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US Insulation Market

  • September 2015
  • -
  • Freedonia
  • -
  • 353 pages

US Insulation Market

US demand to rise 7% annually through 2019

US demand for insulation is forecast to rise 7.0 percent annually through 2019 to $10.4 billion in 2019. Resurgent building construction activity will boost insulation demand, aided by the adoption of more stringent building codes such as the 2012 International Energy Conservation Code (IECC), which will encourage more insulation use per structure. Efforts to make existing buildings more energy efficient will support improvement and replacement demand for insulation.

Residential market to be fastest growing

The residential market is expected to post the most rapid gains through 2019 based on double-digit annual growth in housing starts. While the bulk of incremental insulation demand will be due to the increased number of new dwellings, additional gains will arise from the installation of more new insulation per structure as more areas of the US begin to comply with the 2012 IECC. Residential insulation demand will also be supported by efforts to upgrade insulation in existing houses, as homeowners seek to reduce utility bills by retrofitting the insulation in their attics and walls in order to increase energy efficiency.

Nonresidential market to recover from recent declines

Through 2019, insulation demand in the nonresidential market is expected to recover from the declines posted between 2009 and 2014, spurred by a rebound in nonresidential building construction expenditures, particularly in the office and commercial segments. Increased interest in green building practices, such as those outlined by the Leadership in Energy and Environmental Design (LEED) rating system, will boost demand for more insulation with higher R-values.

Table Of Contents

US Insulation Market
INTRODUCTION xi
I. EXECUTIVE SUMMARY 1
II. MARKET ENVIRONMENT 4
General 4
Macroeconomic Outlook 5
Demographic Trends 10
Consumer Trends 13
Consumer Spending 14
Consumer Financing 16
Building Construction 19
Residential Buildings 22
Housing Starts 24
Housing Stock 29
Improvements and Repairs 30
Nonresidential Buildings 32
New 32
Improvements and Repairs 34
Manufacturing Outlook 36
Pricing 40
Historical Market Trends 42
Foreign Trade 46
World Insulation Overview 48
III. OVERVIEW 51
General 51
R-Values 52
Material Variations in Thermal Resistance 53
Environmental and Regulatory Issues 55
Building Codes 56
Energy Efficiency Tax Credits 58
Green Building 60
LEED 60
Other Programs 62
Climate Change 63
Indoor Air Quality 65
Renewable Resources and Recycling 66
Health and Safety Issues 70
Foamed Plastics 70
Fiberglass 72
Vermiculite 73
Insulation Demand 74
IV. PRODUCTS 77
General 77
Fiberglass 81
Materials 82
Product Forms 84
Markets 89
Residential Buildings 90
Nonresidential Buildings 92
Industrial and HVAC Equipment 93
Other Markets 94
Foamed Plastics 95
Product Forms 95
Markets 99
Resins 101
Rigid Urethane 102
Products 103
Markets 106
Polystyrene 108
Products 109
Markets 111
Other Foamed Plastics 113
Cellulose 115
Product Forms 117
Markets 119
Mineral Wool 121
Product Forms 124
Markets 127
Reflective Insulation and Radiant Barriers 129
Product Forms 132
Markets 133
Other Insulation 135
Materials 136
Vermiculite 139
All Other Materials 140
Product Forms 143
Markets 145
V. MARKETS 148
General 148
Demand by Market Value 149
Demand by R-1 Value 151
Residential Buildings 154
Materials 156
Dollars/R-Value Comparison 160
Applications 164
New Housing 167
Attic Reinsulation 170
Improvement and Replacement 174
Nonresidential Buildings 176
Materials 177
Dollars/R-Value Comparison 181
Applications 183
Institutional 185
Commercial 186
Office 187
Industrial 187
Other Nonresidential 188
Nonbuilding Construction 188
Industrial and HVAC Equipment 188
Materials 190
Dollars/R-Value Comparison 192
Applications 194
Industrial Equipment 195
HVAC Equipment 196
Other Insulation Markets 196
Materials 197
Applications 199
VI. REGIONS 202
General 202
Regional Demographic and Economic Activity 203
Population Patterns 204
Economic Outlook 207
Construction Activity 210
Housing Trends 213
Regional Insulation Demand 217
Northeast 219
New England 223
Middle Atlantic 224
Midwest 225
East North Central 228
West North Central 230
South 231
South Atlantic 234
East South Central 236
West South Central 237
West 239
Mountain 242
Pacific 244
VII. INDUSTRY STRUCTURE 246
General 246
Industry Composition 247
Market Share 251
Manufacturing and Product Development 257
Competitive Strategies 260
Marketing and Distribution 264
Acquisitions and Divestitures 267
Cooperative Agreements 269
Company Profiles 273
Advanced Fiber Technology Incorporated 274
Armacell International SA 275
Atlas Roofing, see Hood Companies
BASF SE 277
Bayer AG 280
Berkshire Hathaway Incorporated 282
Boyd Corporation 287
Bridgestone Corporation 288
Carlisle Companies Incorporated 290
Carpenter Company 294
CertainTeed, see Saint-Gobain
Covertech Fabricating Incorporated 295
Dow Chemical Company 297
Dryvit Systems, see RPM International
Dyplast Products LLC 301
Evonik Industries AG 302
Fi-Foil Company Incorporated 303
Firestone Building Products, see Bridgestone
GenFlex Roofing Systems, see Bridgestone
Guardian Industries Corporation 305
Homasote Company 306
Hood Companies 308
Hunter Panels, see Carlisle Companies
Industrial Insulation Group, see Berkshire Hathaway
Industrial Thermo Polymers, see Armacell International
Innovative Energy Incorporated 311
Innovative Insulation Incorporated 313
Insulfoam, see Carlisle Companies
Johns Manville, see Berkshire Hathaway
Kevothermal, see Sealed Air
Kingspan Group plc 315
Knauf Gips KG 317
Louisiana-Pacific Corporation 320
Owens Corning 321
PFB Corporation 325
Pittsburgh Corning, see PPG Industries
Polyair Inter Pack Incorporated 327
PPG Industries Incorporated 328
Pregis Corporation 330
Reflectix, see Sealed Air
Reynolds Group Holdings Limited 331
Rmax Operating LLC 332
ROCKWOOL International A/S 334
ROXUL, see ROCKWOOL International A/S
RPM International Incorporated 337
Saint-Gobain 339
Sealed Air Corporation 342
Silvercote, see Knauf Gips
Sonoco Products Company 344
Specialty Vermiculite Corporation 345
Sto SE and Company KGaA 346
Thermafiber, see Owens Corning
Other Companies Mentioned in Study 348

