Market Overview
Polyurethane foam insulation materials are non-fibrous in nature, and therefore, personal protection equipment is not required during mounting. They are commonly used in building and infrastructure. There are different types of polymer foam insulation materials, including polystyrene, polyethylene, polyisocyanurate, polyurethane, and phenolic foam. The polyurethane (PUR) is produced by making polymeric isocyanate react with a polyether polyol in the presence of catalysts and additives.
Some flexible polyurethane foams are molded, especially for use in the automotive sector, mainly for car seats, while rigid foams are mainly used for thermal insulation of buildings. Polyurethane foam is about seven times more expensive than regular glass fiber insulation per unit. However, the polyurethane will provide about 2.5 the insulation value per unit of glass fibers. Therefore, walls can be thinner with savings in window and door frames, roofing, foundations, and structural members.
In September 2019, Demilec, Inc., a subsidiary of Huntsman Corporation and one of North America's manufacturers of open- and closed-cell spray polyurethane foam (SPF) insulation and coatings launched several spray foam insulation products for the Middle East market and the opening of its Spray Foam Technical Application and Training Center in Dubai. This will help in expanding the global footprint to serve customers in the Middle East better.
Market Dynamics
Drivers
- Rising Demand for Energy- Efficient Building
- Limiting Noise Concerns By Insulation
- Rising demand for insulation materials in the energy and power sector
- Stringent Regulations in Developed Countries
Restraints
- Impact of COVID-19
- Limitations to insulation materials
Market Segmentation
Fiberglass is estimated to account for a share of approximately 6.19% of the global insulation materials market by 2018 and is anticipated to reduce to 5.09% by 2027.
Fiberglass is an insulation material that consists of wonderful glass fibers and is mostly found in homes. Fiberglass is commonly used in different insulation types, including blankets, batts and rolls, and loose-fill. It is also available as rigid boards and duct insulation. The fiberglass segment is estimated to grow, accounting for the highest market share over the forecast period, owing to increasing demand for building and constructions, food and beverage industry, cooling towers, power generation, plating plants, aerospace, and automotive industry. For instance, according to motor vehicle manufacturers' international organization, the global automobile industry has made more than 66 million cars, trucks, and buses in 2005. The number is increasing due to the growing demand of the peoples. According to the U.S. Department of Energy, manufacturers produce medium and high-density fiberglass batt insulation products that currently have a slightly higher R-value than standard batts. Fiberglass can be placed in unfinished walls, floors, and ceilings. It is fitted between studs, joists, and beams. It is relatively inexpensive and suited for standard stud and joist spacing that is relatively free from obstructions.
Geographical Analysis
The large-scale use of insulation materials in buildings is the major driver for the growth of insulation materials in the region. Also, the massive industrial base in the U.S. is responsible for the demand.
The insulation materials market in North America valued at USD 11,167 million in 2019 and is estimated to decline to USD 9,874.93 million in 2027 by witnessing a CAGR of 3.0% during 2020-2027
The U.S. has been at the forefront of a booming insulation market globally in the last decade. Insulation is widely built in both residential and commercial buildings in the country. The building codes and regulations prevailing in the country, such as Residential Insulation Codes and Commercial Building Insulation Codes, are forcing the residential, commercial, and industrial buildings to use insulation materials. Polyurethane (PU) foam evolved as the most widely used construction activity due to its airtightness and high heat insulation capacity. The constantly increasing construction activities in the country led to the development of the region's insulation materials market.
However, the hard blow to the U.S.'s construction activities has significantly affected the insulation materials business in the region. According to the U.S. Census Bureau, the country's monthly construction spending declined by 5.7% during January – June 2020. The dip in spending is estimated to continue until the end of the year, coupled with the virus's fast-paced spreading. North American Insulation Manufacturers Association, a non-profit association for manufacturers of fiberglass, slag wool, and rock wool insulation materials, promotes the use of insulation materials for energy efficiency and environmental preservation in the region.
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