CHICAGO, Nov 30, 2022 /PRNewswire/ — The Global “HVAC Insulation Market by Product Type (Pipes And Ducts), Material Type (Mineral Wool And Plastic Foam), End Use (Commercial, Residential And Industrial), And Region (NorthAmerica, EuropeAPAC, South America& MEA) – Global Forecast to 2027″, The global market size for HVAC Insulation is estimated USD 5.8 trillion in 2022 and is projected to reach USD 7.4 trillion by 2027, at a CAGR of 5.0% between 2022 and 2027.
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A HVAC system can be defined as a system that has three functions of heating, ventilation, and conditioning. To prevent heat loss, insulating material are used in the HVAC system installed in residential and non-residential buildings to maintain a healthy and comfortable indoor climate and ensure energy efficiency of that building. Various insulating materials used in this include mineral wool and plastic foams. These materials are mainly available in two types, pipes and ducts. Insulation is used in residential, commercial, and industrial buildings
In terms of value, ducts are estimated to be the largest market in the global HVAC Insulation market, by product type, during the forecast period.
Duct insulations are designed primarily to provide acoustic insulation to the ventilation system, but they also contribute to improving the thermal performance. Ductwork can be seen in every cooling and every HVAC system, whether commercial or residential. It has a major impact on the efficiency and comfort level of buildings. The demand for HVAC ducts is expected to increase across several commercial applications like hospitals, restaurants, and offices.
Mineral wool to register the highest CAGR during the forecast period
Mineral wool segment to witness a CAGR of 5.2% during the forecast period in HVAC Insulation market. The growth is attributed to the lightweight, high tensile strength, and excellent temperature controls are some of the properties driving the HVAC Insulation market. Additionally, mineral wool such as stone wool provides thermal, acoustic, and fire protection.
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Industrial is estimated to be the second-largest end-use by value in 2022
Industrial HVAC systems are an important part of structures in various industries like food & beverage, and pharmaceuticals, where safe and healthy building conditions are regulated with respect to temperature and humidity, using fresh air from outdoors. The HVAC systems employed for heating purposes are gas or oil-fired boiler or furnace, heat pumps, rooftop units, infrared radiation, among others. Common cooling sources include rooftop units, chillers, heat pumps, and air conditioners. In industrial facilities/buildings, the materials are used for insulating, air ducts, chilled water, among other applications.
Western Europe accounted for third largest region, by value, during the forecast period
In Western Europe, the HVAC insulation market is mainly dependent on the growth of the construction industry. The region has a strong industrial base in developed economies, such as the UK, France, Italyand Germany. The increasing necessity of safety and fire-resistance in industries of these countries are driving the demand for the HVAC insulation market in Europe. The region accounted for a market share of about 18% in the global HVAC insulation market, in 2021. The continued escalation of energy use in these developed countries has intensified the demand for energy-efficient solutions, including HVAC insulation.
The key market players profiled in the report include Knauf Insulation (US), Owens Corning Corporation (US), Rockwool International A/S (Denmark), Saint Gobain SA (France), Kingspan Group Plc. (Ireland), and Armacell International SA (Luxembourg).
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