Foam Insulation Market Trends, Drivers and Growth Projection Up to 2023
Foam Insulation – Market Overview: Foam insulation is used to reduce the rate of heat transfer and air infiltration. It is categorized based on the polymer or base material used such as polystyrene foam, polyurethane, polyisocyanurate foam, polyolefin foam, phenolic foam, elastomeric foam. Foam insulation is used in vast applications in various end-user industries such as building & construction, transportation, packaging, consumer electronics, and others. According to the U.S. Department of Energy, building accounts for approximately 40% of the total energy consumed in the U.S. The majority of building energy use is spent on space heating and cooling, and a large fraction of heat is lost through the building envelope due to air leakages. Foam insulation can minimize the energy consumption by reducing air leakage present on external walls, window frames, door frames, roof underlays, attics, crawlspaces, and floorings among other, which can result in lower utility bills and thus reduce greenhouse gas emissions. Additionally, indoor air quality can be improved by blocking the infiltration of dust and allergens through small cavities & crevices. It also improves building’s strength by preventing the accumulation of moisture in the walls and thus reduces condensation and mold growth. Furthermore, foam insulation is also widely consumed in the transportation industry for both OEM, structural strengthening, and repair of vehicles such as reefer trailers, passenger