Fi-Foil’s launch of two revolutionary insulation products in 2017 NAHB sent out waves of anticipation in insulation market, especially amidst the backdrop where energy efficiency trends are predominantly shaping the business landscape. Reportedly, these two highly innovative, environmentally viable reflective insulators, brainstormed by renowned architect Phil Kean, were presented at the yesteryear International Builders Show in Orlando. The two products dubbed HY-Fi and M-Shield were allegedly chosen for The New American Remodeled Home and The New American Home respectively.
While HY-Fi is claimed to be a hybrid insulation system which works in conjunction with spray foam, M-Shield is a paperless insulation for masonry walls. Fi-Foil has already gathered rave reviews across the entire insulation market for these two products, primarily for its groundbreaking in built technology. The U.S. based company reportedly has utilized cavity air space in manufacturing these flagships to ensure improved performance with reduced radiant heat transfer. The huge popularity of these devices depicts a fraction of the ongoing developments underlining globally that grabbed a valuation of USD 45 billion in 2017.
North America Insulation Market, By Application, 2017 & 2024, (USD Billion)
North America outlook: U.S. Insulation Market to stand out as a major revenue pocket
Having already pegged a commendable proportion of authority in global insulation industry, North America has turned out to be one of the potential hotbeds for market investment. This can be primarily attributed to the increasing governmental initiatives with regards to energy efficient housing schemes across the belt. Moreover, the active participation by the private entities has also added substantially to the regional landscape. In this regard, the IEX USA (Insulation Expo USA) event held last year created a significant buzz in the North America market. Reportedly, 1200 insulation industry players including Armacell, Johns Manville, Edge-Sweets Company, Roxul Technical Insulation, and Climatech International attended the event which encompassed innovative technologies around thermal insulation for industrial as well as commercial applications. In terms of profitability potential, North America is forecast to surpass USD 16 billion by 2024.
Below mentioned are some of the vital statistics validating North America’s paramount stance in the global share.
It is prudent to mention that not only the U.S. but the entire world has been a recipient of these trends. While Europe procured 25% of the global market size in 2017, Asia Pacific has also registered lucrative proceeds with an anticipated CAGR of 6% over 2018-2024. Backed by a barrage of such strong regulatory guidelines to promote advanced insulating techniques, the market stands to gain much over the ensuing years. Speaking of the competitive landscape, the industry is rather fragmented with the participation of myriad players inclined toward adoption of modern and sustainable technologies. While the major players including the like of Rockwool International, Huntsman International, etc. already procure a major portion of the market share, the anticipated trends point toward various small-scale manufacturers and regional players gaining a substantial edge in the competitive terrain. All in all, the global insulation market share is projected to exceed a valuation of USD 70 billion by 2024.