North America & GCC HVAC insulation Market Size, Share, Growth, Analysis Forecast to 2027
As per the MRFR analysis, the North America & GCC HVAC insulation Market is growing at a rapid rate, and is anticipated to retain its demand growth over the forecast period to reach USD 3,495.4 million by 2024 end. The market growth is attributed towards the increasing construction activities in the respective regions, healthy recovery of U.S construction sector in line with favorable economic conditions and regaining crude oil prices in the Middle East region is pushing the construction activities in GCC. The North America & GCC Insulation wraps & tapes market is expected to exhibit a value CAGR of 6.63% during the forecast period, in terms of value, whereas, the HVAC insulation adhesives & sealants market is expected to exhibit a CAGR of 6.28% during the review period 2020-2027.
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Segment Analysis
HVAC insulation wraps
and tapes are the materials used for covering and jacketing of HVAC lines to
prevent heat losses and leakages, which in turn minimize the energy
consumption. There are different types of wraps used for covering insulation
lines, such as aluminium foil laminate, polyethylene duct wrap, insulation
jacketing tapes, and multi-ply membrane, among others. By wrap types, aluminium
foil laminates accounted for the largest market share in terms of value and
volume at 24.4% and 27.3%, respectively, owing to its vapor barring properties
in the HVAC lines. It is followed by duct wraps and insulation jacketing tapes.
The tapes are used for joining and sealing of joints in the HVAC lines, the
various types of tapes used in HVAC applications include, metal duct tapes,
fiberglass duct tapes, aluminium insulation tapes, corrosion control tapes, PVC
tapes, and reflective tapes, among others. Metal duct tapes dominated the North
America & GCC HVAC insulation wraps & tapes market with 24.4% value
share in 2017. Metal duct tapes was valued at USD 187.3 million in 2017 and is
projected to reach USD 290.1 million by the end of 2027, expanding at a CAGR of
6.45%.
HVAC insulation
adhesives & sealants are the bonding materials used for preventing leakages
from HVAC lines and ducts, which in turn, minimizes the energy consumption.
There are different types of bonding products used for sealing insulation lines
and ducts, such as PVC adhesives, polyurethane foam adhesives, and Waterbased
adhesives, among others. Among the HVAC adhesives & sealants, polyurethane
foam adhesives dominated the market value and volume with market shares of
35.5% and 35.1%, respectively, owing to its distinct properties as compared to
its counterparts, such as superior sealing, uniform distribution, and cost
reduction, can be attributed towards the dominance of polyurethane foam
adhesives segment. In terms of growth, with rising environmental concerns and
increasing demand for green HVAC bonding products, Waterbased adhesives &
sealants is expected to exhibit a higher value CAGR of 6.75%, during the
forecast period.
HVAC system is used
widely in different constructions, such as commercial and residential. For
better clarity, the HVAC insulation adhesives market application in
construction is classified into malls, residential buildings, airports,
official buildings, general commercial, institutional, hospitals, food &
beverages, and warehouses, among others. Collectively, the penetration of HVAC
insulation in commercial and infrastructure construction is on the higher end
with HVAC insulation in malls dominating the market in the commercial and
infrastructural constructions with a market value share of 18% valued at USD
175.2 million in 2017, which is followed by the residential buildings segment
with a value share of 16.8% in 2017 valued at USD 163.5 million. Booming
construction activities in the GCC region with optimistic oil prices and
upcoming mega events in the region along with the regulations to replace old
HVAC systems by new energy efficient ones in the region is expected to propel
the HVAC insulation market in the region.
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The study was
conducted using an objective combination of primary and secondary information
including inputs from key participants in the industry. The report contains a
comprehensive market and vendor landscape in addition to a SWOT analysis of key
vendors.
Market Research Future
(MRFR) recognizes the following companies as the key players in the North
America & GCC HVAC insulation market: Design Polymerics, Duro Dyne, Elgen
Manufacturing, CL Ward and Family, Ductmate, Hardcast (Carlisle), Polymer
Adhesives, RCD Corporation, ITW Polymers Sealants North America, Henkel
Corporation, Pidilite Industries Ltd., Bostik (ARKEMA GROUP), XCHEM
International L.L.C., and Delmon, among others.
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