Global Heating, Ventilation and Air Conditioning (HVAC) Insulation Market, By Material Type (Phenolic Foam, Flexible Elastomeric Rubber Foam (NBR), Extruded Polyethylene Foam (XPE), Polyurethane Foam (PUF), Stone wool, Glass wool, Ceramic Wool, Cellular Glass, Others), Product (Ducts, Pipes, Others), HVAC Lines (Cold Lines, Warm Lines, Heating Lines), Application (Residential, Commercial, Industrial) – Industry Trends and Forecast to 2029
Market Analysis and Size
The demand for heating, ventilation, and air conditioning (HVAC) insulation in the residential sector is primarily driven by the world's growing population, which leads to new installations. Maintenance and replacement services dominate the market in developed regions such as Europe and North America. Moreover, the escalating demand for energy-efficient data centers is also anticipated to aid the market popularity across the globe, thus leading to high traction during the forecast period.
Global Heating, ventilation and air conditioning (HVAC) insulation Market was valued at USD 4.10 billion in 2021 and is expected to reach USD 6.35 billion by 2029, registering a CAGR of 5.63% during the forecast period of 2022-2029. In addition to the market insights such as market value, growth rate, market segments, geographical coverage, market players, and market scenario, the market report curated by the Data Bridge Market Research team also includes in-depth expert analysis, import/export analysis, pricing analysis, production consumption analysis, and climate chain scenario.
Report Scope and Market Segmentation
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Report Metric
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Details
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Forecast Period
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2022 to 2029
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Base Year
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2021
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Historic Years
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2020 (Customizable to 2014 - 2019)
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Quantitative Units
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Revenue in USD Billion, Volumes in Units, Pricing in USD
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Segments Covered
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By Material Type (Phenolic Foam, Flexible Elastomeric Rubber Foam (NBR), Extruded Polyethylene Foam (XPE), Polyurethane Foam (PUF), Stone wool, Glass wool, Ceramic Wool, Cellular Glass, Others), Product (Ducts, Pipes, Others), HVAC Lines (Cold Lines, Warm Lines, Heating Lines), Application (Residential, Commercial, Industrial)
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Countries Covered
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U.S., Canada, Mexico, Brazil, Argentina, Rest of South America, Germany, France, Italy, U.K., Belgium, Spain, Russia, Turkey, Netherlands, Switzerland, Rest of Europe, Japan, China, India, South Korea, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific, U.A.E, Saudi Arabia, Egypt, South Africa, Israel, Rest of Middle East and Africa
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Market Players Covered
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Saint-Gobain. (France), Rockwool A/S (Denmark), PPG Industries Inc. (U.S.), Owen Corning (U.S.), Armacell (Luxembourg), Mitsubishi Electric Corporation (Japan), Fletcher Insulation (Australia), L'ISOLANTE K-FLEX S.p.A. (Italy), M&I Materials Limited (U.K), DAIKIN INDUSTRIES, Ltd. (Japan), Morgan Advanced Materials (U.K.), Corporate.Evonik (Germany), GlassRock (Egypt), Kingspan Group (Ireland), Knauf Insulation (U.S.), KCC CORPORATION (South Korea), Microtherm Sentronic GmbH (Belgium) and AVERY DENNISON CORPORATION (U.S.)
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Market Opportunities
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Market Definition
Insulation for heating, ventilation, and air conditioning (HVAC) insulation basically protects the building from extreme temperature fluctuations and provides a comfortable and healthy environment for residents. It also reduces the internal thermal load, reducing the risk of overheating and icing of water vapor, as well as condensation on cold surfaces. As a result, heating, ventilation, and air conditioning (HVAC) insulation is used in schools, hospitals, airports, and residential and commercial buildings all over the world.
