The demand for insulation materials has been on a rise for many years and therefore, the market is price sensitive. Moreover, new constructions and enactment of energy-efficient codes is expected to lead to increased competitive rivalry in the industry.
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Further key findings from the report suggest:
• The glass wool segment is expected to register a CAGR of 3.7% from 2016 to 2025.
• Glass wool lowers energy consumption and temperature variations and is one of the most cost-efficient thermal insulation products present in the market.
• The residential construction is anticipated to witness the fastest growth and exhibita CAGR of 4.4% over the projected period.
• The U.S. Dept. of Energy took initiatives through the Weatherization Assistance Program for higher energy efficiency of low-income groups which is likely to surge the insulation demand in this segment.
• The existence of major industry participants is a key factor, which is expected to promote market growth in the U.S.
• The key participants of the industry Dow Building Solutions, CertainTeed Corporation,Johns Manville Corporation, Huntsman International LLC, Owens Corning Corp., etc.
Million Insights has segmented the North America building thermal insulation market on the basis of product, application, end-use and region:
North America Building Thermal Insulation Product Outlook (Volume, Kilo Tons; Revenue, USD Million, 2014 - 2025)
• Glass wool
• Mineral wool
North America Building Thermal Insulation Application Outlook (Volume, Kilo Tons; Revenue, USD Million, 2014 - 2025)
North America Building Thermal Insulation End-Use Outlook (Volume, Kilo Tons; Revenue, USD Million, 2014 - 2025)
North America Building Thermal Insulation Regional Outlook (Volume, Kilo Tons; Revenue, USD Million, 2014 - 2025)