Global HVAC Insulation market is projected to witness a CAGR of 7.27% to reach US$5.834 billion by 2022, increasing from US$4.108 billion in 2017. HVAC insulation system combines three major functions- heating, ventilation, and air-conditioning. The system provides thermal comfort and acceptable indoor air quality for end-use industries. Some of the key factors driving the market growth include booming construction industry and burgeoning demand for HVAC systems. Strict regulations and building codes for minimizing the energy consumption are further fuelling the demand for HVAC insulations across end-use industries.
By End-User Industry
Global HVAC Insulation market is segmented by the end-use industry as residential, commercial, and industrial. Commercial buildings accounted for the largest market share, in terms of value, in 2016. Commercial buildings such as offices, colleges, auditoriums, and others require larger HVAC systems. Increasing corporate profits and decreased office vacancy rates will boost the construction of new office buildings which, in turn, will bolster the growth of HVAC insulation market. Residential sector will witness the fastest growth at the highest CAGR during the forecast period owing to growing global population and rising purchasing power of people and expanding urbanization in developing countries.
Geographically, APAC region accounted for the largest share of global HVAC insulation market in 2016 due to growing construction industry in emerging economies such as China and India in the region. Moreover, rising awareness for reducing energy consumption along with the imposition of stringent regulations to enhance the energy efficiency of buildings in major APAC countries drives the APAC HVAC Insulation market. In India, the Energy Conservation Building Code (ECBC) sets minimum energy standards for new commercial buildings having a connected load of 100kW or contract demand of 120 KVA and above. Americas will also witness a considerable market growth due to favorable government initiatives such as Weatherization Assistance Program in North American countries to promote thermal insulation in low-income households group.
Prominent key market players in global HVAC Insulation market include Saint-Gobain, Owens Corning Corporation, PPG Industries, Rockwool International, Armacell International, Johns Manville Corporation, Knauf Insulation, Kingspan Group, and others. Industry players are investing heavily in R&D activities to expand their market share. Furthermore, they are actively engaged in new product development while improving their existing products and services portfolio to acquire new customers. Market players are launching new products that strictly adhere to energy regulations in various regions to gain a larger regional market share. In 2016, Johns Manville introduced three new rovings - Multistar® 566 for panel and fabric reinforcements, StarRov® 090 for reinforcement of composite profiles, and StarRov® 089 for reinforcements of styrene-free resins- to serve the building and construction, sporting goods, and wind energy markets.
In this report, Global HVAC Insulation market is segmented by type, by component, by end-use industry, and by geography:
By End-Use Industry
Europe Middle East and Africa
Middle East and Africa