Heating, Ventilation and Air Conditioning (HVAC) Insulation Market Dynamics
This section deals with understanding the market drivers, advantages, opportunities, restraints and challenges. All of this is discussed in detail as below:
Drivers
- Burgeoning Demand for Various Applications
The heating, ventilation, and air conditioning (HVAC) insulation is highly used in schools, hospitals, airports, and residential and commercial buildings all over the world. Aside from that, because it has a high level of acoustic and thermal performance, it is widely used in the automotive industry to reduce heat accumulation, improve fuel economy, and increase passenger comfort. This, along with rising demand for energy-efficient data centers, is expected to have a positive impact on the market.
Furthermore, the increasing disposable income of the consumers coupled with the awareness to reduce energy consumption will further propel the growth rate of heating, ventilation and air conditioning (HVAC) insulation market. Additionally, the growing number of preferences of thermal comfort and acceptable indoor air quality will also drive market value growth. The multiple features embedded in new systems offering superior performance are projected to bolster the growth of the market.
Opportunities
- Technological Advancements and Product Launches
The various technological advancements in heating, ventilation and air conditioning (HVAC) insulation systems such as dual fuel heat pumps, energy analysis software, and thermally driven air conditioning are pushing the market forward. Moreover, the new product launches are being undertaken by industry participants in order to attract customers and expand their product portfolio. For example, in June 2018, Rockwool International A/S announced the release of new DUCTROCK insulation. The new product, which is embedded with fire-resistant materials, will be used in a variety of ventilation ducts, thus generating growth opportunities and stimulating the market growth.
- Increased Government Regulations
Furthermore, increasing government support associated with energy efficient products further extends profitable opportunities to the market players in the forecast period of 2022 to 2029. For instance, in Europe, stringent government standards for energy efficient products and building energy performance will drive product demand over the forecast timeframe. Furthermore, the European Union enacts numerous guidelines, such as Directive 2010/30/EU, Directive 2009/125/EC, and Directive 2010/31/EU. The guidelines also encourage building energy efficiency, which is expected to boost product demand over the forecast period.
Restraints/Challenges
- Rising Requirement for Investments
The rising need for constant investment for the development of the heating, ventilation and air conditioning (HVAC) insulation will create hindrances for the growth of the heating, ventilation and air conditioning (HVAC) insulation market.
- Shortage of Skilled Professionals
The heating, ventilation and air conditioning (HVAC) insulation systems require fine-tuning and custom fabrication of parts during installation to function properly and avoid failure. As a result, professionals are required for heating, ventilation and air conditioning (HVAC) system installation. If the installation is not performed by professionals, the end user may have to pay more for repairs in the long run, or these systems may not function properly. The user is expected to incur additional costs as a result of the requirement for skilled labor. As a result, it may impede the implementation of the heating, ventilation and air conditioning (HVAC) insulation market.
- Low Awareness Regarding Energy Efficiency and Cost-effectiveness
In the case of heating, ventilation and air conditioning (HVAC) insulation systems, the awareness of the cost- and environment-related benefits of these systems is low; they are typically perceived to be expensive, posing a barrier to market penetration in developing economies. There is also a lack of understanding about energy-efficient HVAC systems. Therefore, the dearth of awareness about the energy efficiency and low cost is estimated to pose as a significant challenge for the heating, ventilation and air conditioning (HVAC) insulation market growth rate.
This heating, ventilation and air conditioning (HVAC) insulation market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the heating, ventilation and air conditioning (HVAC) insulation market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.
COVID-19 Impact on Heating, Ventilation and Air Conditioning (HVAC) Insulation Market
The outbreak of coronavirus wreaked havoc on every industry, including the heating, ventilation and air conditioning (HVAC) insulation market. As per the Associated Builders and Contractors data, the beginning of the year 2020 saw the most difficulties for nonresidential construction (ABC). The pandemic caused a 4.8% drop in the US economy in the first quarter of 2020. The Air Conditioning Contractors of America (ACCA) conducted a survey in March 2020 to learn how HVAC professionals felt about the market's future in the midst of the outbreak. Under this survey, the construction activities for hotels were expected to decline by more than 20% during the process, while recreational and amusement establishments were expected to decline by 13%, offices by 11%, retail by 8%, and education by 7%.
