DUBLIN — The global HVAC insulation market is forecast to reach an estimated $5.2 billion by 2021 and is projected to grow at a compound annual growth rate (CAGR) of 5.2 percent from 2016 to 2021, according to a report from Research and Markets. The major drivers of growth for this market are the growth in HVAC systems and government regulations to increase energy efficiency.
The emerging trends that are having an impact on the industry include increasing demand for high-temperature insulation and the growing use of eco-friendly materials.
Saint-Gobain, Kingspan Group, Owens Corning, Knauf Insulation, and Johns Manville are among the major suppliers of HVAC insulation. Some of these companies are also pursuing mergers and acquisitions as strategic initiatives for driving growth.
The duct component segment is expected to show above average growth during the forecast period.
Within the HVAC insulation market, the residential end-use segment is expected to remain the largest market by value and volume. Growth in demand for HVAC systems and increasing awareness of energy efficiency are the major factors anticipated to spur growth for this segment over the forecast period.
More information on the report, “Growth Opportunities in the Global HVAC Insulation Market,” is available here.
Publication date: 11/28/2016