July 18, 2014: Insulation Market Expected to Reach $67.16 Billion by 2020
With a Market Size of $37.94 Billion in 2013, Compound Annual Growth Rate of 8.5 Percent Is Forecast
SAN FRANCISCO — The global market for insulation is expected to reach $67.16 billion by 2020, according to a new study by Grand View Research. Expansion in building energy efficient homes especially in the Asia Pacific and Latin American countries coupled with growth in the global construction market is expected to remain a key driving force for the market over the forecast period. However, the volatile pricing nature of key raw materials is expected to hamper market growth over the next six years.
Fiberglass has emerged as the leading product segment and accounted for 43.9 percent of total market revenue in 2013. Fiberglass along with being the largest segment is also expected to be the fastest growing insulation product at an estimated compound annual growth rate (CAGR) of 9.1 percent from 2014 to 2020. Fiberglass was closely followed by foamed plastic, with market revenue estimated to reach $26.96 billion by 2020.