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HVAC Insulation Market

Market Insights on HVAC Insulation covering sales outlook, demand forecast & up-to-date key trends

HVAC Insulation Market by Material Type, Application & Region - Forecast 2022 - 2032

HVAC Insulation Market Snapshot 2022 - 2032

According to the latest market survey conducted by Future Market Insights, the global HVAC Insulation market is relishing a market valuation of US$ 4.7 Bn in 2022 and is all set to expand with a CAGR of 5.7% during the 2022 – 2032 period. The market is anticipated to top a valuation of US$ 8.1 Bn by the end of the forecast period.

Market Size 2022

US$ 4.7 Bn

Market Size 2032

US$ 8.1 Bn

Value CAGR (2022-2032)

5.7%

Collective Value Share: Top 3 Countries (2022E)

40% – 45%

Heating, Ventilation, and Air Conditioning or HVAC insulation play a significant role in energy consumption for both commercial and residential buildings. As per the European Commission, buildings are responsible for 33% of global energy use and 39% of greenhouse gas emissions, and up to 80% of the energy used in buildings is consumed by HVAC. As a result, it is critical to ensure that effective HVAC insulation is installed in both industrial and commercial properties.

Buildings can improve their fire safety, energy efficiency, and acoustic performance by insulating their heating, ventilation, and air conditioning (HVAC) systems. In HVAC systems, insulation acts as a barrier against heat gain or loss. For instance, HVAC insulation serves to limit heat gains in heating lines while preventing heat loss from the system in cold lines.

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Historical (2017-21) Vs. Forecast (2022-32) Market Outlook

Over the period of time covered by the study (2017-2021), HVAC systems, and HVAC insulation have seen significant growth in their customer base across the globe. The market for HVAC insulation was recorded to grow at a phenomenal CAGR of 5.1% between 2017 and 2021, mostly due to the increasing demand for HVAC systems propelled by uncertain climatic changes.

Whereas, as per the latest survey conducted by FMI, the HVAC insulation market is expected to progress at a CAGR of 5.7% between 2022 and 2032. Rapid urbanization and growing industrialization have led to the increasing construction of residential and commercial buildings, which has significantly increased the installation of HVAC systems among these developed structures and buildings to provide thermal comfort along with superior indoor quality.

HVAC insulation helps in reducing the environmental footprint of buildings, offers great thermal comfort, creates a pleasant acoustic environment, and ensures fire safety. It also saves energy bills by preventing the energy from being wasted, as it reduced heat loss or heat gain, which is one of the major factors driving the global HVAC insulation market. The increasing government focus and implementation of stringent regulations towards enhancing the energy efficiency of industrial, commercial, and residential buildings also drive the global HVAC insulation market.

Market Dynamics

HVAC Insulation Has Been Shown to be Beneficial in the Residential and Commercial Buildings

Increasing disposable income, growing infrastructure development in developing economies of Asia-Pacific such as China, India, Indonesia, and Thailand, and a surge in the demand for HVAC insulations coupled with the awareness to reduce energy consumption are some of the major factors positively impacting the growth of the HVAC insulation market.

HVAC insulation is widely installed in residential and commercial buildings, airports, schools, hospitals, and other public and private facilities worldwide. In addition, it is frequently utilized in the automotive industry to decrease heat build-up, enhance fuel efficiency, and boost passenger comfort due to its high level of acoustic and thermal performance.

Stringent Government Regulations to boost HVAC Insulation Market

The demand for products will increase throughout the anticipated timeframe as a result of strict government regulations for energy-efficient products and the energy efficiency of buildings in Europe. Additionally, the European Union has passed a number of regulations, including Directives 2010/30/EU, 2009/125/EC, and 2010/31/EU. These guidelines include regulations for eco-friendly design, product labeling, and uniform product information for items related to energy. The rules also encourage enhancing a building's energy efficiency, which is projected to boost product demand over the forecast period.

Lack of Awareness Regarding Energy Efficiency and Cost-effectiveness

Heating, ventilation, and air conditioning (HVAC) insulation systems have poor market penetration among various developing economies due to a lack of product awareness of environment-related benefits and the cost- and of these systems. They are frequently thought of as expensive. Energy-efficient HVAC systems are likewise not well understood. The lack of knowledge regarding energy efficiency and low cost is therefore thought to present a significant decline in the growth rate of the heating, ventilation, and air conditioning (HVAC) insulation market.

However, growing technological advancements in HVAC systems and stringent government standards for energy-efficient products among various developing are expected to propel the growth of the global HVAC insulations market over the forecasted period.

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Principal Consultant
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Category-wise Insights

Why Glass Wool material type dominated the HVAC Insulation Market?

