Building-products.com has reported (07/11/2014) on the worldwide booming trade for insulation. According to a new Freedonia Group report, global demand is expected to increase 5% annually through to 2018.
Increased demand for insulation will be seen in developing countries due to rising building construction and industrial activity. In high-income countries, governments are adopting building codes that require increased insulation usage in an effort to reduce energy consumption.
The primary driver of global demand will continue to be strong growth in residential building construction. In North America alone, demand is set to grow by over 5%.
The Asia/Pacific area will account for more than one half of the new worldwide insulation demand and is forecast to post the fastest growth. India, China and Indonesia will also be big gainers.
The demand for insulation will advance more than 6% yearly through 2018 to nearly $50 billion value. Fastest gains will be felt by foamed plastic insulation products as it captures market share from mineral wool and fibreglass products.
Advances in mineral wool products will be strong and steady as it is favoured in China, where fire safety is a concern.