The global HVAC insulation market size is estimated to reach USD 5.29 billion by 2021 at a CAGR of 8.20%
With the rising per capita income, the standard of living is also increasing, which further translates to the rising demand for comfort and safety requirements among consumers. HVAC system is among these key requirements, which maintains internal ambience and comfort of a building.
However, a huge amount of energy is required to run the HVAC system of a building. Therefore, insulation of the HVAC system is a key remedy to reduce the energy consumption of HVAC system in order to improve energy efficiency of the building.
HVAC insulations are used in various applications, such as residential, commercial, and industrial buildings. In 2015, the commercial segment accounted for the largest market share among all the applications, in terms of value, due to the larger size of HVAC systems used in these buildings and their consequently higher cost. Among all the applications, residential is estimated to register the highest CAGR between 2016 and 2021 in terms of value.
In 2015, Asia-Pacific is estimated to account for the largest market share, and is estimated to remain the market leader during the forecast period. High growth of the construction industry in China, India, Indonesia, and Australia resulted in an increased demand for HVAC insulation in both residential and non-residential building applications.
This growth is further supported by the increasing energy efficiency awareness in the emerging countries of Asia-Pacific. China accounted for the largest market share in this region due to the huge construction industry of the country. Other emerging economies, such as India, Indonesia, UAE, and Saudi Arabia are the markets which are projected to grow rapidly.
The key companies profiled in this market research report are
- Arabian Fiberglass Insulation Co., Ltd. (AFICO) - Armacell International S.A. - Fletcher Insulation Pty Ltd. - Glassrock Insulation Co S.A. - Kingspan Group PLC - Knauf Insulation - Kuwait Insulating Material Manufacturing Co. (KIMMCO) - Lisolante K-Flex S.P.A. - Owens Corning Corporation - PPG Industries Inc. - Paroc Group OY - Rockwool International A/S - Saint-Gobain S.A. - Xiamen Goot Advanced Material Co.