HVAC Insulation Market size is expected to showcase significant growth over the projected period owing to the proliferating construction sector across the globe. The rising installation of HVAC systems in newly developed structures and buildings will further fuel the global HVAC insulation market expansion. The ability to provide thermal comfort along with superior indoor quality for commercial and residential building will positively influence the market size growth.
High disposable income and multiple features embedded in new systems offering superior performance are escalating the global HVAC insulation market share over the study timeframe. Increasing government support for the construction sector coupled with awareness to reduce energy consumption will proliferate the volume growth. However, the high costs associated with the installation and maintenance of the systems can limit the industry size.
Stringent government norms for energy efficient products and energy performance of the buildings in Europe will propel the product demand over the projected timeframe. Moreover, European Union enact multiple guidelines including Directive 2010/30/EU, Directive 2009/125/EC and Directive 2010/31/EU. These directives comprise measures for eco-design requirements, labelling and standard product information for the energy-related products. The guidelines also promote improving the energy performance of the building which is likely to augment product demand over the forecast duration.
Technological advancements in HVAC systems including dual fuel heat pump, energy analysis software and thermally driven air conditioning are escalating the volume size. Industry participants are engaged in new product launches to attract customers and expand their product portfolio. For instance, in June 2018, Rockwool International A/S showcased the launch of new DUCTROCK insulation. The new product embedded with fire-resistant materials finds application in multiple ventilation ducts that will stimulate the global HVAC insulation market growth from 2019 to 2025.
Based on material, glass wool will witness significant growth in the industry owing to the design flexibility and lower product cost. Enhanced recyclable and non-flammable properties will enhance the segment share. Phenolic foam will account for considerable share owing to the increased shock absorption, thermal efficiency and product durability. The high moisture resistance and lightweight features shall further accentuate the volume growth over the forecast timeframe. The installation of phenolic foam on exterior walls to improve the room insulation and performance will also escalate the segment size. Moreover, OEMs also focus on innovative technologies for reducing the product cost which shall enhance the volume growth.
Based on application, commercial segment is expected to register considerable growth owing to increasing usage of large HVAC systems in commercial buildings which majorly includes educational centers and offices. Large systems require high density of insulation material proliferating the segment growth. The residential segment will account steady growth due to the increasing urbanization along with construction activities across the globe. The rising preferences for comfort and luxury among middle class population is likely to propel the segment share. Additionally, industrial sector also requires high insulation in specific manufacturing operations to improve their product quality and reliability.
Asia Pacific shall account for significant share in the global HVAC insulation market size owing to the increasing industrial and construction sector in the region. Countries including China and India provide international investors with supportive FDI and trade policies. The rising population along with increasing product manufacturing units shall lead to increasing use of HVAC insulation in the region, which in turn will propel the industry growth over the forecast timeframe. Moreover, major construction projects in China including Beijing international airport expansion and Lingang New City will further influence the industry expansion.
Few of the key players in global HVAC insulation market include Johns Manville Corporation, Rockwool International A/S, Owen Corning Corporation, Knauf Insulation, Armacell International S.A. and Saint Gobain. Industry players are involved in strategic mergers & acquisitions to expand their revenue pockets. For instance, in May 2018, Armacell International S.A announced the acquisition of Guangdong De Xu Insulation Materials Co. Ltd. This acquisition will enhance the production capacity to cope up with the increasing consumer demands and strengthen the regional presence of the company.
The above information is provided on a regional and country basis for the following: