- Rise in residential and non-residential construction globally, growing awareness of the beneficial usage of chimney caps, affordable price of chimney caps, and their ease of installation are expected to drive the growth of the global chimney caps market
PORTLAND, Oregon, March 14, 2019 /PRNewswire/ -- Allied Market Research recently published a report, titled, Chimney Caps Market by Type (Single Flue and Multi Flue) and Application (Residential and Non-residential): Global Opportunity Analysis and Industry Forecast, 2018 - 2025. The report provides an in-depth analysis of the key winning strategies, drivers & opportunities, market share, key segments, and competitive landscape. According to the report, the global chimney caps market garnered $112.1 million in 2017 and is expected to reach $128 million by 2025, registering a CAGR of 1.6% from 2018 to 2025.
Rise in awareness of the benefits of chimney caps such as prevention of rainwater, birds, and animals from entering the chimney, reduction in heating & gas bills, and maintenance of a dry chimney with these chimney caps; their easy installation for residential do-it-yourself (DIY) users; affordability; and high adoption of the caps in residential and non-residential sectors drive the market growth. However, disadvantages of such chimneys such as regular maintenance and their working inefficiency in some weather conditions as well as strict government regulations related to chimneys restrain the growth of the market. Conversely, growing investments in the construction and manufacturing sectors are expected to provide opportunities for the growth of the market.
Single-flue segment to dominate, multi-flue to grow the fastest through 2025
Among types, the single-flue segment accounted for more than half of the market share in 2017 and would maintain its dominance through 2025. This is due to the growing awareness about the valuable usage of single-flue chimney caps such as affordability, and easy installation in residential sectors such as homes. However, the multi-flue segment would register the fastest CAGR of 1.9% from 2018 to 2025.
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Residential segment to be dominant through 2025
Among applications, the residential segment captured nearly two-thirds of the market share in 2017 and would maintain its dominance through 2025. However, the non-residential segment is likely to grow at the fastest CAGR of 1.7% through the forecast period.
North America to be dominant through 2025
The market in North America contributed nearly half of the total market share in 2017 and is anticipated to continue its dominance through 2025. This is due to the presence of key manufacturing companies and large investment in the chimney manufacturing sector. However, Europe would also grow at the fastest CAGR of 2.0% from 2018 to 2025. The other regions analyzed in the market study include Asia-Pacific and LAMEA (Latin America, Middle East, and Africa).
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The key market players analyzed in the report include Artis Metals Company Inc., Chim Cap Corp, Chimney King, Fireplace Essentials, GLL, HY-C, National Chimney, Olympia Chimney Supply Inc., Owens Chimney Systems Inc., and Stromberg. These companies have implemented various strategies including expansions, mergers & acquisitions, partnerships, joint ventures, collaborations, and others to gain a stronghold in the industry.
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