World Insulation to 2016

Published: November 2012
No. of Pages: 376
   

This study analyzes the global insulation industry. It presents historical demand data for the years 2001, 2006 and 2011, and forecasts for 2016 and 2021 by material (e.g., foamed plastics, fiberglass, mineral wool), market (construction and industrial, HVAC, and OEM), world regional market and for major national markets. The study also considers market environment factors, details industry structure, evaluates company market share and profiles industry players.

Demand to rise more than 5% annually through 2016

Global insulation consumption is forecast to rise more than five percent annually to approximately 29 billion square meters of R-1 value in 2016, a substantial acceleration from the 2006-2011 rate. In developing countries, insulation demand is expected to expand at a healthy pace due to rising building construction and industrial activity as well as growing per capita incomes that will lead to the adoption of modern building techniques and materials, including insulation. In most developed countries, insulation sales are expected to rebound after falling in 2008 and 2009 due to housing market collapses in several countries. In addition, governments will adopt new regulations concerning building insulation in an effort to reduce energy consumption, further boosting demand.

Building construction to be primary driver of demand

Solid residential building construction expenditure gains will be the primary driver of demand. In North America alone, insulation sales for residential applications will rise approximately nine percent annually between 2011 and 2016, primarily due to a recovery of the housing market in the US. In Western Europe, a rebound in several countries’ housing markets will cause insulation demand to post moderate gains through 2016, as opposed to the decline of the 2006-2011 period. In many West European countries, government efforts to encourage insulation use in order to lower energy consumption will also contribute to demand. In developing countries in the Asia/Pacific region, Africa/Mideast region, and Central and South America, rural-to-urban migration will stimulate building activity in urban areas, and therefore insulation demand. In some countries, the adoption of minimum insulation requirements will also contribute to demand. Demand for insulation in the industrial, HVAC, and OEM markets will be driven by expanding manufacturing activity, appliance output, and HVAC system installations.

Asia/Pacific region to be fastest growing market

The fastest growth in insulation demand through 2016 is forecast in the Asia/ Pacific region, due to advances in building construction activity as well as manufacturing and industrial output. More than 65 percent of new demand generated between 2011 and 2016 will be attributed to this region. Several Asia/ Pacific countries are expected to post solid growth, including China, India, Indonesia, and Thailand.

Foamed plastic insulation to lead value gains

In value terms, worldwide insulation consumption is projected to advance roughly seven percent per annum through 2016, approaching $60 billion. The fastest growth is expected in the foamed plastic insulation segment, as these products will be used more frequently in construction applications because of their high insulation values, allowing them to capture market share from fiberglass and mineral wool insulation. Foamed plastic insulation is also used extensively in refrigerator and freezer manufacture, further boosting demand. Demand for fiberglass insulation will benefit from the rebounding residential construction market in North America, as the material is widely used in the US and Canada. Other insulation materials, such as cellulose, will also see strong gains, as environmentally friendly options continue to gain popularity.

Company Profiles

Profile global industry players including Johns Manville, Knauf Gips, Owens Corning, Rockwool, and Saint-Gobain

Additional Information

This comprehensive study analyzes the world market for thermal and acoustic insulation. Products include foamed plastic insulation (e.g., polyurethanes, polystyrenes, phenolics, polyimides, vinyl, and polyethylene), fiberglass insulation, mineral wool insulation (e.g., rock and slag wool), and others (e.g., cellulose, perlite, vermiculite). Foil and reflective insulation products are not covered by this study. Insulation markets include construction; industrial processes; heating, ventilation, and air conditioning (HVAC); and original equipment manufacturing (OEM).

Historical data for 2001, 2006, and 2011 and forecasts for 2016 and 2021 are provided. The term “demand” refers to apparent consumption and is defined as production (also referred to as “output,” “shipments,” or “supply”) from a country’s indigenous manufacturing facilities plus imports minus exports. “Demand” is used interchangeably with terms such as “market,” “sales,” and “consumption.” Data are presented in millions of square meters of R-1 value and millions of US dollars.

