Foamed Plastic Insulation Products Market Set to Surge, Global Revenue Poised to Reach US$108.1 Billion by 2030
Characterised by Dominance of the Phenolic Foam Category, Especially in Building and Construction Applications, the Global Foamed Plastic Insulation Products Market is Slated for a Modest Outlook. Burgeoning Demand in Asia Pacific, and North America will be the Significant Contributor, Says Fairfield Market Research in a New Report.
London, Feb. 26, 2024 (GLOBE NEWSWIRE) -- The global *foamed plastic insulation products market*, valued at US$80.2 Bn as of the end of 2022, is poised to witness sluggish market conditions during the years of projection. By the end of 2030, the market has been projected to reach US$108.1 Bn, forecasts Fairfield Market Research in its newly published report.Despite a modest 3.8% CAGR estimated during 2023 – 2030, the key trends in construction sector that emphasize energy efficiency and eco-friendly materials will be a significant growth driver for the market, says the report.
*Get Sample Copy of Report at: **https://www.fairfieldmarketresearch.com/report/foamed-plastic-insulation-products-market/request-sample*
*REPORT SCOPE*
Report Attributes Details
Base Year 2022
Forecast Year 2023 – 2030
Market Size in 2022 US$80.2 Bn
Estimated Market Size in 2030 US$108.1 Bn
CAGR 3.8%
Growth Drivers · Soaring Energy Costs
· Aggravating Concerns Around Global Climate Changes
· Increasing Significance of Green Building Certifications
Segmentation · By Type (Polyurethane Foam, Polystyrene, Polyisocyanurate, Phenolic Foam, Others)
· By Application (Building & Construction, Industrial, Residential, Other)
Regional Coverage · North America (US, Canada)
· Europe (Germany, UK, France, Italy, Turkey, Russia, Rest of Europe)
· Asia Pacific (China, Japan, South Korea, India, Southeast Asia, Rest of Asia Pacific)
· Latin America (Brazil, Mexico, Rest of Latin America)
· Middle East & Africa (GCC, South Africa, Rest of Middle East & Africa)
The building and construction segment is expected to dominate the market share for foamed plastic insulation products. Interior and exterior walls, roof assemblies, and the underside of roofs can be effectively insulated with foamed plastic, ranging from rigid foam boards to spray foam. This not only enhances energy efficiency but also plays a crucial role in maintaining a consistent indoor temperature.
However, concerns loom over the global warming potential (GWP) associated with specific foamed plastic insulation products. Those manufactured with certain blowing agents have a high GWP, raising apprehensions about their contribution to climate change and potential environmental harm.
“*Market dynamics analysis highlights the continued dominance of phenolic foam, and the rising prominence of polyurethane. The regional analysis underscores Asia Pacific's sustained leadership, and North America's focus on green building standards*,” concludes the company’s analyst while summarizing the findings of the report.
*Key Research Insights*
· The construction industry is propelling the foamed plastic insulation products market forward, with energy efficiency emerging as a pivotal trend.
· Sustainability and environmental friendliness are major market trends, attracting consumers and contractors alike.
· In 2022, the phenolic foam category dominated the market due to its outstanding thermal conductivity properties, ensuring high thermal performance.
· The Asia Pacific region is poised to claim the lion's share of the global market, driven by urbanisation trends.
*For More Industry Insights Read: **https://www.fairfieldmarketresearch.com/report/foamed-plastic-insulation-products-market*
*Insights into Segmentation Analysis*
*Phenolic Foam Category Leads with Fire-Resistant Properties*
In the dynamic landscape of foamed plastic insulation products, the phenolic foam category asserted its dominance in 2022. Renowned for its fire-resistant qualities and low flame spread, phenolic foam stands out as a preferred choice, meeting stringent fire safety requirements.
The ability of this foam type to produce minimal smoke and hazardous gases during combustion is crucial for maintaining healthy indoor air quality and ensuring the safety of building occupants. The market witnessed a surge in demand for phenolic foam, particularly in applications where fire safety is paramount.
