The global HVAC insulation market can touch USD 7,080.9 million by 2023 owing to investments in the construction sector. This can be attributed to increasing migration to cities and need for housing schemes to attain basic amenities. Furthermore, interest by nations to enhance their public infrastructure for increasing tourism and improving the sustainable living rate can boost the market demand.
Pune, India, July 02, 2019 (GLOBE NEWSWIRE) -- Heating, ventilation, and air conditioning (HVAC) systems are devices used for controlling the ambience of office spaces. It plays a huge role in providing heat and cooling air to residential, industrial, and commercial sectors. The global HVAC insulation market report on Wise Guy Reports (WGR) highlights pertinent trends and opportunities within.
According to Wise Guy Reports (WGR), the global HVAC insulation market size is touted to touch USD 7,080.9 million by 2023 at 7.42% CAGR from 2017 to 2023 (forecast period). It was previously valued at USD 4,317.7 million in 2016. Rise of infrastructural projects in commercial and residential sectors is one of the primary drivers of the market. High demand for energy-efficient solutions in the construction industry can spur market growth.
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The HVAC insulation market is driven by rising investments in the construction sector. Rise in foreign direct investments (FDI) in developing economies by real estate developers is likely to drive the demand for insulation solutions. This is exemplified by the growth in manufacturing and service sectors in Indonesia, Thailand, and Brazil. Moreover, development of commercial spaces and information technology spaces can be lucrative for the market. Refurbishing of public offices in the government sector is another driver of the HVAC insulation market.
Building information modeling software can be used in providing developers and the buyers a preview of complexes in the planning phase and make appropriate changes. This can drive the need for HVAC insulation units due to the green approach taken by builders to cater to energy-conscious consumers. Prefabricated buildings which has taken momentum in light of rapid construction strategies will offer a plethora of opportunities to players.
Aversion in making buildings energy-efficient by developers can pose a challenge to market growth.
The global HVAC insulation market is segmented by type, component, and application.
By type, it is segmented into glass wool, stone wool, phenolic foam, nitrile rubber, expanded polystyrene (EPS) foam, polyisocyanurate (PIR), and others. The glass wool segment accounted for 27.28% share in 2016. It can exhibit 8.17% CAGR during the forecast period due to inherent properties of thermal insulation, acoustic performance, lightness, and cost-effectiveness.
By component, it is segmented into ducts and pipes. Pipes held the larger share of 53.32% share in 2016 with a value of USD 2,302.3 million. It is purported to gain revenues at 7.80% CAGR during the assessment period. This can be credited to extensive usage of polypropylene and metal pipes. The latter is used in airports, malls, IT parks, and hotels. Polypropylene pipes, on the other hand, are primarily used in cooling systems, radiant heating, geothermal heat pumps, and earth loops.
By application, it is segmented into residential, industrial, and commercial. The commercial application accounted for 43.16% share in 2016 with a valuation of USD 1,863.4 million. The segment can accumulate significant revenue due to emphasis of green technologies to be implemented by developers. The use of polyurethane foams which provide environmental benefits in accordance to business models can propel segment growth.
Geographically, the global HVAC insulation market spans across Americas, Europe, Asia Pacific (APAC), and the Middle East & Africa (MEA).
The Americas is predicted to be lucrative for the HVAC insulation market thanks to mega infrastructural projects in the U.S. and Canada. The boom in the automotive sector in Mexico coupled with the recovery in the real estate sector in North America can bode well for the region.
The APAC region is predicted to exhibit a robust CAGR due to influx of investments and a spike in construction activities due to inclination of nations for building smart cities.
Key market participants in the HVAC insulation market include PPG Industries., Rockwool International, GlassRock, Owen Corning Corporation, Knauf Insulation, L'ISOLANTE K-FLEX S.p.A., Kuwait Insulating Material Manufacturing Co., Kingspan Group Plc., Saint Gobain S.A., Fletcher Insulation Pty Ltd., Armacell International S.A., and others.
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