The changing dynamics in HVAC Insulation Market with covid-19 impact assessment
The unexpected shifts in the global markets because of the sudden outbreak of the COVID-19 virus have brought many major and minor tremors to industries of all sizes including the HVAC Insulation Market.
HVAC Insulation Market Insights
HVAC Insulation Market is likely to witness an impressive CAGR of 10.2% during the forecast period. The major factors driving the global HVAC insulation market are the burgeoning construction industry and the growing demand for HVAC systems. Adding a fresh paint, the implementation of stringent regulations and building codes for minimizing the energy consumption is further bolstering the demand for HVAC insulations during the forecast period.
Market Share Analysis
HVAC Insulation Market Share: By Type
Based on the type, the market is segmented as mineral wool, plastic foams, and others. The glass wool HVAC insulation sub-segment of the mineral wool’s segment captured the largest share of the market in 2018, owing to its low cost, easy availability, and extensive application areas. On the other hand, the phenolic foam sub-segment of the plastic foams’ segment is estimated as the fastest-growing type of HVAC insulation, driven by its remarkable properties, such as low thermal conductivity, extremely low flammability, lightweight, and ease of transportation, handling, and installation.
HVAC Insulation Market Share: By Application Type
Based on the application type, the market is segmented as residential, commercial, and industrial. The commercial application segment accounted for the largest share of the market in 2018, among all the applications. The residential application segment is expected to witness the highest growth during the forecast period.
HVAC Insulation Market Share: By Region
In terms of regions, Asia-Pacific, North America, Western Europe, Central & Eastern Europe, the Middle East, Africa, and Latin America are considered to be the major markets for HVAC insulations. The Asia-Pacific region is leading the global HVAC insulation market. The increasing demand for HVAC insulations in this region is mainly driven by its titanic building construction infrastructure. North America is estimated as the second-largest consumer of HVAC insulations, globally. The market in this region is mainly propelled by the growing construction industry and the stringent government regulations to embolden energy efficiency. The Middle East and Africa are estimated as the faster-growing regions, owing to the various building infrastructural projects, in the offing, in the UAE and the increasing cognizance of energy efficiency in the UAE and Saudi Arabia.