Global HVAC Insulation Market to Accrue $8.83 Billion by 2030, Registering a CAGR of 6.12%, with North America Leading the Industry Due to Technological Advancements, Estimates Kings Research
DUBAI, UAE, Jan. 23, 2024 /PRNewswire/ -- As per the recent release published by Kings Research, the Global HVAC Insulation Market value was recorded at USD 5.49 billion in 2022 and is estimated to grow to USD 8.83 billion by 2030, exhibiting a 6.12% CAGR through the projected period of 2023-2030. The market shows promise for the future due to various factors such as rising energy expenses, stringent construction regulations, and a growing emphasis on sustainability. As the market progresses, certain trends are emerging, including the use of environmentally friendly and high-performance insulation materials, the incorporation of smart HVAC technologies, and an increased awareness of indoor air quality. The market is projected to witness a shift toward innovative materials such as aerogels and vacuum insulation panels, with a rise in retrofitting projects for existing buildings.
HVAC insulation encompasses the essential functions of heating, ventilation, and air conditioning, with the ultimate goal of ensuring comfortable indoor environments and maintaining satisfactory indoor air quality for various types of buildings, including residential, commercial, and industrial structures. The increasing need for energy-efficient thermal insulation solutions and the ongoing growth of the construction sector are significant factors contributing to the rising demand for HVAC insulation. Moreover, rising awareness toward reducing energy consumption in buildings has further propelled the growth of the market for HVAC insulation.
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Trending Now: Governor Hochul Initiates Construction on $67 Million Public Housing Project in Troy
On March 30, 2023, Governor Kathy Hochul declared the commencement of construction for the John P. Taylor Apartments in the City of Troy. This initiative involved the transformation of a deserted public housing complex into a cutting-edge $67 million downtown waterfront development. The forthcoming seven-story mixed-use structure is set to house 141 affordable apartments and retail space on the ground floor. It replaces the original towers of the complex, which were demolished in 2022 after remaining vacant for over a decade. The project will incorporate cutting-edge energy efficiency elements, such as an all-electric HVAC system, enhanced insulation, and an energy recovery ventilation system.
Competitive Landscape
Major businesses in the global HVAC insulation industry are emphasizing product innovation in order to maintain their standing in the competitive landscape. For instance, Rockwool introduced its NyRock stone wool technology in the UK in July 2022. This innovative product provides the UK market with the lowest lambda stone wool insulation option. NyRock is created using a newly patented manufacturing method and boasts an impressive thermal conductivity of just 0.032W/mK.
Key companies operating in the global HVAC insulation market include:
- Saint-Gobain Group
- Armacell
- Owens Corning
- Knauf Insulation
- Johns Manville. A Berkshire Hathaway Company
- Kingspan Group
- Fletcher Insulation
- GlassRock.com
- IKO Industries Ltd.
- ROCKWOOL A/S
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The global HVAC Insulation Market is segmented as:
By Type
- Glass wool
- Elastomeric foam
- Stone wool
- Phenolic foam
- Others
Rising Popularity of Glass Wool HVAC Insulation to Aid HVAC Insulation Market Progress
On the basis of type, glass wool accounted for the largest share in the global HVAC insulation market in 2022. This segmental growth is primarily driven by its diverse range of properties, making it an ideal choice for insulation purposes. Glass wool offers exceptional thermal insulation, remarkable acoustic efficiency, lightweight construction, and cost-effectiveness, all while promoting environmental sustainability.
Glass wool plays a crucial role in ensuring workplace safety through its effective thermal insulation properties, which protect workers from hot surfaces and help reduce energy consumption. Additionally, glass wool is highly effective in providing acoustic insulation, thereby minimizing noise pollution and creating a safe working environment, particularly in noisy settings.
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By Application
- Residential
- Commercial
- Industrial
Growing Adoption of HVAC Insulation in the Residential Sector to Boost Market Growth
In terms of application, the residential segment is expected to lead the global HVAC insulation market through the projection period. The segment is expanding due to an increase in economic growth and anticipated enhancements in the standard of living in the coming years, which is expected to lead to a significant rise in the demand for residential construction in developing countries. Additionally, homeowners opt to insulate their HVAC systems as insulation helps maintain steady temperatures, enhances comfort, and improves the air quality inside buildings. Moreover, insulation aids in reducing energy consumption offers fire protection, and minimizes unwanted noise generated by HVAC systems.
