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US Insulation Market 2022-2030

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    Report

  • 206 Pages
  • March 2022
  • Region: United States
  • The Freedonia Group
  • ID: 4532799

Plastic Foam & Mineral Wool Insulation Materials Continue to Gain Share from Fiberglass

This industry study analyzes the $9.7 billion US insulation market, presenting historical demand data (2010, 2015, and 2020) and forecasts (2025 and 2030) by product (foamed plastic, fiberglass, mineral wool, cellulose, reflective insulation & reflective barriers, and other insulation materials) and market.

Demand for insulation in the US is forecast to increase 1.9% annually to 10.4 billion pounds in 2025 from a high 2020 base, which resulted from an increase in home renovation and new home construction during the pandemic. While demand will expand more quickly in value terms - boosted by price increases for key raw materials such as plastic and mineral wool - moderating residential building construction beginning in 2022 will dampen the outlook.

Key factors that will support insulation market demand through 2025 include:

  • rebounding commercial construction activity, which fell sharply during the COVID-19 pandemic
  • stringent fire safety policies and increasing energy efficiency codes throughout the country, which often call for greater use of insulation in buildings
  • strong rebounds in transportation equipment production
  • increasing production of HVAC equipment, industrial equipment, and appliances, particularly refrigerators and freezers

Plastic Foam & Mineral Wool Insulation Materials Continue to Gain Share from Fiberglass

Fiberglass will continue to account for the largest share of insulation demand by volume because of its relative ease of installation and cost effectiveness (i.e., it provides good R-values at a relatively low cost). However, its market share will decline through 2025, primarily due to increased competition from foamed plastic and mineral wool caused by the drive toward increasing insulation and improving air sealing in new residential buildings:

  • Foamed plastic offers more R-value per inch than fiberglass.
  • Both foamed plastic and mineral wool products can be used between the framing and cladding to provide an air barrier.

Sharp Polystyrene Price Increases Boost Market Value of Plastic Foam

Prices for plastic foam insulation are expected to expand more quickly than those of any other material. Polystyrene prices have risen above the average rate of inflation due to government regulations aimed at eliminating the use of HFC-134a in XPS blowing agents and plant closures that have constricted supply. Though prices for foamed plastic are expected to remain elevated, the material will remain competitive against other insulation due to its ease of installation, which is important in a tight labor market.

Rebounds in Commercial Construction & Manufacturing to Boost Nonresidential Markets

While the residential market will continue to account for the largest share of demand gains through 2025, faster growth is expected in other markets, such as commercial construction and industrial and plant equipment. These markets will be boosted by rebounding commercial building construction and manufacturing activity as the economic effects of the COVID-19 pandemic lessen and businesses increase investment in new facilities and capacity expansions. Additionally, resumption of travel will boost insulation demand growth in transportation equipment.

