The insulation industry is bigger than most people think. When we started Havelock Wool estimates were that the US market would grow to some $16bn in 3-5 years. An industry report from October 2020 tells us that figure is now ~$17.5bn.
A few relevant and useful stats from the report :
- Insulation materials manufacturing is a $17.5bn business
- Direct employees: 39,000 across 45 states
- Materials listed: cellulose, fiberglass, mineral wool, polyisocyanurate foam, expanded polystyrene foam, extruded polystyrene foam, polyurethane foam, and finally, other materials (Note: where are the natural fibers… wool, cotton, straw?)
- Total employment – including upstream and downstream participants: 564,260
- Total insulation industry payroll: $36.0bn
Other relevant stats to consider here :
- The built environment is set to double over the next 40 years, adding some 2.4trn square feet
- 40% of GHG gas emission comes from building
- 11% of the figure above is material
- Insulation is typically 2% of (residential) construction costs
Quick math: choosing carbon-friendly, healthy, high-performance materials is essentially a rounding error in the cost equation while being wildly effective in the much more important global sustainability one.
Our view is that insulation has been undervalued for far too long. There are a host of reasons and to be totally honest none of them matter. The industry is changing for the better and we are both ecstatic and proud to be a part of that.
Full report is HERE.