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US demand to grow nearly 6% annually through 2012



US demand for insulation materials is projected to exceed $11 billion in 2012 on yearly growth of almost six percent. Advances will be supported by a rebound in the residential market, especially in new housing construction. New applications of insulation will benefit as housing starts recover from their depressed level in 2007, while retrofit uses of insulation will be powered by homeowners seeking to conserve energy and reduce heating and cooling costs. Although unit price increases for insulation materials are expected to moderate from their 2002-2007 pace, the growth in unit demand will more than offset the slower price gains. While not as ebullient as the residential market, nonresidential building construction will offer opportunities for insulation products, with greater insulation use per structure and upgrades of insulation for existing buildings supporting demand. Modest increases in new building construction expenditures over the forecast period will boost insulation demand in new applications.



Fiberglass to remain dominant material utilized



Fiberglass insulation is forecast to remain the predominant insulation material used in the US, representing more than onehalf of demand in 2012 in terms of both dollar value and material weight. Demand increases for fiberglass insulation are expected to be about six percent per annum to roughly $6 billion. Gains will be fostered by more intensive use of fiberglass insulation per new housing unit, sparked by expanded concerns about energy efficiency, as well as by continuing product developments that improve ease of installation.



Foamed plastic insulation is projected to remain the second largest insulation material segment. A relatively high-cost insulation, its market share in terms of weight is only about two-thirds that in terms of dollar value. Growth for foamed plastic insulation will be spurred by new residential construction as well as uses in appliances and transportation equipment. Foamed plastic insulation is widely used in nonresidential building markets in both spray-on and board forms, and demand is forecast to accelerate from the 2002-2007 pace, although it will be below the average for the material overall. Other insulation materials, including reflective insulation and radiant barriers, cellulose, mineral wool, perlite, vermiculite, cotton and other materials, all have niche applications. Reflective insulation and radiant barriers are forecast to enjoy the fastest gains, albeit from a small base. New housing construction will support growth, as these products increase their market penetration. Reflective insulation and radiant barriers also find use in metal buildings and other nonresidential structures, as well as in pipe wrap, appliances and duct insulation.



Study coverage



It presents historical demand data (1997, 2002, 2007) plus forecasts (2012, 2017) by material, product, market, and region of the US. The study also considers market environment factors, evaluates market share data and profiles 35 industry participants.

INTRODUCTION xi

I. EXECUTIVE SUMMARY 1

II. MARKET ENVIRONMENT 4

General 4
Macroeconomic Outlook 5
Demographic Trends 10
Consumer Spending Trends 12
Consumer Financing Trends 14
Building Construction Trends 18
Residential Construction 20
Housing Starts 23
Housing Stock 26
Improvements & Repairs 30
Nonresidential Construction 31
Office & Commercial Construction 33
Institutional Construction 34
Industrial Construction 35
Transportation & Other Building Construction 35
Improvements & Repairs 36
Manufacturing Outlook 37
Pricing 40
Historical Trends 43
Foreign Trade 46
World Insulation Overview 48

III. OVERVIEW 50

General 50
R-Values 51
Material Variations in Thermal Resistance 52
Environmental & Regulatory Issues 55
Energy Efficiency Considerations 55
Indoor Air Quality Issues 57
Renewable Resources & Recycling Considerations 58
Materials-Based Considerations 61
Insulation Demand 63

IV. PRODUCTS 66

General 66
Fiberglass 68
Materials 69
R-Values 70
Product Forms 71
Markets 75
Residential Construction 76
Nonresidential Construction 77
Industrial & HVAC Equipment 78
Other Markets 79
Foamed Plastics 80
Materials 80
R-Values 81
Product Forms 82
Markets 82
Resins 84
Rigid Urethane 85
Products 86
Markets 88
Polystyrene 90
Products 91
Markets 92
Other Foamed Plastics 95
Cellulose 96
Product Forms 98
Markets 100
Mineral Wool 101
Product Forms 104
Markets 106
Reflective Insulation & Radiant Barriers 108
Product Forms 110
Markets 111
Other Insulation Products 114
Materials 115
Perlite 116
Vermiculite 117
All Other Materials 117
Product Forms 120
Markets 121

