The major and underlying market drivers and trends associated with the growth of North America & GCC HVAC Insulation Market in the target regions includes the increasing construction activities.
Pune, India -- (SBWIRE) -- 12/12/2018 -- The North America & GCC HVAC Insulation Market Overview:
North America & GCC HVAC insulation wraps & tapes market is expected to reach 955 million square meters by the end of 2024 and is expected to grow at a CAGR of 6.2% during the market review period 2017-2024.
Heat, Ventilation, and Air Conditioning alias HVAC is the technology that offers thermal comfort by maintaining the temperature inside a building. The HVAC systems consist of various components, such as ducts, insulations, and sealing components, among others. Among the various components used in the HVAC systems, the insulation materials and sealing components are of sheer importance, which helps in enhancing the performance of an HVAC system by minimizing the heat losses. For better clarity, the report has been divided into wraps & tapes used in HVAC insulation and adhesives & sealants used in HVAC systems.
Some of the key players operating in the North America & GCC HVAC insulation market are 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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For better clarity, the report has been divided into wraps & tapes used in HVAC insulation and adhesives & sealants used in HVAC systems. The wraps & tapes and the bonding products, such as duct liner adhesives & duct sealants are the accessories used to optimize the energy consumption of HVAC systems by enhancing the R-value. The wraps & sheets in the HVAC systems help in preventing the heat and air losses and flow of air through the duct uniformly, whereas, the bonding products, such as tapes, and adhesives & sealants ensures zero leakages in the HVAC systems, which helps in optimizing the energy consumption and helps in obtaining additional LEED (Leadership in Energy and Environmental Design) credits in new constructions.
The types of wraps and tapes discussed in this report include aluminum foil laminates, polyethylene duct wraps, insulation jacketing tapes, Multi-Ply membranes, metal duct tapes, fiberglass duct tapes, aluminum insulation tapes, PVC tapes, corrosion control tapes, and reflective tapes among others. The sealing products, i.e. adhesives & sealants includes PVC adhesives, polyurethane foam adhesives, Waterbased adhesives, and duct sealants among others.
North America & GCC Insulation adhesives & sealants market is expected to be pegged at 456 KT by the end of 2024, expanding at a CAGR of 6.0% The major and underlying market drivers and trends associated with the growth of HVAC insulation market in the target regions includes the increasing construction activities on the shadow of a regaining economic stability in both regions. The economic crisis in the U.S which had an adverse effect on the housing and construction sector of the country is regaining its stability and expected to grow substantially in the years to come registering a high growth since 2007 of more than 6 %.
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In terms of revenue growth, the U.S. residential, commercial, infrastructure, and industrial & institutional construction is growing at a CAGRs of ~6.6%, 6.8%, 4.1%, 6.9%, and 4.4% in the coming years supported by urbanization and government initiatives such as Manufacturing Extension Partnership (MEP), and Telehealth Network Grant Program (TNGP) among others. Similarly, the regained confidence of oil prices in the GCC along with the upcoming mega-events like the EXPO 2020 in Dubai, FIFA 2022 in Qatar and megacities investments in Saudi Arabia has kick-started the construction sector in the GCC, which in turn is driving the market for HVAC insulation materials in the region.
The North America & GCC HVAC Insulation Market by Segments:
The North America & GCC HVAC insulation market is segmented as the type, application, and region.
On the basis of type, HVAC insulation market is segmented as Wraps, Tapes, and Adhesives & Sealants. Each type is further sub-segmented based on different types of products. HVAC wraps are further sub-divided into aluminum foil laminate, Multi-Ply membrane, insulation jacketing tapes, and polyethylene duct wrap among others. HVAC tapes are sub-segmented into metal duct tape, fiberglass duct tape, aluminum insulation tape, corrosion control tapes, reflective tapes, and PVC tapes among others. Adhesives & Sealants is sub-divided into PVC adhesives, polystyrene foam adhesives, and Waterbased insulation adhesives among others.
On the basis of application, the market is segmented as institutional, hospitals, office buildings, malls, airports, food & beverages, residential buildings, general commercial, warehouses, and lodging among others.
Based on countries, the North America & GCC market is divided into US, Canada, Saudi Arabia, UAE, Qatar, Kuwait, Oman, and Bahrain.
Geographically, the HVAC insulation market is segmented into North America and GCC; North America dominated the HVAC insulation market in terms of consumption.
In terms of growth, GCC will be growing at a rapid pace in terms of value and volume, owing to the burgeoning construction activities in the countries such as UAE, Saudi Arabia, and Qatar. However, North America is anticipated to retain its dominance through the forecast period.
In terms of value, North America HVAC insulation wraps & tapes market is anticipated to reach USD 1,518.0 million by the end of 2024 growing at a CAGR of 6.4% over the forecast period.