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APAC Fiberglass Duct Wrap Insulation Market is Expected to Grow over $700 Million by 2024
Fiberglass Duct Wrap Insulation Market
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Fiberglass duct wrap insulation market is highly influenced by surging demand for heating and cooling systems from the commercial as well as residential application. Construction industry growth, rapid industrialization and changing climatic conditions are among the major factors driving industry growth.
Inclination towards energy conservative initiatives by the governments to reduce the overall energy consumption by the HVAC equipment will support the industry demand. For instance, U.S. government and DoE are focusing on eco-friendly insulating materials in HVAC equipment components to prevent higher electricity usage is expected to fuel fiberglass duct wrap insulation market revenue during forecast time frame.
The emerging countries are concentrating to prevent losses by the installation of insulating material in infrastructures such as residential housing, commercial building, and industrial application are propelling fiberglass duct wrap insulation market share.
Fiberglass Duct Wrap Insulation Market, By Type
1. With facings
2. Without facings
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With facings fiberglass duct wrap insulation market is expected to generate over 6% CAGR up to 2024. Increasing demand for with facings type owing to fire resistance property, fungi resistance along with insulating benefits in reducing heat losses, eliminates condensation in cold duct surfaces are key factors boosting fiberglass duct wrap insulation industry share.
Asia Pacific fiberglass duct wrap insulation market is expected to generate around USD 700 million by 2024. Growing economy, rapid industrialization and rising expenditure of commercial infrastructure are the among major drivers fueling demand for fiberglass duct insulation market. The regional growth is mainly driven by China, India, and Japan due to increasing demand for HVAC systems in commercial spaces fostering product demand.
Fiberglass duct wrap has major application in exterior ducting of HVAC systems. Commercial application of HVAC to provide thermal comfort, indoor air quality, and temperature control. Moreover, it also has key application includes humidity control, filtration, fresh air, and pressure control. To prevent heat loss during heating and cooling operation need better exterior insulating wrap positively supporting product demand. HVAC industry growth owing to increasing production facility expansion of manufacturing companies are fostering fiberglass duct wrap insulation market share.
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Global fiberglass duct wrap insulation market share is highly fragmented in nature due to the presence of internal as well as local manufacturers offering wide product range. Manson, Lamtec Corporation, Thermaire, GAF, Twiga, and Manson are major companies are focusing on strategic acquisition and collaboration to strengthen their market position.
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