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Soaring Energy Costs to Bolster Demand for HVAC Insulation
The increase in energy costs is one of the main factors driving the global HVAC insulation market's growth. Rising energy costs have made it necessary for both the commercial and residential sectors to look for low-cost methods of improving building energy efficiency. HVAC insulation is essential to this effort as it reduces heat transfer and maintains desirable interior temperatures, which lowers the energy consumption of heating and cooling systems as a whole.
As the focus on cost savings and sustainable practices grows among consumers and industries, there will be an increasing need for HVAC insulation solutions that are both effective and contribute to energy conservation and long-term financial advantages. This rising demand is likely to drive innovation in materials and techniques related to HVAC insulation.
North America to Dominate HVAC Insulation Market Due to Growing Use of Advanced Technologies
North America is expected to lead the market in the foreseeable future. The domestic market is experiencing significant growth primarily due to technological advancements in HVAC insulation solutions within the region. With a focus on energy-efficient construction practices and the use of cutting-edge technologies such as aerogels and vacuum insulation panels, North America has emerged as a leader in the worldwide HVAC insulation market.
The demand for high-performance insulation products is increasing on account of government incentives and regulatory measures that aim to encourage sustainable construction. Moreover, the emphasis on upgrading current buildings to enhance energy efficiency in the area has resulted in a significant increase in the need for HVAC insulation solutions. Moving forward, North America is predicted to retain its leading position in the HVAC insulation market, supported by continuous advancements in technology, growing consciousness of environmental issues, and the integration of intelligent systems into insulation solutions.
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Key Points from TOC:
Chapter 1 Introduction of The Global HVAC Insulation Market
1.1 Market Definition
1.2 Market Segmentation
1.3 Research Timelines
1.4 Limitations
1.5 Assumptions
Chapter 2 Executive Summary
Chapter 3 Research Methodology
3.1 Data Collection
3.2 Subject Matter Expert Advice
3.3 Quality Check
3.4 Final Review
3.5 Bottom-Up Approach
3.6 Top-down Approach
Chapter 4 Global HVAC Insulation Market Outlook
4.1 Market Evolution
4.2 Overview
4.3 Market Dynamics
4.4 Pricing Analysis
4.5 Porter's Five Forces Analysis
4.6 Value Chain Analysis
4.7 Macroeconomic Analysis
Chapter 5 Impact of Russia-Ukraine War
Chapter 6 Global HVAC Insulation Market, By Type
Chapter 7 Global HVAC Insulation Market, By Application
Chapter 8 Global HVAC Insulation Market, By Component
Chapter 9 Global HVAC Insulation Market, By Geography
Chapter 10 North America
Chapter 11 Europe
Chapter 12 Asia Pacific
Chapter 13 Middle East & Africa
Chapter 14 Latin America
Chapter 15 Global HVAC Insulation Market Competitive Landscape
15.1 Overview
15.2 Key Developments
15.3 Key Strategic Developments
15.4 Company Market Ranking
15.5 Regional Footprint
15.6 Industry Footprint
Chapter 16 Company Profiles
16.1 Saint-Gobain Group
16.1.1 Key Facts
16.1.2 Financial Overview
16.1.3 Product Benchmarking
16.1.4 Recent Developments
16.1.5 Winning Imperatives
16.1.6 Current Focus & Strategies
16.1.7 Threat from competition
16.1.8 SWOT Analysis
16.2 Armacell
16.2.1 Key Facts
16.2.2 Financial Overview
16.2.3 Product Benchmarking
16.2.4 Recent Developments
16.2.5 Winning Imperatives
16.2.6 Current Focus & Strategies
16.2.7 Threat from competition
16.2.8 SWOT Analysis
16.3 Owens Corning
16.3.1 Key Facts
16.3.2 Financial Overview
16.3.3 Product Benchmarking
16.3.4 Recent Developments
16.3.5 Winning Imperatives
16.3.6 Current Focus & Strategies
16.3.7 Threat from competition
16.3.8 SWOT Analysis
16.4 Knauf Insulation
16.4.1 Key Facts
16.4.2 Financial Overview
16.4.3 Product Benchmarking
16.4.4 Recent Developments
16.4.5 Winning Imperatives
16.4.6 Current Focus & Strategies
16.4.7 Threat from competition
16.4.8 SWOT Analysis
16.5 Johns Manville. A Berkshire Hathaway Company
16.5.1 Key Facts
16.5.2 Financial Overview
16.5.3 Product Benchmarking
16.5.4 Recent Developments
16.5.5 Winning Imperatives
16.5.6 Current Focus & Strategies
16.5.7 Threat from competition
16.5.8 SWOT Analysis
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