The article, “North America Building Thermal Insulation Market Worth $10.75 Billion By 2025” by Grand View Research states that there will be a growing insulation demand in residential and commercial applications due to the increasing energy costs driving the demand. In 2015, the North America building thermal insulation market was valued at $7.09 billion creating an increase of $3.66 billion over the next nine years.
How can the rising demand for thermal insulation reduce energy costs?
In the sense every building product associated with residential or commercial applications help reduce energy cost; thermal insulation materials assist in reducing heat buildup within the buildings, cutting down on the dependence on air conditioning.
EPS has been a popular product in Europe and now has good attention in North America; expecting to be the fastest growing product segment because of the excellent thermal insulation properties and longer life span. EPS accounted for 23.5% of share by volume in 2015 and expected to increase 1.5% by 2025 (shown in the image below).
Product market share, by revenue (USD Million), 2015 (USD Million)
Having new construction and implementation of energy efficiency codes are likely to result in high industry rivalry perceiving slow but stable growth in the industry.