On the brighter side, the market is estimated to achieve moderate growth owing to the increased reliance of contractors on cloud-based technologies to allow their team to work from home and access everything. Companies such as N.E.T.R. Inc and Heating and Air, for example, provide free virtual maintenance calls. Homeowners and landlords can use Skype or FaceTime to speak with trained technicians who may be able to guide customers through minor repairs. These factors are estimated to aid the market is estimated to gain growth even during the pandemic.
Recent Development
- In February 2020, Johnson Controls has added wrap-around heat exchangers (WAHX) to its YORK Solution Indoor and Outdoor air-handling units. This newly developed product will assist the company in meeting an increasing demand for energy-efficient dehumidification methods with a small footprint.
- In March 2020, Gardner Denver's merger with Ingersoll Rand's Industrial segment was completed on February 29, 2020. The newly formed corporation, Ingersoll Rand Inc. With an expanded product portfolio, this newly merged company will have a significant dominance in the market for mission-critical flow control and industrial technologies.
- In February 2020, Comfort Systems USA, Inc. has agreed to purchase Starr Electric Company, Inc., based in Greensboro, North Carolina. Starr is a major force in North Carolina electrical contracting and related services, with extensive experience in the industrial, medical, and educational sectors. With the assistance of Starr's expertise, Comfort Systems will be able to expand their footprints.
Global Heating, Ventilation and Air Conditioning (HVAC) Insulation Market Scope
The heating, ventilation and air conditioning (HVAC) insulation market is segmented on the basis of material type, product, HVAC lines and application. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.
Material Type
- Phenolic Foam
- Flexible Elastomeric Rubber Foam (NBR)
- Extruded Polyethylene Foam (XPE)
- Polyurethane Foam (PUF)
- Stone wool
- Glass wool
- Ceramic Wool
- Cellular Glass
- Others
Product
- Ducts
- Pipes
- Others
HVAC Lines
- Cold Lines
- Warm Lines
- Heating Lines
Application
- Residential
- Commercial
- Industrial
Heating, Ventilation and Air Conditioning (HVAC) Insulation Market Regional Analysis/Insights
The heating, ventilation and air conditioning (HVAC) insulation market is analyzed and market size insights and trends are provided by country, material type, product, HVAC lines and application as referenced above.
The countries covered in the heating, ventilation and air conditioning (HVAC) insulation market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, Israel, Egypt, South Africa, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.
Asia-Pacific dominates the market in terms of market share and market revenue and will continue to flourish its dominance during the forecast period of 2022-2029. The market growth over this region is attributed to the prevalence of improved infrastructure along with growth of construction industry within the region.
North America on the other hand, is estimated to show lucrative growth over the forecast period of 2022-2029, due to the increasing regulations for the awareness regarding energy efficiency and growth of construction industry in the region.
The country section of the report also provides individual market impacting factors and changes in market regulation that impact the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.
Competitive Landscape and Heating, Ventilation and Air Conditioning (HVAC) Insulation Market Share Analysis
The heating, ventilation and air conditioning (HVAC) insulation market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to heating, ventilation and air conditioning (HVAC) insulation market.
Some of the major players operating in the heating, ventilation and air conditioning (HVAC) insulation market are
- Saint-Gobain. (France)
- Rockwool A/S (Denmark)
- PPG Industries Inc. (U.S.)
- Owen Corning (U.S.)
- Armacell (Luxembourg)
- Mitsubishi Electric Corporation (Japan)
- Fletcher Insulation (Australia)
- L'ISOLANTE K-FLEX S.p.A. (Italy)
- M&I Materials Limited (U.K)
- DAIKIN INDUSTRIES, Ltd. (Japan)
- Morgan Advanced Materials (U.K.)
- Corporate.Evonik (Germany)
- GlassRock (Egypt)
- Kingspan Group (Ireland)
- Knauf Insulation (U.S.)
- KCC CORPORATION (South Korea)
- Microtherm Sentronic GmbH (Belgium)
- AVERY DENNISON CORPORATION (U.S.)
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