Table of Contents

1. Executive Summary
2. COVID-19 Pandemic
  • Overview
  • Impact on the Economy
  • Impact on the Construction Industry
  • Impact on the Insulation Industry
3. Overview
  • Study Scope
  • Historical Trends
  • Supply & Demand
  • Demand by Material
  • Pounds, Area, & R1-Value
  • Market Value
  • Demand by Market
  • Pounds & R1-Value
  • Market Value
  • Demand by Function
  • Pounds & Market Value
  • Thermal
  • Acoustic
  • Pricing Trends
4. Factors Impacting Insulation Demand
  • Construction Industry Outlook
  • Building Codes & Regulations
  • Health Concerns
  • Indoor Air Quality
  • Potential Lung & Skin Irritation
  • Sustainability Initiatives
  • Recycling & Recycled Content
  • Energy Efficiency
  • Blowing Agents & Ozone Depletion
5. Fiberglass Insulation
  • Scope & Product Description
  • Demand by Product Form
  • Demand by Market
  • Market Share & Key Suppliers
6. Foamed Plastic Insulation
  • Scope & Product Description
  • Plastic Products
  • Demand by Plastic Resin & Format
  • Rigid Polyurethane (PUR/PIR) Board
  • Spray Polyurethane Foam (SPF)
  • Extruded Polystyrene (XPS)
  • Expanded Polystyrene (EPS)
  • Other Foamed Plastics
  • Demand by Market
  • Market Share & Key Suppliers
7. Mineral Wool Insulation
  • Scope & Product Description
  • Demand by Product Form & Material
  • Demand by Market
  • Market Share & Key Suppliers
8. Cellulose Insulation
  • Scope & Product Description
  • Demand by Product Form
  • Demand by Market
  • Market Share & Key Suppliers
9. Reflective Insulation & Radiant Barriers
  • Scope & Product Description
  • Demand by Market
  • Market Share & Key Suppliers
10. Small Volume Insulation Materials
  • Scope & Product Description
  • Demand by Market
  • Key Suppliers
11. Residential Building Insulation
  • Market Scope
  • Demand by Material
  • R-1 Value
  • Square Feet
  • Pounds
  • Market Value
  • Demand by Function (Thermal & Acoustic)
  • Demand by Housing Type (Single-Family, Multifamily, Manufactured Housing)
  • Project Types
  • Demand by Project Type
  • New Housing
  • Retrofit Projects
  • Residential Insulation Cost Comparison
12. Commercial Building Insulation
  • Market Scope
  • Demand by Material
  • R-1 Value
  • Square Feet
  • Pounds
  • Market Value
  • Demand by Function (Thermal & Acoustic)
  • Demand by Building Type (Office, Retail/Lodging, Industrial, Institutional, Other)
  • Demand by Project Type (New vs. Retrofit)
  • Commercial Insulation Cost Comparison
13. Other Insulation Markets
  • Industrial & Plant Equipment
  • HVAC & Air Distribution Systems
  • Appliances
  • Transportation Equipment
  • All Other Markets
14. Regional Trends
  • Demand by Region
  • Northeast
  • Northeast: Demand by Subregion & Market
  • New England
  • Middle Atlantic
  • Midwest
  • Midwest: Demand by Subregion & Market
  • East North Central
  • West North Central
  • South
  • South: Demand by Subregion & Market
  • South Atlantic
  • East South Central
  • West South Central
  • West
  • West: Demand by Subregion & Market
  • Mountain
  • Pacific
15. Industry Structure
  • Key Findings & Industry Composition
  • Market Share
  • Mergers & Acquisitions
  • List of Industry Participants
16. Appendix
  • Report Details
  • Definitions
  • Abbreviations & Acronyms
  • Methodology
  • Study-Specific Methodology
  • Sources
  • Associations & Agencies
  • Related Studies & Reports
  • Macroeconomic Assumptions
  • Economic Environment
  • Demographic Trends
  • Building Construction
  • Residential Building Construction
  • Residential Improvements & Repairs
  • Commercial Building Construction
  • Commercial Building Improvements & Repairs
  • Nonbuilding Construction
  • Housing Starts
  • Housing Stock
  • Manufacturers' Shipments
List of Tables
2. COVID-19 Pandemic
Table 2-1 Macroeconomic Indicators, 2019-2023 (billion 2012 dollars)
Table 2-2 Construction Expenditures, 2019-2023 (billion 2012 dollars & billion dollars)
Table 2-3 Annual Insulation Demand by Market, 2019-2022 (million pounds)
