HVAC Insulation Market Overview
The global HVAC Insulation Market was analyzed by Market Research Future (MRFR) and it was projected that a decent CAGR of 7.42% will be attained by the market over the forecast period of 2018 to 2023. The valuation of the HVAC insulation market was further stated to surpass its previous valuation of USD 4,317.7 Million in 2016 and is projected to reach USD 7,080.9 Million by 2023. The global HVAC insulation market is driven by the growth in the global construction industry and growing demand for energy efficient solutions. However, the market is subjected to witness hindrance due to negligence and reluctance about making buildings energy efficient among the infrastructure developers.
Heating, Ventilation, and Air Conditioning (HVAC) systems are primarily responsible for controlling the ambient environment at all major end-user sectors. HVAC insulation provides an ideal solution for ducts and pipes to transfer energy with negligible losses. HVAC insulation improves the energy efficiency, fire safety, and acoustic performance of a building.
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Competitive Landscape
The global HVAC insulation market comprises a host of key players. This includes names like PPG Industries Inc. (U.S.), Armacell International S.A. (Luxembourg), Saint Gobain S.A. (France), Fletcher Insulation Pty Ltd. (Australia), Owen Corning Corporation (U.S.), Rockwool International (Denmark), Knauf Insulation (U.S.), L–ISOLANTE K-FLEX S.p.A. (Italy), Kingspan Group Plc. (Ireland), GlassRock (Egypt), and Kuwait Insulating Material Manufacturing Co. (Kuwait).
Regional Analysis
The global HVAC insulation market is geographically distributed across the following key regions: Asia Pacific, Americas, Europe, and the Middle East & Africa (MEA).
The Americas comprising Canada, the US, Brazil, and the Rest of the Americas. Over the years, the construction industry in the region has majorly expanded, thereby increasing the demand for HVAC systems and insulation. The region holds the primal positioning the global HVAC insulation market and is expected to maintain the same in the coming years.
The European region holds a considerable share of the global HVAC insulation market to stand out as the second-largest regional market. The consistent exports of insulation materials from European nations has brought forward a concentration of manufacturers and suppliers in the region. Aside from this, the strong growth noticed in the private construction industry is also expected to propel the demand for the regional market.
Asia Pacific stands out to be the fastest growing region in the global HVAC insulation market. The growth of the region can be attributed to the increasing number of construction activities and the heightened level of foreign investments being made to encourage real estate development.
The Middle East & Africa region is growing at a significant pace to make a mark in the global HVAC insulation market landscape.
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HVAC Insulation Industry Segmentation
The global HVAC insulation market has been segmented in terms of type, application, and components.
By type, the market segments into phenolic foam, glass wool, Expanded Polystyrene (EPS) foam, stone wool, it rile rubber, Polyisocyanurate (PIR), and others.
By component, the market includes ducts, pipes, and others. The pipes segment held the highest position in the global HVAC insulation market back in 2016 with a share of 53.32% and a market valuation of USD 2302.3 Million. The segment is anticipated to grow at a notable pace of 7.80% over the forecast period.
By application, the market comprises commercial, residential, and industrial. The commercial segment held 43.16% of the global market back in 2016 to lead the application category.
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