Note that the metric measures of thermal value used in this study cannot be converted to English units (those used in the US insulation study) simply by converting square meters to square feet. The metric version of thermal value defines heat transfer in metric units (watts) and is based on a material sample one meter thick; the English version of thermal value defines heat transfer in British thermal units and is based on a material sample one inch thick. Taking into account all of the differences in measurement, approximately 16.4 square
meters of R-1 value (metric system) is equal to 1,000 square feet of R-1 value (English system).

For individual countries, historical demand data were determined in the local currency and then converted to US dollars using the average annual exchange rate of that country’s currency to the US dollar as determined by the International Monetary Fund. Consequently, countries whose currencies appreciably changed in value relative to the US dollar from one presentation year to the next will have historical growth trends for insulation product demand that differ significantly from those measured in local currency terms. Forecasts for 2016 and 2021 assume no change in the exchange rate from 2011, and as a result reflect expected future growth in both local currency and US dollar terms.

In addition to providing a market outlook, the study identifies and profiles the major industry participants and discusses the key strategic competitive variables. The report is framed within the world insulation industry’s economic and market environments, and therefore environmental variables affecting demand are emphasized. World insulation market share data by company presented in the “Industry Structure” section are estimated based on consultation with multiple sources.

Data on global insulation demand are derived from differing sources and developed from statistical relationships. Variations are commonplace in this type of international reporting and, consequently, data presented in this study are historically consistent but may differ from other sources. Variances may occur because of definitional differences, inventory accumulations, and goodsin- transit. Tabular details may not always add to totals due to rounding. Ratios are rounded to the nearest significant digit. All dollar values cited for the industry are at the basic manufacturers’ level.

Macroeconomic and demographic indicators presented in this study were obtained from The Freedonia Group Consensus Forecasts dated June 2012. Gross Domestic Product (GDP) historical data are derived from the national income and products accounts from the Organisation for Economic Co- Operation and Development (OECD) for its member countries, from the European Bank for Reconstruction and Development (EBRD) for its member countries, and from the International Monetary Fund for its member countries that are not part of the OECD or EBRD. Sources of GDP estimates for other countries are based on information from the World Bank and a variety of sources including the countries’ statistical bureaus. GDP forecasts are developed from a consensus of public agencies and private firms.

All estimates of gross domestic product and components of GDP are done in terms of constant purchasing power parity in a benchmark year (2010) that is one year before the base year (2011) used in this study. Purchasing power parity GDP estimates for the benchmark year are obtained from the OECD; Eurostat; the World Bank; the International Monetary Fund; the US Central Intelligence Agency; and selected other sources. These purchasing power parity GDP estimates for the benchmark year are based on gross domestic product data expressed in the individual countries’ local currency, which are then converted to US dollars by valuing each country’s output at US prices in the benchmark year. This approach values the same physical output at a consistent price for all countries, thereby reducing the distorting influence of different price levels in the different countries.

The alternative approach of using exchange rates to convert local currency GDP to US dollars would tend to overvalue the output of countries with high average price levels and undervalue the output of countries with low average price levels, because exchange rate conversions only partially reflect the relative prices for goods and services that are domestically consumed and invested. Furthermore, factors other than relative prices, such as demand and supply in currency markets, interest rates, and capital flows, affect exchange rates.

Once the GDP values for a country are estimated for the benchmark year, we then calculate inflation-adjusted GDP for all other years for that country based on historical and forecast growth rates of GDP expressed in inflationadjusted units of that country’s local currency. This approach ensures that the GDP series for any given country is an accurate index of changes in inflationadjusted GDP for that country. However, it also implicitly assumes that the price structures across countries do not change from those of the benchmark year. Therefore, caution should be used in comparing the relative GDP of countries in years other than the benchmark year. If the ratio of prices across two countries in a given year differs from the ratio of prices across those countries in the benchmark year, then the change in the relative sizes of those two economies as measured will not accurately reflect changes in output.

