The global HVAC insulation market is expected to reach USD 6.12 billion by 2027, witnessing 8.9% CAGR during the forecast period 2021-2027. The expansion in the construction industry, escalated HVAC system cell, implementation of stringent building codes and regulations to minimize energy consumption, mounting demand for thermal insulation for energy-efficient applications will drive the growth of the HVAC insulation market. The insulations help in minimizing ozone depletion, efficient cooling, effective sunlight screening, and good air quality for residential, commercial, and industrial constructions. The advantages of the HVAC insulation market are savings in cost, long operating life, sustained temperature, and extended warranties.
The COVID-19 pandemic has an adverse impact on the HVAC insulation market but the industry players are innovating their resources to shape and promote their products on a global scale. This will result in the enhancement of the client base.
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On the basis of application, the global HVAC insulation market is segmented into commercial, residential, and commercial. Among these applications, the commercial application accounts for the highest share during the forecast period owing to its high adoption in the sector and has more power output.
Geographically, North America Is anticipated to be the largest-growing region in the HVAC insulation market owing to the presence of a large automobile sector, growing investment in different power generation projects, tire manufacturing companies, and cosmetic companies. Moreover, the presence of major industry players will drive the growth of the HVAC insulation market in the region.
Key players operating in the HVAC Insulation Industry: Xiamen Goot Advanced Material Co., Ltd., L-ISOLANTE K-FLEX S.p.A., Saint Gobain S.A., PPG Industries Inc., Owen Corning Corporation, Rockwool International A/S, Kingspan Group plc, and Kuwait Insulating Material Manufacturing Co.
Source: VynZ Research
