HVAC Insulation Market Synopsis:
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 Analysis 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.
Global HVAC Insulation Market Segmentation:
The global HVAC insulation market, by type, has been segmented into glass wool, phenolic foam, stone wool, Expanded Polystyrene (EPS) foam, Polyisocyanurate (PIR), nitrile rubber, and others. Among these, the glass wool segment held the maximum market share in 2016 accounting for 27.28% share. It is anticipated to maintain its prominence over the next couple of years and expand at a CAGR of 8.17% during the review period.
Based on component, the HVAC insulation market is segmented into ducts, pipes, and others. The pipes segment accounted for 53.32% share of the market in 2016 and is anticipated to maintain its dominant position across the forecast period. It is also estimated that the segment is likely to register a comparatively higher CAGR of 7.80% across the review period.
The segmental assessment of the global HVAC insulation market, based on application, covers commercial, residential, and industrial. Among these, the commercial segment led the global market in 2016, capturing 43.16% share. The segment is anticipated to expand extensively in the years to come with rising commercial applications of HVAC solutions.
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.
Competitive Dashboard:
Saint Gobain S.A. (France), PPG Industries Inc. (U.S.), Rockwool International (Denmark), L'ISOLANTE K-FLEX S.p.A. (Italy), Armacell International S.A. (Luxembourg), GlassRock (Egypt), Knauf Insulation (U.S.), Kingspan Group Plc. (Ireland), Owen Corning Corporation (U.S.), Fletcher Insulation Pty Ltd. (Australia), and Kuwait Insulating Material Manufacturing Co. (Kuwait) are some of the important players of the global HVAC insulation market.
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