Insulation remains an important element of construction projects in the United States and abroad. Insulation improves energy efficiency, boosts indoor comfort, allows HVAC systems to work better, and decreases energy costs in both commercial and residential applications. The market has grown by about 3 percent each year between 2000 and 2010, according to Insulation Outlook. Globally, the 2012 insulation market totaled more than $84 billion.
The insulation market is affected by five important factors:
- Codes and regulations – Building codes in the United States and abroad have placed restrictions on the types of material that can be used in building applications. This has extended into the insulation market to affect the type of material that’s appropriate or allowed in certain situations.
- Urbanization and increased population – Increases in population drive the need for more residential structures, which in turn drives the need for more insulation. This is especially true in situations where urban populations are growing. A little more than half of the global population is living in urban areas.
- New building construction – More and more construction of new buildings, whether commercial, industrial or residential, demands more and more insulation for those structures.
- Cost of energy – Energy costs continue to be a major influence on the global and domestic economies. Since the use of insulation in construction projects tends to reduce the costs of energy for commercial or residential clients, insulation is likely to continue as an effective solution to keeping energy costs under control.
- Sustainability – Sustainability and its associated areas in energy use will continue to influence the use of insulation and the type of insulation used. While insulation itself may not be a sustainable material, the significant energy savings it promises allows it to contribute to energy conservation and sustainability in different contexts.
Construction Monitor provides regular reports and detailed analysis of news and developments in the construction industry. Contact us today for more information on the global insulation market and what these factors could mean for your company over the next few years.