Future Market Insights has released its market report for the Exterior Insulation and Finish Systems industry, according to Nikhil Kaitwade of Market Research Blog. The report includes predictions, trends and information about the EIFS market through 2033.
According to the report, the EIFS market is expected to grow over the next decade due to an increase in construction and infrastructure spending as well as energy efficiency methods.
Future Market Insights conducted a market survey report that showed that EIFS’ aggregate demand in 2022 was $79.8 billion. FMI expects that number to rise to $235.6 billion in 2033 with a Compound Annual Growth Rate of 10.2 percent.
EIFS is prevalent in developed nations because it is more accepted and established in the construction industry there. However, EIFS is affordable, widely available and can be used for insulation and exterior finishing, which makes it popular in emerging economies as well.
- EIFS demand is expected to increase in the United States: U.S. demand for EIFS is anticipated to have substantial growth, reaching $43.3 billion by 2033. A CAGR of 10.2 percent is predicted to cause the growth.
- The United Kingdom market has a positive outlook: The EIFS market in the U.K. is projected to grow to a $9.2 billion net worth by 2033. A 10.1 percent CAGR is expected to occur over that timeframe.
- The Asian markets have growth prospects: The EIFS markets in China, Japan and South Korea are anticipated to have significant development, with an average CAGR of 10.1 percent through 2033. The most robust EIFS market in the Asia Pacific region is China’s, which is predicted to reach $53.6 billion by 2033. Meanwhile, the markets in Japan and South Korea are projected to reach $45.2 billion and $15.8 billion, respectively, by the same year.
- Polymer-based EIFS products: The polymer-based EIFS product segment is anticipated to grow at a 10 percent CAGR over the next decade.
- Polymer-modified EIFS products: In contrast, the polymer-modified EIFS product segment is expected to have significant expansion with a high CAGR by 2033.
In June 2022, BASF SE launched Neopor BMB, a new type of EPS rigid foam insulation. Neopor BMB builds on the original Neopor and has 60 percent less carbon dioxide emissions than standard foam plastic insulation.
Owens Corning acquired Natural Polymers, LLC in January 2022, which increased its market share in the insulation industry sector. Owens Corning uses Natural Polymer’s knowledge and technology to offer more spray-applied polyurethane foam insulation products.
By product type:
By insulation material:
- Expanded polystyrene
- Mineral wool
- Other insulation materials
By end user:
- North America market
- Latin America market
- Europe market
- East Asia market
- South Asia and Pacific market
- The Middle East and Africa market
View the report here.