Home Renos To Drive Insulation Market

Global demand for residential insulation is forecast to rise 3.1 per cent per year to $15.6 billion in 2024, says a Freedonia Group analysis. Despite weak homebuilding activity in many markets, ‘Global Residential Insulation’ shows demand growth will be supported by rising spending on home renovations – especially in the U.S., where home improvement activity has surged amid the COVID-19 pandemic. Going forward, global demand for residential insulation products will be driven by increasingly stringent energy efficiency and fire safety policies throughout the world, which often call for greater use of insulation in homes; advances in global housing starts and average housing sizes; rising awareness of insulation's role in energy efficiency; boosting homeowner interest in undertaking retrofit projects; and increasingly stringent building codes throughout the world, which are more often calling for increased insulation usage. While the COVID-19 pandemic will restrict 2020 demand in the residential market, demand is expect to return to growth in 2021 as economies rebound, leading to gains through 2024.