The benchmark year is chosen to be one year prior to the base year for the study for reasons of data availability. One benefit of that choice is that the ratio of prices across countries in the base year is usually similar to that in the benchmark year. Therefore, the ratio of real GDP between two countries in the base year of 2011 is generally a reasonably accurate representation of the relative sizes of their economies.

A wide variety of primary and secondary sources were used in the compilation of this report. These include national government statistical agencies, trade associations, industry experts, financial sources, online databases, other Freedonia studies, and insulation company sources. The Organisation for Economic Co-Operation and Development, World Bank, International Monetary Fund, European Union, and various national government statistical publications were among the public sector sources utilized.

World Insulation to 2016

TABLE OF CONTENTS

INTRODUCTION xi

I. EXECUTIVE SUMMARY 1

II. MARKET ENVIRONMENT 4
General 4
World Economic Overview 5
Recent Historical Trends 5
World Economic Outlook 7
World Demographic Overview 11
Population 12
Urbanization Patterns 13
Households 15
World Fixed Investment Overview 17
World Construction Outlook 19
Residential Buildings 21
Nonresidential Buildings 23
World Refrigerator & Freezer Shipments 25
Material Variations in Thermal Resistance & R-Values 27
Regulatory, Health, & Environmental Considerations 31
Environmental Considerations 31
Health Considerations 33
Energy Considerations 35
Recycling 38
Green Labeling 41

III. WORLD OVERVIEW 44
General 44
World Insulation Outlook 45
World Regional Demand by Insulating Capacity (R-1 Value) 46
Insulation Demand & Fixed Investment 49
World Regional Insulation Demand by Value 51
World Insulation Production by Region 56
World Insulation Trade Flows 58

IV. MATERIALS & MARKETS 60
General 60
Insulation Demand by Material 62
Foamed Plastics 65
Value Trends 67
Weight & Market Trends 70
Fiberglass 73
Value Trends 75
Weight & Market Trends 77
Mineral Wool 80
Value Trends 81
Weight & Market Trends 83
Other Insulation Materials 86
Value Trends 88
Weight & Market Trends 89
Insulation Demand by Market 92
Construction 94
Industrial, HVAC, & OEM 95

V. NORTH AMERICA 97
General 97
Insulation Supply & Demand 99
United States 101
Canada 106
Mexico 111

VI. WESTERN EUROPE 116
General 116
Insulation Supply & Demand 118
Germany 121
France 126
Italy 131
United Kingdom 136
Spain 141
Netherlands 145
Other Western Europe 150

VII. ASIA/PACIFIC 159
General 159
Insulation Supply & Demand 161
China 164
Japan 170
India 174
South Korea 179
Australia 183
Indonesia 188
Taiwan 192
Thailand 197
Other Asia Pacific 202

VIII. OTHER REGIONS 209
Central & South America 209
General 209
Insulation Supply & Demand 211
Brazil 214
Other Central & South America 218
Eastern Europe 224
General 224
Insulation Supply & Demand 226
Russia 229
Poland 234
Other Eastern Europe 239
Africa/Mideast 246
General 246
Insulation Supply & Demand 248
Turkey 250
Other Africa/Mideast 254

