Global HVAC Insulation Market, By Type (Bare Metal, Drug Eluting, BVS), By Offering (Hardware, Software) By End User (Hospital, ASC, Cardiology Center) opportunities and forecast 2020-2027
Covid-19 Impact on HVAC Insulation Market:
The outbreak of the covid-19 has a severe and swift impact on the automobile and transportation industry. This is majorly due to the shutdown of assembly plants in the US, interruptions across Europe in large-scale manufacturing, and disruption in the export of Chinese parts. In addition to this, the industry is dealing with reduced demand across the globe due to changes in customer behavior and shifts in a supply-demand chain. A recent study shows a 39% decline in sales of automotive all over the world. Moreover, the nationwide lockdowns have substantially affected the transportation sector. Restrictions on transportation accounted for a 45 to 55% decline in public as well as private transport sectors.Market Overview
Heating, Ventilation, & Air Conditioning (HVAC) systems are largely accountable for controlling the ambient environment at major end-user sectors. HVAC insulation provides ideal solution for pipes and ducts to transfer the energy with insignificant amount of losses. The HVAC insulation progresses the fire safety, energy efficiency, and auditory performance of building. The HVAC insulation market is majorly driven by growth in global construction industry and the growing demand for the energy efficient solutions. Though, the market is exposed to witness the hindrance owing to the reluctance and negligence about making constructions energy efficient among infrastructure developers.
The governments of developed as well as developing nations, around the world, are seen extremely encouraging and developing the construction sectors. The emerging nations in Asia Pacific region are ones which are particularly bringing many reforms and regulations to increase their real estate and infrastructure market. Such development is projected to augment market growth for HVAC insulation.Segment Overview
The Government of India announced some key policy initiatives, including the approval of Real Estate (Regulation and Development) Act of 2016, which extremely mandates real estate developer to provide the greater transparency in the project marketing and the proper execution with utilization of high quality construction material. Furthermore, amendment to Benami Transactions Act, i.e. 100% deduction in the profits for reasonable housing construction, alteration in arbitration norms for the construction companies, and numerous other noticeable factors are anticipated to boost construction industry in the country.
Correspondingly, in China, central policies on housing schemes are relaxed, resulting in the lowering down payment ratio in the year 2016. Low-priced down expenses have stimulated more homebuyers to lent money from banks. Hence, this, in turn, has drove the construction industry, that has ultimately increased the demand for HVAC insulation in major end-use sectors in consecution industry.Regional Overview
North America is the region with largest regional revenue share. The region has observed phenomenal growth in construction industry. This has convinced the demand for the HVAC systems along with the insulation in the region. Europe grips marginal share in global HVAC insulation. Strong exports of the insulation material from European countries carries out concentration of manufacturers and suppliers in the region. This along with the strong private construction development induces demand for HVAC insulation.
Asia Pacific is fastest growing region for global HVAC insulation market. The APAC is marked with the increasing construction activities, coupled with the foreign investment in real estate development. The APAC offers lucrative prospects for global players, owed to the positive economic development and the increasing disposable income. This has increased the growth of HVAC insulation used in construction industry in cooling systems. The market in Middle East and Africa is growing. Owing to the developing infrastructure, undeveloped market in the region and unceasingly growing demand for product has driven growth of market. Competitor overview
The key policies adopted by the leading companies in the market includes expansions, product launches, acquisition, and collaborations.Key Players
- Saint Gobain S.A.
- PPG Industries Inc.
- Owen Corning Corporation
- Rockwool International
- Armacell International S.A.
- L'ISOLANTE K-FLEX S.p.A.
- Knauf Insulation
- Fletcher Insulation Pty Ltd.
- Kingspan Group Plc.
- Kuwait Insulating Material Manufacturing Co.
- Glass wool
- Phenolic foam
- Stone wool
- Elastomeric foam
- North America
- Rest of Europe
- South Korea
- Rest of Asia-Pacific
- Saudi Arabia
- Rest of LAMEA