Table 2-4 Annual Insulation Demand by Market, 2019-2022 (million dollars)
3. Overview
Table 3-1 US Insulation Demand, 2010-2021 (million dollars & million pounds)
Table 3-2 US Insulation Supply & Demand, 2010-2030 (million dollars)
Table 3-3 Insulation Demand by Material, 2010-2030 (million pounds)
Table 3-4 Insulation Demand by Material, 2010-2030 (billion square feet R-1)
Table 3-5 Insulation Demand by Material, 2010-2030 (million square feet)
Table 3-6 Insulation Demand by Material, 2010-2030 (million dollars)
Table 3-7 Insulation Demand by Market, 2010-2030 (billion square feet R-1)
Table 3-8 Insulation Demand by Market, 2010-2030 (million pounds)
Table 3-9 Insulation Demand by Market, 2010-2030 (million dollars)
Table 3-10 Insulation Demand by Function, 2010-2030 (million pounds & million dollars)
Table 3-11 Thermal Insulation Demand by Material, 2010-2030 (million pounds & million dollars)
Table 3-12 Acoustic Insulation Demand by Material, 2010-2030 (million pounds & million dollars)
Table 3-13 Average Insulation Prices by Material, 2010-2030 (dollars per pound & dollars per thousand square feet R-1)
4. Factors Impacting Insulation Demand
Table 4-1 Insulation R-Values by Material
5. Fiberglass Insulation
Table 5-1 Fiberglass Insulation Demand by Product Form, 2010-2030 (million pounds)
Table 5-2 Fiberglass Insulation Demand by Market, 2010-2030 (million dollars, million pounds, billion square feet R-1, & million square feet)
6. Foamed Plastic Insulation
Table 6-1 Foamed Plastic Insulation Demand by Resin, 2010-2030 (million pounds)
Table 6-2 Rigid PUR/PIR Board Insulation Demand by Market, 2010-2030 (million dollars, million pounds, billion square feet R-1, & million square feet)
Table 6-3 Spray Polyurethane Foam (SPF) Insulation Demand by Market & Type, 2010-2030 (million dollars, million pounds, billion square feet R-1, & million square feet)
Table 6-4 XPS Foam Insulation Demand by Market, 2010-2030 (million dollars, million pounds, billion square feet R-1, & million square feet)
Table 6-5 EPS Foam Insulation Demand by Market, 2010-2030 (million dollars, million pounds, billion square feet R-1, & million square feet)
Table 6-6 Other Foamed Plastic Insulation Demand by Market, 2010-2030 (million dollars, million pounds, billion square feet R-1, & million square feet)
Table 6-7 Foamed Plastic Insulation Demand by Market, 2010-2030 (million dollars, million pounds, billion square feet R-1, & million square feet)
7. Mineral Wool Insulation
Table 7-1 Mineral Wool Insulation Demand by Product Form & Material, 2010-2030 (million pounds)
Table 7-2 Mineral Wool Insulation Demand by Market, 2010-2030 (million dollars, million pounds, billion square feet R-1, & million square feet)
8. Cellulose Insulation
Table 8-1 Cellulose Insulation Demand by Product Form, 2010-2030 (million pounds)
Table 8-2 Cellulose Insulation Demand by Market, 2010-2030 (million dollars, million pounds, billion square feet R-1, & million square feet)
9. Reflective Insulation & Radiant Barriers
Table 9-1 Reflective Insulation & Radiant Barrier Demand by Market, 2010-2030 (million dollars, billion square feet R-1, & million square feet)
10. Small Volume Insulation Materials
Table 10-1 Small Volume Insulation Demand by Market, 2010-2030 (million dollars, million pounds, billion square feet R-1, & million square feet)
11. Residential Building Insulation
Table 11-1 Residential Building Insulation Demand by Material, 2010-2030 (billion square feet R-1)
Table 11-2 Residential Building Insulation Demand by Material, 2010-2030 (million square feet)
Table 11-3 Residential Building Insulation Demand by Material, 2010-2030 (million pounds)
Table 11-4 Residential Building Insulation Demand by Material, 2010-2030 (million dollars)
Table 11-5 Residential Building Insulation Demand by Function, 2010-2030 (million dollars)
Table 11-6 Residential Building Insulation Demand by Housing Type, 2010-2030 (billion square feet R-1 & million dollars)