*Polyurethane Segment Poised for Rapid Growth*
While the phenolic foam category maintained its stronghold, the polyurethane form segment is projected to experience the fastest growth. Polyurethane foam is celebrated for its excellent thermal insulation properties, effectively reducing heat transfer with a high thermal resistance (R-value) per unit thickness. The characteristic not only conserves energy but also contributes to maintaining a comfortable indoor climate. The growing adoption of polyurethane foam highlights its potential to meet evolving market demands for efficient insulation solutions.
*Building and Construction Sector Drives Maximum Adoption*
The building and construction sector emerged as a powerhouse in driving the adoption of foamed plastic insulation products. In 2022, this industry dominated the market, utilizing these insulation solutions in various applications. Notably, foamed plastic insulation proved invaluable for metal buildings, such as warehouses and industrial facilities, helping control temperature extremes and optimise energy expenditure.
The industrial category is anticipated to witness substantial growth, particularly in commercial construction, where foamed plastic insulation enhances thermal performance while maintaining architectural aesthetics.
*Key Report Highlights*
· Green building certifications such as LEED, are gaining popularity due to heightened environmental awareness. Foamed plastic insulation products play a crucial role in achieving these certifications by offering energy-saving qualities.
· Advances in materials science and manufacturing techniques have led to innovations in foamed plastic insulation. Improved qualities, including enhanced fire resistance and reduced environmental impact, attract industries seeking specialised insulation solutions.
· Not limited to the construction industry, foamed plastic insulation products find applications in manufacturing, aerospace, and automotive sectors, where insulation is crucial for temperature regulation, noise reduction, and increased energy efficiency in various processes.
*Insights into Regional Analysis*
*Sales in Asia Pacific Soar Amidst Varied Climates*
The Asia Pacific region continues to maintain its leadership position as sales of high-performance insulation materials climb. Foamed plastic insulation products find significant adoption in the packaging industries across the region.
The diverse climates in Asia Pacific, ranging from hot and humid to cold and arid, underscore the crucial role of foamed plastic insulation in preserving comfortable indoor temperatures and reducing energy costs.
The region's stringent enforcement of building regulations has led to an increased demand for high-performance insulation materials like foamed plastics, making them indispensable in construction projects.
As more people migrate to cities, the demand for insulation products in the region is rising, aiming to enhance the energy efficiency of homes and businesses.
Meanwhile, North America is experiencing market expansion, fueled by stringent energy efficiency laws, ASHRAE standards, and ENERGY STAR certification, making foamed plastic insulation products indispensable for meeting regulatory requirements.
*Adherence to Green Building Standards Elevates Market Attractiveness of North America *
North America stands out as a region with a diverse climate, experiencing sweltering summers in the south and icy winters in the north. Foamed plastic insulation proves essential for maintaining comfortable interior temperatures and reducing energy costs year-round.
The market in North America is witnessing a surge in renovations and retrofits of existing buildings to enhance energy efficiency, with a strong emphasis on sustainable construction methods.
Foamed plastic insulation products play a pivotal role in achieving LEED certification and other green building standards, further elevating the market's attractiveness.
*Key Companies in Global Foamed Plastic Insulation Products Market*
· Dow
· Trelleborg
· 3M Company
· Dupont
· Avery Dennison Corporation
· Owens Corning
· BASF
· Sika
· Knuaf Insulation
· Johns Manville
· Saint-Gobain
· Dunmore
· American Excelsior
· INOAC Corporation
· ACH Foam Technologies
*Global Foamed Plastic Insulation Products Industry Analysis, Size, Share, Growth, Trends, Regional Outlook, and Forecast 2023-2030 - (By Type Coverage, By Application Coverage, By Geographic Coverage and By Company): **https://www.fairfieldmarketresearch.com/report/foamed-plastic-insulation-products-market*
*About Us*
Fairfield Market Research is a UK-based market research provider. Fairfield offers a wide spectrum of services, ranging from customized reports to consulting solutions. With a strong European footprint, Fairfield operates globally and helps businesses navigate through business cycles, with quick responses and multi-pronged approaches. The company values an eye for insightful take on global matters, ably backed by a team of exceptionally experienced researchers. With a strong repository of syndicated market research reports that are continuously published & updated to ensure the ever-changing needs of customers are met with absolute promptness.
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