V. MARKETS 124

General 124
Demand by Market Value 125
Demand by Insulation Value 127
Residential Construction 130
Materials 130
Applications 133
New Housing 135
Attic Reinsulation 139
Residential Improvement & Replacement 141
Nonresidential Construction 143
Materials 144
Applications 147
Commercial 149
Institutional 150
Office 150
Industrial 150
Other Nonresidential 151
Industrial & HVAC Equipment 152
Materials 152
Applications 155
Industrial Equipment 156
HVAC Equipment 156
Other Insulation Markets 157
Materials 157
Applications 159
Appliances 160
Transportation Equipment 160
All Other Applications 161

VI. REGIONAL DEMAND 162

General 162
Regional Demographic & Economic Trends 163
Regional Demographic Trends 164
Regional Economic Trends 166
Regional Construction Trends 167
Regional Housing Trends 169
Regional Insulation Demand 171
Northeast 174
New England 176
Middle Atlantic 177
Midwest 178
East North Central 180
West North Central 181
South 182
South Atlantic 184
East South Central 186
West South Central 187
West 188
Mountain 190
Pacific 191

VII. INDUSTRY STRUCTURE 193

General 193
Industry Composition 194
Market Share 198
Owens Corning 199
Johns Manville 199
CertainTeed 200
Dow Chemical 200
Knauf 200
Guardian Industries 201
Atlas Roofing 201
Manufacturing & New Product Development 201
Competitive Strategies 203
Marketing & Distribution 206
Acquisitions & Divestitures 209
Cooperative Agreements 211
Company Profiles 213
Armacell International GmbH 214
Atlas Roofing, see Hood
BASF AG 216
Bayer AG 220
Berkshire Hathaway Incorporated 222
Bridgestone Corporation 229
Building Materials Corporation of America 231
Carlisle Companies Incorporated 232
Carpenter Company 236
CertainTeed Corporation, see Saint-Gobain
Covertech Fabricating Incorporated 238
Dow Chemical Company 240
Dryvit Systems Incorporated, see RPM
Dyplast Products LLC 245
Evonik Degussa Corporation, see RAG
Falcon Foam, see Hood
Fi-Foil Company Incorporated 246
Firestone Building Products Company, see Bridgestone
GAF Materials Corporation, see Building Materials
Corporation of America
GBP Silvercote Incorporated, see Guardian Industries
Grace (WR) & Company 248
Guardian Industries Corporation 249
Homasote Company 253
Hood Companies 254
Hunter Panels LLC, see Carlisle Companies
Industrial Insulation Group, see Berkshire Hathaway
Innovative Energy Incorporated 256
Innovative Insulation Incorporated 258
Insulation Solutions Incorporated 259
Insulfoam LLC, see Carlisle Companies
Johns Manville Corporation, see Berkshire Hathaway
Knauf Gips KG 261
Louisiana-Pacific Corporation 264
Materis Holding Luxembourg SA 266
Owens Corning 269
Pactiv Corporation 272
ParexLahabra Incorporated, see Materis Holding
Pittsburgh Corning Corporation, see PPG Industries
Polyair Inter Pack Incorporated 274
PPG Industries Incorporated 276
Pregis Corporation 277
Premier Building Systems, see Carlisle Companies
RAG AG 278
Reflectix Incorporated, see Sealed Air
Rockwool International A/S 280
Roxul Incorporated, see Rockwool International
RPM International Incorporated 282
Saint-Gobain 284
Sealed Air Corporation 287
Sloss Industries Corporation, see Walter Industries
Sto AG 288
Svenska Cellulosa AB 290
Tegrant Corporation 291
Thermafiber Incorporated 292
US GreenFiber LLC, see Louisiana-Pacific
Walter Industries Incorporated 294
Additional Companies Mentioned in the Study 296

