Pune, India, Nov. 01, 2023 (GLOBE NEWSWIRE) -- According to our latest study on “Fiberglass Duct Wrap Insulation Market Forecast to 2030 – COVID-19 Impact and Global Analysis – by Type and Application” the fiberglass duct wrap insulation market size is expected to grow from US$1.64 Billion in 2022 to US$2.54 Billion by 2030; it is estimated to register a CAGR of 5.6% from 2022 to 2030. The report highlights key factors driving the fiberglass duct wrap insulation market growth and prominent players along with their developments in the market.
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Fiberglass duct wrap insulation has many advantages, such as thermal properties, sound control, energy conservation, and easy install and handling. Fiberglass duct wrap insulation helps reduce sound transmission when installed properly. These ducts wrap insulation products are designed for the exterior of rectangular or round sheet metal ducts.
The strong growth of the construction industry, along with the increasing focus on developing energy-efficient buildings, are driving the fiberglass duct wrap insulation market growth. Various government bodies across different countries are supporting the development of the residential construction sector. For instance, during the 14th Five-Year Plan (2021-2025) period, China has planned to add 6.5 million government-subsidized rental homes in 40 key cities to help an estimated 13 million people in need of affordable housing. To offer more comfort to the residents, near about 219,000 old residential communities built before the end of 2000 in urban areas will be renovated by 2025. China also announced a plan to mend rickety rural homes or upgrade those in earthquake-prone rural areas, while the housing provident fund is expected to cover more people in the workforce. In India, the Pradhan Mantri Awas Yojana (Urban) Mission launched in June 2015 intends to provide housing for all in urban areas by the year 2022. Moreover, launched in 2015, the Smart Cities Mission aims to develop 100 cities in India with comprehensive infrastructure, including affordable housing and the use of technology to improve security and safety. Further, in Saudi Arabia, Sakani was formed in 2017 by the Ministry of Housing and the Real Estate Development Fund to facilitate home ownership in the Kingdom by creating new housing stock, allocating plots and homes to nationals, and financing their purchase. Further, in recent years, there is a growing demand for green buildings. The construction industry is a resource-intensive industry, and constructing a building consumes a lot of natural resources. Hence, there has been an increase in demand for buildings that add aesthetic value to the location as well as the buildings are examples of sustainable development. Fiberglass duct wrap insulation continues to save energy throughout the life cycle of the HVAC system.
A few players operating in the global fiberglass duct wrap insulation market include Knauf Insulation, Johns Manville, Owens Corning, CERTAINTEED, Saint-Gobain Group, Smartclima, GAF., Lamtec Corporation, ISOVER, and Twiga. Players operating in the global fiberglass duct wrap insulation market focus on providing high-quality products to fulfill customer demand. Players operating in the global fiberglass duct wrap insulation market also focus on adopting various strategies, such as investment in research and development activities, new product launches, collaborations, and partnerships in order to stay competitive in the market. For instance, in 2018, Johns Manville released the first R-12 fiberglass duct wrap. The newly launched product is designed specifically to meet new code requirements set forth by the IECC in 2015 that mandate the use of R-12 insulation on ducts in unconditioned spaces in climate zones 5-8. Moreover, in 2020, Owens Corning launched a next-gen fiberglass insulation product made by PureFiber Technology. The product is non-combustible as per BS476-part 4, soft to the touch, less dust, and easy to use, cut, and split.
The report includes the segmentation of the fiberglass duct wrap insulation market as follows:
The global fiberglass duct wrap insulation market is segmented on the basis of type and application. Based on type, the fiberglass duct wrap insulation market is segmented into faced and unfaced. The fiberglass duct wrap insulation market is segmented based on application into residential, commercial, industrial, and others. By geography, the fiberglass duct wrap insulation market is broadly segmented into North America, Europe, Asia Pacific, the Middle East & Africa, and South & Central America. The North America fiberglass duct wrap insulation market is further segmented into the US, Canada, and Mexico. The market in Europe is subsegmented into Germany, France, the UK, Italy, Russia, and the Rest of Europe. The Asia Pacific fiberglass duct wrap insulation market is further categorized into China, India, Japan, Australia, South Korea, and the Rest of Asia Pacific. The fiberglass duct wrap insulation market in the Middle East & Africa is further segmented into South Africa, Saudi Arabia, the UAE, and the Rest of Middle East & Africa. The South & Central America fiberglass duct wrap insulation market is further categorized into Brazil, Argentina, and the Rest of South & Central America.
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Impact of COVID-19 Pandemic on Fiberglass Duct Wrap Insulation Market
The COVID-19 pandemic has adversely altered the status of the chemicals & materials sector and negatively affected the fiberglass duct wrap insulation market growth. The implementation of measures to combat the spread of the virus has aggravated the situation and negatively impacted the growth of various industries. Various industries have been adversely affected by the shut down of manufacturing facilities that led to disruptions in the value chain. This can be attributed to the sudden closure of national and international boundaries. The COVID-19 pandemic negatively impacted the growth of the construction industry in various countries. The construction industry in many regions faced challenges in procuring construction materials. The supply networks for building materials have also been disrupted. There was a successive increase in the prices of raw materials used in the construction industry. The pandemic negatively impacted the demand for fiberglass duct wrap insulation products from applications such as residential, commercial, industrial, and others. Construction activities in Europe were also affected by the pandemic in 2020. In Asia Pacific, the market for fiberglass duct wrap insulation was negatively impacted by the pandemic due to the reduced construction activities in the region.
However, as several countries have resumed their operations, companies from the manufacturing sector have resumed their operations to return their operations to the pre-pandemic levels. With this, the demand for fiberglass duct wrap insulation has risen globally. The increasing demand for fiberglass duct wrap insulation from the residential, commercial, and industrial construction sectors is driving the fiberglass duct wrap insulation market growth.
Go through further research published by The Insight Partners: (Purchase with 10% Instant Discount):
Thermal Insulation Market Forecast to 2028 - COVID-19 Impact and Global Analysis
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