Sustainable insulation market set for more massive growth
The fast-expanding market for sustainable insulation will continue to see "exponential growth" between now and 2025, a new report has said.
Persistence Market Research published a paper in the US highlighting the extensive growth of the sector around the world, its future prospects, the main companies involved in the sector and the various factors affecting the market.
It highlighted urbanisation as a key factor, as well as growing incomes across the world. The latter means people across the globe are increasingly seeking better living conditions and have more money available to pay for them, the report stated.
Although such considerations might be regarded as most pertinent among the fast-growing economies in the developing world, western Europe was still seen as a significant growth market.
Among the important factors in countries like Britain has been the development of new products and materials, with the paper noting that this has eliminated the kind of health hazards associated with the use of asbestos in the past.
The primary reasons for growth were identified as the reduction in emissions and cost, helping tackle the problems of global warming and fuel poverty at the same time.
At the same time, the study noted that a couple of factors can also mitigate against further growth, these being increases in the cost of raw materials for synthetic products and the potential for poor installation to put customers off. It emphasised that making sure insulation products are properly fitted is vital to protect the growth of the market.
The environmental and cost themes are common to a number of recent studies discussing the prospects for further growth in the global insulation market.
A case in point is the Global Market Insights paper produced last month on the value of insulation in buildings. It said the market was valued at $7.5 trillion (£5.8 trillion) last year, but by 2024 it will soar to $15 trillion, driven by factors such as the desire of the construction sector to produce greener buildings and tougher regulations in the US and Europe.