LIST OF TABLES

SECTION I -- EXECUTIVE SUMMARY

SECTION II -- MARKET ENVIRONMENT

1 Macroeconomic Indicators 9
2 Population & Households 12
3 Personal Consumption Expenditures 14
4 Consumer Financing Environment, 1997-2007 17
5 Building Construction Expenditures 20
6 Residential Building Construction Expenditures 22
7 Housing Indicators 26
8 Housing Stock by Type 29
9 Residential Improvement & Repair Expenditures 31
10 Nonresidential Building Construction Expenditures 33
11 Nonresidential Building Improvement & Repair Expenditures 37
12 Manufacturers’ Shipments 40
13 Average Insulation Prices 43
14 Insulation Market, 1997-2007 45
15 Insulation Foreign Trade 47

SECTION III -- OVERVIEW

1 Insulation R-Values by Material 54
2 Insulation Demand by Value 65

SECTION IV -- PRODUCTS

1 Insulation Demand By Material 67
2 Fiberglass Insulation Demand by Product Form 75
3 Fiberglass Insulation Demand by Market 76
4 Foamed Plastic Insulation Demand by Market 84
5 Foamed Plastic Insulation Demand by Resin 85
6 Rigid Urethane Foam Insulation Demand by Product 88
7 Rigid Urethane Foam Insulation Demand by Market 90
8 Polystyrene Foam Insulation Demand by Product 92
9 Polystyrene Insulation Demand by Market 94
10 Other Foamed Plastic Insulation Demand by Market 96
11 Cellulose Insulation Demand by Product Form 100
12 Cellulose Insulation Demand by Market 101
13 Mineral Wool Insulation Demand by Material 104
14 Mineral Wool Insulation Demand by Product Form 106
15 Mineral Wool Insulation Demand by Market 108
16 Reflective Insulation & Radiant Barrier Demand By Type 110
17 Reflective Insulation & Radiant Barrier Demand by Market 114
18 Other Insulation Demand by Material 116
19 Other Insulation Demand by Product Form 121
20 Other Insulation Demand by Market 123

SECTION V -- MARKETS

1 Insulation Demand by Market Value 126
2 Insulation Demand by Insulation Value 129
3 Residential Construction Market for Insulation by Material 133
4 Residential Construction Market for Insulation by
Application 135
5 New Housing Applications for Insulation 139
6 Residential Attic Reinsulation Applications for Insulation 141
7 Residential Improvement & Replacement Applications
for Insulation 143
8 Nonresidential Construction Market for Insulation by Material 147
9 Nonresidential Construction Market for Insulation
by Application & Type 149
10 Industrial & HVAC Equipment Markets for Insulation
by Material 154
11 Industrial & HVAC Equipment Markets for Insulation by
Application 155
12 Other Insulation Markets by Material 158
13 Other Insulation Markets by Application 159

SECTION VI -- REGIONAL DEMAND

1 Population by Region 165
2 Gross Domestic Product by Region 167
3 Construction Expenditures By Region 169
4 Regional Home Sales & New Housing Starts 171
5 Insulation Demand by Region 173
6 Northeast Insulation Demand by Subregion & Market 176
7 Midwest Insulation Demand by Subregion & Market 180
8 South Insulation Demand by Subregion & Market 184
9 West Insulation Demand by Subregion & Market 190

SECTION VII -- INDUSTRY STRUCTURE

1 Insulation Sales By Company, 2007 197
2 Selected Acquisitions & Divestitures 210
3 Selected Cooperative Agreements 212


LIST OF CHARTS

SECTION II -- MARKET ENVIRONMENT

1 Year of Construction of Housing Stock, 2007 29
2 Insulation Market, 1997-2007 45

SECTION IV -- PRODUCTS

1 Insulation Demand by Material, 2007 68

SECTION V -- MARKETS

1 Insulation Demand by Market Value, 2007 127
2 Insulation Demand by Insulation Value, 2007 129

SECTION VI -- REGIONAL DEMAND

1 Insulation Demand by Region, 2007 173

SECTION VII -- INDUSTRY STRUCTURE

1 Insulation Market Share by Company, 2007 199