Global Fiberglass Insulation

Report Overview

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This study analyzes global demand for fiberglass insulation. Historical data (2009, 2014, and 2019) and forecasts for 2024 and 2029 are provided for fiberglass insulation demand by market (in dollars and metric tons). Demand in value terms is shown at the manufacturers’ level and excludes distributor and retailer markups.

Study Scope and Summary

The major market segments analyzed are:

• residential buildings
• nonresidential buildings
• industrial and plant equipment
• HVAC/air distribution equipment
• other insulation markets (e.g., transportation equipment, appliances, infrastructure, etc.)

Both thermal and acoustic insulation are included in the scope of this study.

Global demand for fiberglass insulation is forecast to rise 3.0% per year to $11.1 billion in 2024, when sales in volume terms will total 5.6 million metric tons. Going forward, demand for fiberglass insulation products will be driven by:

• increases in residential demand in North America, as the region is the most intensive user of fiberglass insulation products
• its low cost relative to its major competitive material – foamed plastic – on a per kilogram basis
• fiberglass’s superior resistance to mold, moisture, and insect damage
• global increases in new housing construction, as the material is most commonly used in residential applications
• efforts by homeowners to increase the energy efficiency of their homes as fiberglass insulation offers a low-cost, high R-value solution
• rising income levels, supporting attic reinsulation and other retrofit projects
• its installation and handling advantages over other insulation materials

The effects of the COVID-19 pandemic will restrict 2020 demand in several building and manufacturing markets, as most of the world’s leading economies were at least partially locked down for a significant portion of the year. However, demand is expected to grow as economies rebound, leading to gains through 2024.

Building Construction to Drive Demand, Despite Near Stagnation in New Residential Markets

Although new residential building construction is expected to experience limited growth in most developed countries, the building market as a whole will continue to drive the global insulation market:

• Residential improvement and repair is expected to experience solid growth, particularly in the US during 2020, as consumers have been engaging in home improvement projects while spending more time at home.