IX. INDUSTRY STRUCTURE 262
General 262
Industry Composition 263
Market Leaders 266
Other Key Producers 270
Product Development & Manufacturing 270
Marketing 273
Distribution 275
Mergers & Acquisitions 276
Cooperative Agreements 279
Company Profiles 285
Aislantes Minerales SA de CV 286
Armacell International Holding GmbH 288
Atlas Roofing, see Hood Companies
BASF SE 291
Bayer AG 297
BBMG Corporation 299
Beijing Aerated Concrete, see BBMG
Beijing New Building Materials plc 300
Beijing Star Building Materials, see BBMG
Berkshire Hathaway Incorporated 302
Bradford Insulation Industries, see CSR
Bridgestone Corporation 307
Byucksan Corporation 309
CertainTeed, see Saint-Gobain
CRH plc 310
CSR Limited 312
Dow Chemical Company 314
Finetec Corporation 319
Firestone Building Products, see Bridgestone
Fletcher Building Limited 320
Hood Companies 322
Huntsman Corporation 324
Italmobiliare SpA 326
Johns Manville, see Berkshire Hathaway
KCC Corporation 328
Kingspan Group plc 329
Knauf Gips KG 332
NICHIAS Corporation 336
Ningbo Firewheel Thermal Insulation &
Sealing Company Limited 338
Nitto Boseki Company Limited 339
Norisol A/S 340
Owens Corning 342
Paroc Group Oy AB 347
PENOPLEX St. Petersburg Limited 349
Recticel SA 350
Rockfibras do Brasil Industria e Comercio Limitada 351
Rockwool International A/S 353
Roxul, see Rockwool International A/S
Saint-Gobain 357
Siam Cement Public Company Limited 364
Sirap Insulation, see Italmobiliare
Sto AG 366
Styron LLC 368
swisspor Management AG 369
TechnoNICOL Corporation 371
Thermafiber Incorporated 373
Uralita SA 375
Ursa Insulation, see Uralita

SECTION I -- EXECUTIVE SUMMARY
Summary Table 3

SECTION II -- MARKET ENVIRONMENT
1 World Gross Domestic Product by Region 11
2 World Population by Region 13
3 World Urban Population by Region 15
4 World Households by Region 17
5 World Fixed Capital Investment by Region 19
6 World Construction Expenditures by Region 21
7 World Residential Construction Expenditures by Region 23
8 World Nonresidential Construction Expenditures by Region 24
9 World Refrigerator & Freezer Shipments by Region 26
10 Insulation R-Values by Material 30

SECTION III --WORLD OVERVIEW
1 World Insulation Demand by Insulating Capacity 48
2 World Insulation Demand by Value 54
3 World Insulation Production by Region 57
4 World Insulation Net Exports 59

SECTION IV -- MATERIALS & MARKETS
1 World Insulation Demand by Material 64
2 World Foamed Plastic Insulation Demand Value by Region 69
3 World Foamed Plastic Insulation Demand in Metric Tons
by Region & Market 71
4 World Fiberglass Insulation Demand Value by Region 77
5 World Fiberglass Insulation Demand in Metric Tons
by Region & Market 79
6 World Mineral Wool Insulation Demand Value by Region 83
7 World Mineral Wool Insulation Demand in Metric Tons
by Region & Market 85
8 World Other Insulation Demand Value by Region 89
9 World Other Insulation Materials Demand in Metric Tons
by Region & Market 91
10 World Insulation Demand by Market 93

SECTION V -- NORTH AMERICA
1 North America: Market Environment for Insulation 98
2 North America: Insulation Supply & Demand 101
3 United States: Market Environment for Insulation 103
4 United States: Insulation Supply & Demand 106
5 Canada: Market Environment for Insulation 108
6 Canada: Insulation Supply & Demand 110
7 Mexico: Market Environment for Insulation 112
8 Mexico: Insulation Supply & Demand 115

SECTION VI -- WESTERN EUROPE
1 Western Europe: Market Environment for Insulation 118
2 Western Europe: Insulation Supply & Demand 121
3 Germany: Market Environment for Insulation 123
4 Germany: Insulation Supply & Demand 126
5 France: Market Environment for Insulation 128
6 France: Insulation Supply & Demand 131
7 Italy: Market Environment for Insulation 133
8 Italy: Insulation Supply & Demand 136
9 United Kingdom: Market Environment for Insulation 138
10 United Kingdom: Insulation Supply & Demand 140
11 Spain: Market Environment for Insulation 142
12 Spain: Insulation Supply & Demand 145
13 Netherlands: Market Environment for Insulation 147
14 Netherlands: Insulation Supply & Demand 149
15 Other Western Europe: Market Environment for Insulation 151
16 Other Western Europe: Insulation Supply & Demand 154
17 Other Western Europe: Insulation Demand by Country 155

