Demand for Foamed Plastic Insulation will Exceed $29 Billion
by Corinne Gangloff
February 8, 2023
Foamed plastic insulation accounted for the largest share of global demand (50%) in value terms in 2021.
Cleveland OH, February 8, 2023 – According to new study Global Insulation, foamed plastic insulation accounted for the largest share of global demand (50%) in value terms in 2021. This type of insulation is used in all geographic regions and major markets. Polystyrene, polyurethane, and phenolic foams (in both boards and spray-on applications) are the most common foamed plastic insulation products.
Global demand for foamed plastic insulation is anticipated to grow 1.2% annually to $29.1 billion, totaling 9.7 million metric tons in 2026. Market value will grow at a relatively slow pace, restrained by declining prices from elevated inflation- and supply chain-related levels. However, value gains will be supported by healthy gains in volume demand. Among foamed plastic types:
EPS will continue to account for the largest share of demand, supported by its low price relative to other foamed plastic products.
The use of polyurethane insulation will increase due to a number of factors, including:
the rising popularity of spray polyurethane foam
expansion in the nonresidential construction market, where foamed plastic is frequently used
solid growth in refrigerator and freezer production
Volume growth for XPS will be supported by its increasing use in pipe and duct applications throughout the world, the result of its higher R-value.
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