PUNE, India, June 28, 2016 /PRNewswire/ --
The report "HVAC Insulation Market by Type (Glass Wool, Stone Wool, Phenolic Foam, Elastomeric Foam and Others), by Application (Residential, Commercial, Industrial), by Region - Global Trends and Forecast to 2021", published by MarketsandMarkets, The market size is estimated to grow from USD 3.30 Billion in 2015 to USD 5.29 Billion by 2021, at a CAGR of 8.20%.
Browse 95 market data Tables and 70 Figures spread through 179 Pages and in-depth TOC on "HVAC Insulation Market"
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The market is driven by rising growth of the construction industry coupled with increasing demand of HVAC system in developed and developing countries. The Middle East & Africa is estimated to witness high growth during the forecast period between 2016 and 2021, whereas North America, Western Europe, and Asia-Pacific are expected to grow at a steady pace. The demand in the Middle East & Africa region is strengthened by the emerging markets, namely, UAE and Saudi Arabia.
Asia-Pacific: The Largest Market for HVAC Insulation
Asia-Pacific is currently the largest market for HVAC insulation. Significant growth in the building & construction industry of China, India, and Indonesia drives the demand of HVAC insulation in this region. Moreover, growing awareness for reducing energy consumption in buildings and imposition of stringent regulations to enhance energy efficiency of buildings in major countries such as Australia, Japan, and China drives the market.
Marine Industry: The Fastest-growing End-use Industry for Insulation Coatings
The marine industry is the fastest-growing market in terms of value for insulation coatings. The growing marine industry and considerable rise in the use of insulation coatings due to increasing need for protection of PCBs that function in harsh chemical environments are the key factors, driving the market in this segment.
Commercial buildings: The Largest Application of the HVAC Insulation Market
HVAC Insulations are used in various sectors in the building & construction industry such as residential, commercial, and industrial buildings. The commercial building industry segment accounted for the largest market share, in terms of value, in 2015. As commercial buildings are larger than the residential buildings, the HVAC systems installed in commercial buildings are also larger. Larger systems consume more insulation and consequently it incurs higher cost. The residential building industry is estimated to grow at the highest CAGR between 2016 and 2021 in terms of value among all the applications considered in the report. Population growth and increasing urbanization lead to the development of residential buildings, driving the demand of HVAC insulations in the residential building application.
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The key players in the HVAC Insulation Market are Saint Gobain S.A. (France), PPG Industries Inc. (U.S.), Owen Corning Corporation (U.S.), Rockwool International A/S (Denmark), Armacell International S.A. (Germany), Johns Manville Corporation (U.S), Xiamen Goot Advanced Material Co., Ltd. (China), L'ISOLANTE K-FLEX S.p.A. (Italy), Glassrock Insulation Co S.A.E (Egypt), Knauf Insulation (Belgium), Arabian Fiberglass Insulation Co., Ltd. (Saudi Arabia), Fletcher Insulation Pty Ltd. (Australia), Kingspan Group plc (Ireland), Kuwait Insulating Material Manufacturing Co. (Kuwait), Paroc Group OY (Finland), and other local players.
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