In 2022, the glass wool segment dominated the market, accounting for the majority of global revenue, and is expected to grow at the fastest CAGR among all HVAC Insulation material type. Glass wool contributes significantly to workplace safety by providing efficient thermal insulation, protecting workers from hot surfaces, and lowering energy consumption. Glass wool also provides excellent acoustic insulation, reduces noise pollution, and provides a safe working environment in noisy environments.

From 2022 to 2032, the Phenolic foam segment is projected to grow at a significant CAGR owing to its excellent thermal efficiency, product durability, and high shock absorption ability. The high moisture resistance and lightweight characteristics will also be expected to emphasize the volume expansion during the anticipated time period. The growth of the segment will increase with the installation of phenolic foam on outside walls to enhance the performance and insulation of the space.

Why Commercial application segment is faring well in HVAC Insulation Market?

The commercial segment is expected to dominate the global HVAC insulation market in 2022 and is expected to continue this dominance during the forecast period. Increased use of large HVAC systems in commercial buildings, primarily educational institutions and offices is the key factor propelling the demand for HVAC insulations in commercial applications.

Further, the residential segment is expected to grow at the fastest CAGR among all HVAC Insulation applications during the forecast period. Rapid urbanization, increasing consumer disposable income, and increasing demand for housing units are boosting the growth of the residential segment.

Region-wise insights

What are the future prospects for the HVAC insulation market in the Asia-Pacific region?

The market is expected to expand at the fastest rate in the Asia Pacific. Innovations and improvements in Asia's industrial and construction sectors are likely responsible for the significant growth of HVAC insulations in the region. In addition, the Asia-Pacific region is becoming increasingly important in terms of industrial and manufacturing industries.

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Competitive Landscape

The key players operating in the HVAC insulations market are focusing on expanding their production capacities and resources to meet the growing demand for HVAC insulations by establishing the new plant. Also, the key players are adopting collaboration & joint venture strategies to increase their presence and resources. Some of the key developments are as follows–

  • In June 2022, Armacell, has acquired the decommissioned plant of Knauf Ceiling Solutions GmbH & Co. KG in Münster, Germany to expand its production and warehouse facilities and to develop next-generation insulation products.
  • Similar development has been tracked by Future Market Insights in its latest market study.

Scope of the Report

Attribute

Details

Growth Rate

CAGR of 5.7% from 2022 to 2032

Base Year for Estimation

2021

Historical Data

2017-2021

Forecast Period

2022-2032

Quantitative Units

Revenue in USD Million, Volume in Tons and CAGR from 2022-2032

Report Coverage

Revenue Forecast, Volume Forecast, Company Ranking, Competitive Landscape, Growth Factors, Trends and Pricing Analysis

Segments Covered

  • Material Type
  • Application
  • Region

Regions Covered

  • North America
  • Latin America
  • Europe
  • East Asia
  • South Asia Pacific
  • Middle East and Africa

Key Countries Covered

  • US
  • Canada
  • Mexico
  • Brazil
  • Germany
  • U.K.
  • France
  • Italy
  • Spain
  • Russia
  • BENELUX
  • China
  • Japan
  • South Korea
  • India
  • ASEAN Countries
  • Australia
  • New Zealand
  • GCC Countries
  • Turkey
  • Northern Africa
  • South Africa

Key Companies Profiled

  • PPG Industries Inc.
  • Johns Manville Corporation
  • Owen Corning Corporation
  • Saint Gobain S.A.
  • Glassrock Insulation Co S.A.E
  • Johns Manville Corporation
  • Glassrock Insulation Co S.A.E
  • Rockwool International A/S
  • Xiamen Goot Advanced Material Co., Ltd.
  • Armacell International S.A.
  • Fletcher Insulation Pty Ltd.
  • Kingspan Group plc
  • Knauf Insulation
  • CSR Building Products Ltd
  • Arabian Fiberglass Insulation Co., Ltd.
  • Paroc Group OY
  • Kuwait Insulating Material Manufacturing Co.
  • Thermaflex

Market Segmentation

By Material Type:

  • Phenolic foam
  • Elastomeric Foam
  • Stone wool
  • Glass wool
  • Others

By Application:

  • Residential
  • Commercial
  • Industrial

By Region:

  • North America
  • Latin America
  • Europe
  • South Asia Pacific
  • East Asia
  • Middle East & Africa

Frequently Asked Questions

In 2022, the value of the global HVAC Insulation market reached over US$ 4.7 Bn

During the forecast period, the global HVAC Insulation market is estimated to expand at a CAGR of 5.7% during 2022-2032.

The global HVAC Insulation market is projected to reach US$ 8.1 Bn by the end of 2032.

The key players operating in the HVAC Insulation market are PPG Industries Inc., Saint Gobain S.A., Johns Manville Corporation, Rockwool International A/S, Kingspan Group plc, Owen Corning Corporation, and various others.

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Nikhil Kaitwade
Principal Consultant
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