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Demand for Foamed Plastic Insulation will Exceed $29 Billion

by Corinne Gangloff

February 8, 2023

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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