MARKET FOR GROWTH
The global HVAC insulation market is estimated to reach $7bn by 2023.
Heating, ventilation, and air Conditioning (HVAC) systems are responsible for controlling the ambient environment at all major end-user sectors. HVAC insulation provides an ideal solution for the ducts and pipes to transfer the energy with negligible amount of losses. HVAC insulation improves the energy efficiency, fire safety, and acoustic performance of a building. The global HVAC insulation market is driven by the growth in the global construction industry and growing demand for energy efficient solutions. However, the market is subjected to witness hindrance due to the negligence and reluctance about making buildings energy efficient among the infrastructure developers.
According to Market Research Future, the governments of developed and developing nations, across all the world, are seen promoting and developing their construction sectors. The major emerging nations in the Asia Pacific region are the ones which are particularly bringing numerous reforms and regulations to boost their infrastructure and real estate market. Such growth is anticipated to augment the market growth for HVAC insulation. The Government of India recently announced some major policy initiatives, such as the approval of the Real Estate (Regulation and Development) Act 2016, which highly mandates the real estate developer to provide greater transparency in project marketing
and proper execution with the utilization of quality construction material. Moreover, amendment to the Benami Transactions Act, 100% deduction in profits for affordable housing construction, change in arbitration norms for construction companies, and many other prominent factors are expected to boost the construction industry in the country. Similarly, in China, the central policies on the housing schemes were relaxed, resulting in lowering the down payment ratio in 2016. Low-priced down payments have encouraged more homebuyers to borrow money from banks. This, in turn, has propelled the construction industry, which ultimately increased demand for the HVAC insulation across all major end-use sectors in the consecution industry.
Global HVAC insulation market was valued at $4bn in 2016 and is estimated to reach $7bn by 2023 with a CAGR of 7.42% over the forecast period. The market in the Middle East & Africa is growing. Due to developing infrastructure, the undeveloped market in this region and continuously increasing demand for the product has driven the growth of the market. However, the high cost of such technology and limited investment is expected to hinder the market growth.
The main influences on demand for insulation materials are various international building codes and regulations. While these regulations act as a catalyst for growth, they also impose limitations by restricting the use of certain materials in specific applications. Energy costs are another significant driver of the consumption of insulation materials. Energy costs are widely accepted as the prime motivator driving growth in insulation—both in commercial and residential applications— though other costs come into it as well, particularly in tightly managed projects or budgets. This is also true of production costs, of which energy often constitutes a large proportion, especially in the glass and mineral wool market, which uses considerable amounts of energy in furnaces and ovens.
Well-insulated residential construction is a cost-efficient as well as energy-efficient choice since it brings down cost generated by a heating or cooling system. Insulation is related to the interception of the passing of thermal energy between two objects from an area of higher heat assemblage to one of a lower heat concentration, thereby preserving heat in a specific layout. A building that is well-insulated saves inessential wastage and enables conservation of heat energy.
In institutional and commercial buildings, sustainability of construction is a comprehensive and exceedingly impor tant driving factor. Fundamental features affiliated with high-performance green buildings, including comfort of inhabitants, increased property values, high energy efficiency, and durability of materials, have boosted the preference for best practices in construction methods and materials. Some of these best practices include use of more efficient insulation systems, seamless monolithic roofing systems, and air barriers. Closed-cell spray polyurethane foam has been known to offer enhanced environmental performance and life-cycle analysis in addition to superior control of indoor environment and building enclosure.
The key players of global HVAC Insulation market are Saint Gobain S.A. (France), PPG Industries Inc. (U.S.), Owen Corning Corporation (U.S.), Rockwool International (Denmark), Armacell International S.A. (Luxembourg), L’ISOLANTE K-FLEX S.p.A. (Italy), GlassRock (Egypt), Knauf Insulation (U.S.), Fletcher Insulation Pty Ltd. (Australia), Kingspan Group Plc. (Ireland), and Kuwait Insulating Material Manufacturing Co. (Kuwait). References: https://www.marketresearchfuture.com/reports/ hvac-insulation-market-2072 https://www.grandviewresearch.com/industry-analysis/insulation-market