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U.S. demand for insulation in the commercial building market is forecast to increase 3.0% annually through 2022 to $3.1 billion, according to a new Freedonia Group report.
Gains will be supported by healthy growth in office, retail, lodging and institutional construction. Such structures use insulation intensively due to concerns about reducing utility costs and minimizing energy consumption, as well as the continued acceptance of green building codes such as LEED.
Through 2022, foamed plastic and fiberglass insulation will continue to dominate the commercial market. All other insulation materials hold comparatively small market shares. Measured by both weight and value, foamed plastics represent the largest share of the commercial market, seeing widespread use as insulation in low-slope roofing and often specified for use in structures made from concrete.
The office insulation market is forecast to rise at the fastest pace of all building types through 2022, driven by:
- growth in office building construction expenditures
- the increasing use of prefabricated concrete structures in office applications, which will boost consumption of rigid fiberglass and polystyrene boards as these product forms can be attached to those components
- the expansion of the office building stock, promoting both new and retrofit insulation demand.