Press release
HVAC Insulation Market 2020 Growth Potential, Future Estimations, Competitive Landscape, Business Revenue Forecast and Statistics till 2023
HVAC Insulation Market
Heating, Ventilation, and Air Conditioning (HVAC) systems are used for controlling and maintaining the temperature of the ambiance. With technological advancements, HVAC insulation systems have found applications across industry domains. It is anticipated to boost the growth rate of the HVAC insulation market in the years to come. Market Research Future (MRFR) has recently stated in its report that the global market is expected to value at USD 7,080.9 Million by 2023 up from USD 4,317.7 Million in 2016, reflecting a CAGR of 7.42% across the review period.
Investments in the construction industry are likely to unleash developmental opportunities for market growth in the years to come. In addition, the rising research & development projects for the development of eco-friendly insulation materials is also poised to revolutionize the growth trajectory of the HVAC insulation market over the forecast period. Increasing focus on sustainability of infrastructural projects is prognosticated to drive market growth in the foreseeable future.
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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).
Global HVAC Insulation 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. Glass wool has a lot of dynamic characteristics, making them the perfect material for insulation. Glass wool comes with active environmental protection, has unmatched lightness, thinner, cost-effective, and offers optimal acoustic performance.
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. The commercial sector is reportedly seen utilizing HVAC insulation system extensively, thereby becoming one of the biggest consumers of the market.
Regional Analysis:
An in-depth regional and country-level analysis of the global HVAC insulation market is covered in this MRFR report. The regional segments identified in this study are Americas, Europe, Asia Pacific (APAC), and the Middle East & Africa (MEA).
Americas is anticipated to exhibit remarkable growth pattern in the forthcoming years. Rising investments in the construction industry of the region are expected to favor market expansion in the years to come. The HVAC insulation market in the Middle East & Africa is presumed to grow at a considerable pace over the next couple of years. The region has been observing increasing emphasis on the development of infrastructure. This, in turn, is presumed to lead the growth of the regional market through the assessment period.
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About Market Research Future:
At Market Research Future (MRFR), we enable our customers to unravel the complexity of various industries through our Cooked Research Report (CRR), Half-Cooked Research Reports (HCRR), Raw Research Reports (3R), Continuous-Feed Research (CFR), and Market Research & Consulting Services.
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