Surging appliance sales amid the Covid-19 pandemic is providing opportunities for insulation suppliers as demand levels remain restricted in several building and manufacturing markets due to efforts to control the spread of the virus, such as economic shutdowns:
- Unlike many other manufacturing sectors, appliance sales benefited somewhat from the pandemic. Sales of freezers surged in many developed countries as consumers sought more storage for nonperishable food products, originally in anticipation of long-term shortages and price increases and also to prevent the need to go on as many shopping trips longer term.
- This purchasing behavior and associated production is expected to continue for some time and boost demand for polyurethane insulation through 2024.
A new Freedonia Group analysis projects global demand for insulation to rise 3.9% per year to $50.9 billion in 2024. Gains will be driven by:
- advances in nonresidential building construction, particularly in the Asia/Pacific region
- increasingly stringent energy efficiency and fire safety policies throughout the world, which often call for greater use of insulation in buildings
- rising production of appliances, particularly refrigerators and freezers
Want to Learn More?
A new series of studies analyzing the global insulation market – Global Insulation, Global Fiberglass Insulation, and Global Residential Insulation – is now available from The Freedonia Group. These studies provide segmented historical data (2009, 2014, and 2019) and forecasts for 2024 and 2029 for insulation demand on a country-by-country basis.