Global HVAC insulation market was valued at USD 4,317.7 Million in 2016 and is estimated to reach USD 7,080.9 Million by 2023 with a CAGR of 7.42% over the forecast period.
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. 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.
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Market 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, itrile rubber, Polyisocyanurate (PIR), and others. The glass wool system segment holds the dominant slot in the global HVAC insulation market with a majority of the share percentage. The segment is anticipated to attain a CAGR of 8.17% 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. The commercial sector is reportedly seen utilizing HVAC insulation system extensively, thereby becoming one of the biggest consumers of the market.
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.
Leading Players
The key players of global HVAC Insulation market are Saint Gobain S.A. (France), PPG Industries Inc. (U.S.), Owen Corning Corporation (U.S.), Rockwool International (Denmark), Armacell International S.A. (Luxembourg), L'ISOLANTE K-FLEX S.p.A. (Italy), GlassRock (Egypt), Knauf Insulation (U.S.), Fletcher Insulation Pty Ltd. (Australia), Kingspan Group Plc. (Ireland), 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.
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 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.
The Middle East & Africa region is growing at a significant pace to make a mark in the global HVAC insulation market landscape. This is due to the underdeveloped market areas, developing infrastructure, and consistent increase in demand for HVAC systems. However, on the other hand, limited investments, lack of technological advancements, and high cost of the product can hinder the overall growth of HVAC insulation market.
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