Table 11-7 Residential Building Insulation Demand by Project Type, 2010-2030 (billion square feet R-1 & million dollars)
Table 11-8 New Residential Building Insulation Demand by Material, 2010-2030 (billion square feet R-1)
Table 11-9 Residential Retrofit Insulation Demand by Material, 2010-2030 (billion square feet R-1)
12. Commercial Building Insulation
Table 12-1 Commercial Building Insulation Demand by Material, 2010-2030 (billion square feet R-1)
Table 12-2 Commercial Building Insulation Demand by Material, 2010-2030 (million square feet)
Table 12-3 Commercial Building Insulation Demand by Material, 2010-2030 (million pounds)
Table 12-4 Commercial Building Insulation Demand by Material, 2010-2030 (million dollars)
Table 12-5 Commercial Building Insulation Demand by Function, 2010-2030 (million dollars)
Table 12-6 Commercial Building Insulation Demand by Building Type, 2010-2030 (billion square feet R-1 & million dollars)
Table 12-7 Commercial Building Insulation Demand by Project Type, 2010-2030 (billion square feet R-1 & million dollars)
13. Other Insulation Markets
Table 13-1 Industrial & Plant Equipment Insulation Demand by Material & Function, 2010-2030 (million dollars & billion square feet R-1)
Table 13-2 HVAC & Air Distribution Insulation Demand by Material & Function, 2010-2030 (million dollars & billion square feet R-1)
Table 13-3 Appliance Insulation Demand by Material & Function, 2010-2030 (million dollars & billion square feet R-1)
Table 13-4 Transportation Equipment Insulation Demand by Material & Function, 2010-2030 (million dollars & billion square feet R-1)
Table 13-5 Other Markets Insulation Demand by Material & Function, 2010-2030 (million dollars & billion square feet R-1)
14. Regional Trends
Table 14-1 Insulation Demand by Region, 2010-2030 (million dollars)
Table 14-2 Northeast: Insulation Demand by Subregion & Market, 2010-2030 (million dollars & billion square feet R-1)
Table 14-3 Midwest: Insulation Demand by Subregion & Market, 2010-2030 (million dollars & billion square feet R-1)
Table 14-4 South: Insulation Demand by Subregion & Market, 2010-2030 (million dollars & billion square feet R-1)
Table 14-5 West: Insulation Demand by Subregion & Market, 2010-2030 (million dollars & billion square feet R-1)
15. Industry Structure
Table 15-1 US Insulation Sales by Company, 2020 (million dollars)
Table 15-2 Selected Mergers & Acquisitions
Table 15-3 Selected Industry Participants
16. Appendix
Table 16-1 Study Scope: US Geographic Regions & Subregions
Table 16-2 Relevant NAICS & SIC Industry Codes
Table 16-3 Relevant HS Codes
Table 16-4 Abbreviations & Acronyms Used in Study
Table 16-5 Macroeconomic Indicators, 2010-2030 (billion 2012 dollars)
Table 16-6 Population & Households, 2010-2030 (million persons)
Table 16-7 Building Construction Expenditures, 2010-2030 (billion dollars & billion 2012 dollars)
Table 16-8 Residential Building Construction Expenditures, 2010-2030 (billion dollars & billion 2012 dollars)
Table 16-9 Residential Improvement & Repair Expenditures, 2010-2030 (billion dollars & billion 2012 dollars)
Table 16-10 Commercial Building Construction Expenditures, 2010-2030 (billion dollars & billion 2012 dollars)
Table 16-11 Commercial Building Improvement & Repair Expenditures, 2010-2030 (billion dollars & billion 2012 dollars)
Table 16-12 Nonbuilding Construction Expenditures, 2010-2030 (billion dollars & billion 2012 dollars)
Table 16-13 New Housing Indicators, 2010-2030
Table 16-14 Housing Stock by Type, 2010-2030 (million units)
Table 16-15 Manufacturers' Shipments, 2010-2030 (billion dollars)
List of Figures
1. Executive Summary
Figure 1-1 US Insulation Market Overview
2. COVID-19 Pandemic
Figure 2-1 Real GDP by Economic Sector, 2020-2023 (% annual change)
Figure 2-2 Annual Insulation Volume Demand by Market, 2019-2022 (% annual change)
3. Overview
Figure 3-1 Insulation: Product Examples
Figure 3-2 US Insulation Demand, 2000-2021 (million pounds)
Figure 3-3 Average Insulation Price by Material, 2010-2030 (% CAGR)
4. Factors Impacting Insulation Demand