SECTION VII -- ASIA/PACIFIC
1 Asia/Pacific: Market Environment for Insulation 161
2 Asia/Pacific: Insulation Supply & Demand 164
3 China: Market Environment for Insulation 166
4 China: Insulation Supply & Demand 169
5 Japan: Market Environment for Insulation 171
6 Japan: Insulation Supply & Demand 174
7 India: Market Environment for Insulation 176
8 India: Insulation Supply & Demand 178
9 South Korea: Market Environment for Insulation 180
10 South Korea: Insulation Supply & Demand 183
11 Australia: Market Environment for Insulation 185
12 Australia: Insulation Supply & Demand 187
13 Indonesia: Market Environment for Insulation 189
14 Indonesia: Insulation Supply & Demand 192
15 Taiwan: Market Environment for Insulation 194
16 Taiwan: Insulation Supply & Demand 197
17 Thailand: Market Environment for Insulation 199
18 Thailand: Insulation Supply & Demand 201
19 Other Asia/Pacific: Market Environment for Insulation 203
20 Other Asia/Pacific: Insulation Supply & Demand 206
21 Other Asia/Pacific: Insulation Demand by Country 207

SECTION VIII -- OTHER REGIONS
1 Central & South America: Market Environment for Insulation 211
2 Central & South America: Insulation Supply & Demand 213
3 Brazil: Market Environment for Insulation 215
4 Brazil: Insulation Supply & Demand 218
5 Other Central & South America: Market Environment
for Insulation 220
6 Other Central & South America: Insulation Supply
& Demand 222
7 Other Central & South America: Insulation Demand
by Country 223
8 Eastern Europe: Market Environment for Insulation 226
9 Eastern Europe: Insulation Supply & Demand 229
10 Russia: Market Environment for Insulation 231
11 Russia: Insulation Supply & Demand 234
12 Poland: Market Environment for Insulation 236
13 Poland: Insulation Supply & Demand 238
14 Other Eastern Europe: Market Environment for Insulation 240
15 Other Eastern Europe: Insulation Supply & Demand 243
16 Other Eastern Europe: Insulation Demand by Country 244
17 Africa/Mideast: Market Environment for Insulation 247
18 Africa/Mideast: Insulation Supply & Demand 250
19 Turkey: Market Environment for Insulation 252
20 Turkey: Insulation Supply & Demand 254
21 Other Africa/Mideast: Market Environment for Insulation 256
22 Other Africa/Mideast: Insulation Supply & Demand 259
23 Other Africa/Mideast: Insulation Demand by Country 260

SECTION IX -- INDUSTRY STRUCTURE
1 World Insulation Sales by Company, 2011 265
2 Selected Acquisitions & Divestitures 278
3 Selected Cooperative Agreements 280

LIST OF CHARTS

SECTION III --WORLD OVERVIEW
1 Insulation Demand Per Capita/Fixed Investment Per Capita
Relationship, 2011 50
2 World Insulation Demand by Region, 2011 55

SECTION IV -- MATERIALS & MARKETS
1 World Insulation Demand by Material, 2011 65
2 World Foamed Plastic Insulation Demand by Region, 2011 72
3 World Fiberglass Insulation Demand by Region, 2011 80
4 World Mineral Wool Insulation Demand by Region, 2011 86
5 World Other Insulation Materials Demand by Region, 2011 92

SECTION IX -- INDUSTRY STRUCTURE
1 World Insulation Market Share, 2011 267

Published By: Freedonia Group
Product Code: Freedonia Group159


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