The commercial insulation market that brought manufacturers $3.7 billion in 2015 will rise 5.5% per year by area and 5.2% in value annually through 2018, Principia Consulting predicts.

The Malvern, Pa.-based research and consulting group bases those numbers in part on findings that demand for commercial insulation rose 20% by area coverage and 26% by value between 2013 and 2015.

"Market growth for commercial insulation has largely been driven by continued growth in new construction, increased R-value requirements, as well as nominal growth in reroofing," Principia said May 9 in its first report that focuses exclusively on commercial insulation.

It predicts wall applications will be the fastest-growing segment of the market, largely as a result of commercial construction trends and new energy codes.

Principia also tracks residential insulation trends.