Ceresana analyzes insulation materials market
The International Energy Agency (IEA) assumes that until 2030, about US$13.5 trillion have to be invested in climate-friendly technologies to accomplish all aims established by the climate conference in Paris in December 2015.
Since heating and cooling of living areas and commercial buildings account for a major part of total energy consumption, the construction industry plays a key role. A new study of the market research institute Ceresana forecasts that revenues generated with construction insulation materials will amount to a volume of USD 47.7 billion until 2022.
Countries Indicate the Direction
Analysts of Ceresana analyzed the global market for insulation materials made from EPS and XPS, polyurethane, glass wool, and stone wool. These materials are used by the construction industry mainly for thermal insulation but also, among others, for sound insulation. National and regional markets are influenced to a high extent by state support programs and regulations concerning the increase of energy efficiency in buildings. However, extent and implementation of these programs can vary widely from country to country.
More Apartments, More Insulation Materials
Demand for insulation materials is rising worldwide. In the established industrial countries, energy efficient restoration of existing buildings is the main challenge. However, there are more new constructions in the emerging nations: A growing number of inhabitants and urbanization cause a rise in demand for new apartments. Additionally, the average size of households is decreasing worldwide which causes an increase in per capita living space. Besides Asia and the Middle East, Africa will also be a hot spot for urbanization in the near future. Yet, construction industry in several emerging nations, especially in China and Brazil, is weakening at present.
Stone wool is outstripped
On the saturated markets in North America and Western Europe, mainly insulation products at higher prices with high thermal resistance (R value) gain market shares: Polyurethane (PUR), polyisocyanurate (PIR), and extruded polystyrene (XPS). Ceresana expects the global demand for insulation materials made of stone wool to account for the least dynamic development in the upcoming eight years – however, it will still register growth by 3.4% per year. In contrast, the advantage of glass wool is its lower price. Both stone wool and glass wool offer very good fire protection properties.
Innovative Insulation Materials
Research and development of the manufacturers of insulation materials are mainly concerned with the improvement of fire protection and enhancement of thermal insulation values which results in reduction of the amount of material used. Sustainability and easy application are also important aims. Thus, spray foam and bulk products gain further importance. Premium products like aerogels or vacuum isolation panels (VIP) which have a low thermal conductivity as well as sustainable insulation materials, e.g. based on bioplastics made of polylactic acid, will take over market shares from traditional insulation materials on the medium term.