LIST OF TABLES

SECTION I -- EXECUTIVE SUMMARY
Summary Table 3
SECTION II -- MARKET ENVIRONMENT
1 Macroeconomic Indicators 9
2 Population and Households 13
3 Personal Consumption Expenditures 16
4 Consumer Financing Environment, 2004-2014 19
5 Building Construction Expenditures 21
6 Residential Building Construction Expenditures 24
7 New Housing Indicators 28
8 Housing Stock by Type 29
9 Residential Improvement and Repair Expenditures 32
10 Nonresidential Building Construction Expenditures 34
11 Nonresidential Building Improvement and Repair Expenditures 36
12 Manufacturers' Shipments 40
13 Average Insulation Prices 42
14 Insulation Market, 2004-2014 45
15 Insulation Foreign Trade 48
SECTION III -- OVERVIEW
1 Insulation R-Values by Material 55
2 Insulation Demand by Value 76
SECTION IV -- PRODUCTS
1 Insulation Demand 80
2 Fiberglass Insulation Demand by Product Form 89
3 Fiberglass Insulation Demand by Market 90
4 Foamed Plastic Insulation Demand by Market 101
5 Foamed Plastic Insulation Demand by Resin 102
6 Rigid Urethane Foam Insulation Demand by Product 106
7 Rigid Urethane Foam Insulation Demand by Market 108
8 Polystyrene Foam Insulation Demand by Product 111
9 Polystyrene Foam Insulation Demand by Market 113
10 Other Foamed Plastic Insulation Demand by Market 115
11 Cellulose Insulation Demand by Product Form 119
12 Cellulose Insulation Demand by Market 121
13 Mineral Wool Insulation Demand by Material 124
14 Mineral Wool Insulation Demand by Product Form 127
15 Mineral Wool Insulation Demand by Market 129
16 Reflective Insulation and Radiant Barrier Demand by Type 132
17 Reflective Insulation and Radiant Barrier Demand by Market 135
18 Other Insulation Demand by Materials 137
19 Other Insulation Materials Demand by Product Form 144
20 Other Insulation Materials Demand by Market 147
SECTION V -- MARKETS
1 Insulation Demand by Market Value 150
2 Insulation Demand By R-1 Value 153
3 Residential Buildings Market for Insulation by Material 160
4 Residential Buildings Market for Insulation by Application 167
5 New Housing Applications For Insulation 170
6 Residential Attic Reinsulation Applications For Insulation 173
7 Residential Improvement and Repair Demand by Material for
Insulation 176
8 Nonresidential Building Market for Insulation by Material 180
9 Nonresidential Building Market for Insulation by Application and
Type 185
10 Industrial and HVAC Equipment Markets for Insulation by Material
192
11 Industrial and HVAC Insulation Markets by Application 195
12 Other Insulation Markets by Material 199
13 Other Insulation Markets by Application 201
SECTION VI -- REGIONS
1 Population by Region 207
2 Gross Domestic Product by Region 210
3 Construction Expenditures by Region 213
4 Regional Housing Indicators 216
5 Insulation Demand by Region 218
6 Northeast: Insulation Demand by Subregion and Market 222
7 Midwest: Insulation Demand by Subregion and Market 228
8 South: Insulation Demand by Subregion and Market 234
9 West Insulation Demand by Subregion and Market 242
SECTION VII -- INDUSTRY STRUCTURE
1 US Insulation Sales by Company, 2014 250
2 US Insulation Sales by Company, 2014 251
3 Selected Acquisitions and Divestitures 269
4 Selected Cooperative Agreements 271

LIST OF CHARTS

SECTION II -- MARKET ENVIRONMENT
1 Year of Construction of Housing Stock, 2014 30
2 Insulation Market, 2005-2014 46
SECTION IV -- PRODUCTS
1 Insulation Demand by Material, 2014 81
SECTION V -- MARKETS
1 Insulation Markets by Market Value, 2014 151
2 Insulation Demand by R-1 Value, 2014 154
3 Cost/R-Value Comparison of Residential Insulation Materials, 2014
163
4 Cost/R-Value Comparison of Nonresidential Insulation Materials,
2014 183
5 Cost/R-Value Comparison of Industrial and HVAC Insulation
Materials, 2014 194
SECTION VI -- REGIONS
1 Insulation Demand by Region, 2014 219
SECTION VII -- INDUSTRY STRUCTURE
1 Insulation Market Share, 2014 253

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