Having the right level of insulation in homes and office can make a huge difference to energy bills and noise levels. As governments around the world press ahead with targets to reduce greenhouse gas emissions, the global insulation market is set to grow to more than $67 billion by 2020 according to a report released by Grand View Research, Inc.
Consumers too are becoming more and more aware of the need to insulate their homes and save energy and this is seen as one of the main drivers of growth in the market. New regulations have also been put in place by governments to ensure that homes are built to higher standards of energy efficiency and older houses are modernised to conform as much as possible to modern standards.
Of course the growth in the insulation market may see the price of materials used rise and this was seen as one of the future challenges in the report. Fibreglass is one of those materials and this accounted for 40% of market revenue. The use of fibreglass in insulation in residential homes and industrial complexes is expected to see growth in use of the material rising 9.1% by 2020.