Demand for fiberglass insulation is forecast to grow 2.9% per year to 4.6 billion pounds in 2021, valued at $4.4 billion, according to a new study from the Freedonia Group.
In its new “Insulation Market in the US, 12th Edition” study, the Cleveland, Ohio-based research firm says fiberglass is projected to remain the most widely used insulation material due to favorable characteristics such as installation and handling advantages over other insulation materials; high R-values; and superior resistance to mold, moisture and insect damage.
Residential buildings are projected to be the fastest growing market and maintain the largest share of demand through 2021. Homeowners looking to increase energy efficiency through a a low-cost, high R-value solution for attic reinsulation and improvement projects are expected to help drive the market.
Demand for all types of insulation, excluding reflective insulation and radiant barriers, is forecast to rise 2.9% per year to 9.4 billion pounds in 2021, equal to 320 billion sq. ft. of R-1 value.
According to analyst Matt Hurley, “Fiberglass and foamed plastics together account for the bulk of demand (75% in volume terms), supported by advantages such as low cost, good performance qualities, and ease of installation.”