Demand for insulation materials to grow 3 percent annually
According to latest report, the demand for insulation materials in the country is expected to grow by over 3% every year. It is expected to reach more than 430 million sq.ft. (r-1 value) by 2016. This was reported by construction Canada online, quoting an analyst. Alberta (especially) Calgary is expected to experience higher growth rate.
Rebounding residential construction market
It is claimed that the driving force behind the increase in demand is because of the rebounding Canadian residential construction market. Fibreglass and foamed plastic are expected to see the highest gain in terms of popularity.
Global demand for insulation materials
At the global level, Asia/pacific region will experience the highest growth in demand for insulation materials. The reason has been attributed to the growing construction activity in fast developing countries including India and china.
Another study by a research group claims a growth of over 5.5% in demand for insulation materials by 2016. The demand in the North American housing market fell in 2008-09, but the new findings are considered to be considerable increase.
According to the Freedonia group, the demand for insulation will rise at a steady rate of over 9% in North America between 2014 and 2016 (world insulation report).
Similarly, transparency market research has released another report that displays promising growth for the home insulation market between 2014 and 2020. In its report – ‘insulation market’, the group claims that the global insulation market worth us$ 37.8 billion in 2013 is expected to touch almost $65 billion by 2020.
The research group also attributed the reason behind the increase in demand to be related to growth in the residential construction market, especially in the fast developing economies. Canada and USA are expected to add to the growth through the re-insulation market.
Energy conservation factor
Energy conservation is an important factor that is driving one group of homeowners to insulate their homes and another group to re-insulate. This change is especially driven by the increase in energy costs because of depleting energy sources.
Insulation has been proven to play a key role in energy conservation and reduction in utility bills. Awareness about the importance of insulation has seen significant improvement in the last few years, thanks to growing understanding of global warming. All this has seen a major shift in public perception towards environmental conservation.
Insulation demand in industrial sector
Recent developments and advances in insulation technology have also played an important role in improving the demand for home insulation. Insulation materials have become more cost effective than before. This is however a major reason why the industrial sector in Calgary has also seen increase in demand.
Non-commercial spaces and factories are the leading players in this sector. Similarly, the electronics and automotive industries are becoming the biggest consumers of insulation materials for various reasons.
Many homeowners didn’t used to give much thought to what material was used to insulate their walls, attics and basements. But the story is changing at a fast pace.
People now see home insulation as much differently than an expense that helps keep them warm during the winters! Homeowners are more serious about reducing their utility bills while also maintaining comfortable living space and contributing to the environment.
Insulation, whether in the attic, the walls or crawlspaces, also plays a key role in preventing condensation and mould development. Attic Insulation and basement are considered to play the biggest role in loss of energy from the living space. As more and more homeowners are becoming aware of the importance of insulation, these are the two areas in homes which are receiving most of the attention.