Figure 4-1 Building Construction Expenditures by Type, 2018-2025 (billion 2012 dollars)
5. Fiberglass Insulation
Figure 5-1 Fiberglass Insulation: Product Examples
Figure 5-2 Fiberglass Insulation: Key Competitive Factors
Figure 5-3 Fiberglass Share of Insulation Market, 2020 (million pounds & billion dollars)
Figure 5-4 Fiberglass Insulation Market Share by Company, 2020 (billion dollars)
Figure 5-5 US Fiberglass Insulation Market: Leading Supplier, 2020
Figure 5-6 Fiberglass Insulation Market: Second Leading Supplier, 2020
Figure 5-7 Fiberglass Insulation Market: Third Leading Supplier, 2020
Figure 5-8 Fiberglass Insulation Market: Fourth Leading Supplier, 2020
6. Foamed Plastic Insulation
Figure 6-1 Foamed Plastic Insulation: Product Examples
Figure 6-2 Foamed Plastic Insulation: Key Competitive Factors
Figure 6-3 Foamed Plastic Insulation Demand by Resin, 2010-2030 (million pounds)
Figure 6-4 Foamed Plastic Share of Insulation Market, 2020 (billion pounds & billion dollars)
Figure 6-5 Foamed Plastic Insulation Market Share by Company, 2020 (billion dollars)
Figure 6-6 Foamed Plastic Insulation Market: Leading Supplier, 2020
Figure 6-7 Foamed Plastic Insulation Market: Second Leading Supplier, 2020
Figure 6-8 Foamed Plastic Insulation Market: Third Leading Supplier, 2020
Figure 6-9 Foamed Plastic Insulation Market: Fourth Leading Supplier, 2020
Figure 6-10 Foamed Plastic Insulation Market: Fifth Leading Supplier, 2020
7. Mineral Wool Insulation
Figure 7-1 Mineral Wool Insulation: Product Examples
Figure 7-2 Mineral Wool Insulation: Key Competitive Factors
Figure 7-3 Mineral Wool Share of Insulation Market, 2020 (billion pounds & billion dollars)
Figure 7-4 Mineral Wool Insulation Market Share by Company, 2020 (million dollars)
8. Cellulose Insulation
Figure 8-1 Cellulose Insulation: Product Examples
Figure 8-2 Cellulose Insulation: Key Competitive Factors
Figure 8-3 Cellulose Share of Insulation Market, 2020 (billion pounds & billion dollars)
Figure 8-4 Cellulose Insulation Market Share by Company, 2020 (million dollars)
9. Reflective Insulation & Radiant Barriers
Figure 9-1 Reflective Insulation & Radiant Barriers: Product Examples
Figure 9-2 Reflective Insulation & Radiant Barriers: Key Competitive Factors
Figure 9-3 Reflective Insulation & Radiant Barrier Share of Insulation Market, 2020 (billion pounds & billion dollars)
Figure 9-4 Reflective Insulation & Radiant Barrier Market Share by Company, 2020 (million dollars)
10. Small Volume Insulation Materials
Figure 10-1 Small Volume Insulation Materials: Product Examples
Figure 10-2 Small Volume Insulation Materials: Key Competitive Factors
Figure 10-3 Small Volume Insulation Material Share of Insulation Market, 2020 (billion pounds & billion dollars)
11. Residential Building Insulation
Figure 11-1 New Residential Building Insulation Demand & Conventional Housing Starts, 2010-2025 (million dollars)
Figure 11-2 Residential Building Insulation Cost Comparison, 2020 (dollars per thousand square feet R-1)
12. Commercial Building Insulation
Figure 12-1 Commercial Building Insulation Demand & Commercial Building Construction Expenditures, 2010-2025 (million dollars)
Figure 12-2 Commercial Building Insulation Cost Comparison, 2020 (dollars per square foot R-1)
15. Industry Structure
Figure 15-1 US Insulation Market Share by Company, 2020 (billion dollars)
Figure 15-2 US Insulation Market, 2020: Leading Supplier
Figure 15-3 US Insulation Market, 2020: Second Leading Supplier
Figure 15-4 US Insulation Market, 2020: Third Leading Supplier
Figure 15-5 US Insulation Market, 2020: Fourth Leading Supplier
Figure 15-6 US Insulation Market, 2020: Fifth Leading Supplier
16. Appendix
Figure 16-1 New Housing Square Footage by Housing Type, 2005-2020
Figure 16-2 Housing Stock: Share by Year of Construction, 2020 (million units)

Samples

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Companies Mentioned

  • Carlisle
  • CertainTeed
  • Johns Manville
  • Knauf
  • Owens Corning

Methodology

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