HVAC Insulation Market is Projected to Reach USD 6.78 billion, at a 7.42% CAGR by 2030 – Report by Market Research Future (MRFR)
Market Research Future
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Market Research Future
HVAC Insulation Market Research Report By Type (Glass Wool, Stone Wool, Phenolic Foam), By Component (Pipes, Ducts), By Application (Residential, Commercial, Industrial) - Forecast till 2030
New York, US, Feb. 15, 2023 (GLOBE NEWSWIRE) -- According to a Comprehensive Research Report by Market Research Future (MRFR), “HVAC Insulation Market Research Report: Information by End-Use, Region, Component, and Type - Forecast till 2030”, the global HVAC insulation market is anticipated to show considerable development during the assessment era from 2022 to 2030 at a healthy growth rate of approximately 7.42%. The reports further anticipate the market to attain a substantially larger size of around USD 6.78 billion by the end of 2030.
HVAC Insulation Market Overview:
The global market for HVAC insulation has showcased immense development in recent years. The main parameter supporting the market development is the identification and collection of information by several international organizations like IEA, SEC, IMF, and other government and private websites assisting the players with useful technical and market-oriented insights. Furthermore, the growing energy conservation is causing an increase in the demand for energy-efficient HVAC insulation solutions, which is anticipated to catalyze the market's growth over the coming years. On the other hand, several aspects may restrict the performance of the market.
Competitive Analysis
The catalog for the leading participants across the global market for HVAC insulation includes players such as:
Kuwait Insulating Material Manufacturing Co. (Kuwait)
Moreover, the growing consumer awareness regarding energy conservation is also projected to boost the market's development over the assessment era. On the other hand, the market experienced limited growth due to the economic recession caused by the COVID-19 crisis.
HVAC Insulation Market USP Covered
Market Drivers
The global market for HVAC insulation has showcased immense development in recent years. The main parameter supporting the market development is the identification and collection of information by several international organizations like IEA, SEC, IMF, and other government and private websites assisting the players with useful technical and market-oriented insights. Furthermore, the growing energy conservation is causing an increase in the demand for energy-efficient HVAC insulation solutions, which is anticipated to catalyze the market's growth over the coming years.
Report Scope:
Report Metrics
Details
Market Size by 2030
2030: 6.78 billion
CAGR during 2022-2030
7.42% CAGR
Base Year
2021
Forecast
2022-2030
Report Coverage
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
Key Market Opportunities
Increasing Industrial Base In Emerging Economies
Key Market Drivers
Growth In Global Construction Industry
Growing Demand for Energy Efficient Solutions
Browse In-depth Market Research Report (112 Pages) onHVAC Insulation Market:
On the other hand, several aspects may restrict the performance of the market. The primary aspect imposing a challenge to the market's growth is the rising need for constant investment in the development of the HVAC insulation market.
COVID-19 Impact of HVAC Insulation Market:
The global health hazard in the shape of COVID-19 has had a massive impact on most industry sectors. Considering the rapid spread of the infectious disease, several governments across the globe announced partial or complete lockdowns for quite a long time. Consequently, the industry operations were halted, and some businesses shut down. Given the sudden fall in demand for vehicles and travel restrictions imposed, the HVAC insulation market faced several unexpected challenges during the pandemic. On the other hand, with the rapid vaccination rates and all the global industrial operations returning to normal, the market is anticipated to experience substantial development over the forecasted timeframe.
Among all the products, the EPS insulation product segment is predicted to ensure the top position across the global market for HVAC insulation over the review era. Expanded polystyrene is a lightweight and high-tensile plastic foam insulation made using rigid polystyrene pellets. The product is predicted to maintain the top position over the forecast period. On the other hand, the glass wool product segment is projected to generate the maximum growth rate over the coming years. it is made using sand. It has acoustic and thermal insulation properties, such as high tensile strength and low weight.
Among all the end-users, the construction sector segment is anticipated to hold the top spot across the global market for HVAC insulation over the review era. The main parameter supporting the segment's growth is the growing number of insulation-intensive buildings in urban areas. On the other hand, the transportation and residential construction sectors are anticipated to showcase the maximum growth rate over the coming years. The petrochemical industries and refineries are insulated for advantages such as condensation prevention, energy conservation, effective equipment or chemical reaction operation, maintaining a uniform temperature, heat gain/loss reduction, etc.
HVAC Insulation Market Regional Analysis
The global market for HVAC insulation is analyzed across five major geographies: the Middle East and Africa, Latin America, Europe, Asia-Pacific, and North America.
The MRFR analysis reports suggest that the North American region is predicted to ensure the top spot across the global market for HVAC insulation over the assessment era. The presence of countries like the US, Canada, and Mexico having massive automobile sectors is considered the main aspect causing an upsurge in the regional market's growth. Furthermore, the rising investments in several power generation projects, cosmetic companies, and tire manufacturing companies will likely boost the regional market's development over the coming years.
The European regional market for HVAC insulation is anticipated to showcase substantial development over the coming years. the growth of the regional market's performance is ascribed to the aspects such as increasing investment, the presence of a well-established technologically advanced infrastructure, and increased expenditure in private construction.
The Asia-Pacific regional market for HVAC insulation is anticipated to showcase the maximum growth rate over the coming years. the growth of the regional market is ascribed to the aspects such as increasing urbanization & industrialization along with the presence of emerging economies.
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