According to the latest report by IMARC Group, titled "HVAC Insulation Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027," the global HVAC insulation market reached a value of US$ 4.1 Billion in 2021. A heating, ventilation and air conditioning (HVAC) insulation system is generally installed in buildings for maintaining the optimal temperature while providing thermal comfort to the space. Its basic design is a combination of a split-system air conditioner and a traditional furnace for ensuring a comfortable living environment for inhabitants. It comprises a heat generator, blower motor, combustion chamber, condenser coil or compressor, evaporator coil and thermostat system. It is widely utilized across high-rise offices, hospitals, apartment blocks, warehouses, industrial facilities and airports. The demand for HVAC insulation is rising across the globe due to the increasing need for preventing the risks of icing and overheating water vapor and condensation on cold surfaces.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global HVAC Insulation Market Trends:
The global market is primarily driven by an enhanced focus on sustainable development. Since HVAC insulation systems are manufactured using stone and glass wool that aid in improving the acoustic and thermal performance in a sustainable manner, this is providing an impetus to the market growth. In line with this, numerous initiatives have been undertaken by the governments of multiple countries for implementing strict regulations for minimizing energy consumption, thereby supporting the adoption of energy-efficient HVAC insulation systems across the globe. Moreover, continual technological advancements and the integration of artificial intelligence (AI) with HVAC insulation systems to enable scheduling using a mobile device are gaining widespread prominence among the end users. Furthermore, the rising integration of HVAC systems in automobiles for controlling the internal temperature and providing purified air in the vehicle cabin is creating a positive market outlook. Also, leading players are heavily investing in the deployment of consumer-friendly and customized systems in premium and luxury vehicles, which is positively influencing the uptake of HVAC insulation. Some of the other factors contributing to the market include rapid industrialization and extensive research and development (R&D) activities conducted by key players. On account of the aforementioned factors, the market is anticipated to reach a value of US$ 6.0 Billion by 2027, exhibiting a CAGR of 6.57% during 2022-2027.
- On the basis of the material type, the market has been segmented into glass wool, stone wool, phenolic foam, elastomeric foam and others.
- Based on the product type, the market has been classified into ducts, pipes and others.
- On the basis of the application, the market has been residential, commercial and industrial.
- Based on the region, the market has been divided into North America (the United States and Canada), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia and others), Latin America (Brazil, Mexico and others) and the Middle East and Africa.
- The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market. Some of these players include Arabian Fiberglass Insulation Company Ltd., Armacell International Holding GmbH, Compagnie de Saint-Gobain S.A., Fletcher Insulation Pty Limited, Glassrock Insulation Co. S.A.E, Johns Manville Corporation (Berkshire Hathaway Inc.), Kingspan Group Plc, Knauf Insulation Inc., Kuwait Insulating Material Manufacturing Co., L'ISOLANTE K-FLEX S.p.A., Owens Corning, PPG Industries Inc. and Rockwool International A/S.
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