Fiberglass duct wrap insulation market is highly influenced by surging demand for heating and cooling systems from the commercial as well as residential application. Construction industry growth, rapid industrialization and changing climatic conditions are among the major factors driving industry growth.Fiberglass Duct Wrap Insulation Market is expected to generate strong demand owing to high operating temperature range from 400 F to 2500 F i.e. 400 C to 2100 C. It is highly effective when installed over sealed sheet metal ducts prevent heat transfer along with controlling moisture condensation. Thereby, these benefiting superior material property is anticipated to propel market demand during the forecast period.
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Inclination towards energy conservative initiatives by the governments to reduce the overall energy consumption by the HVAC equipment will support the industry demand. For instance, U.S. government and DoE are focusing on eco-friendly insulating materials in HVAC equipment components to prevent higher electricity usage is expected to fuel market revenue during forecast time frame.
The emerging countries are concentrating to prevent losses by the installation of insulating material in infrastructures such as residential housing, commercial building, and industrial application are propelling fiberglass duct wrap insulation market share.
Surging demand for fiberglass duct wrap insulating products owing to high heat loss reduction that saves energy bills in several industries. It is specially designed for application in exteriors of sheet metal heating, ventilation, and air conditioning ducts to facilitate building environment.
Fiberglass duct wrap has major application in exterior ducting of HVAC systems. Commercial application of HVAC to provide thermal comfort, indoor air quality, and temperature control. Moreover, it also has key application includes humidity control, filtration, fresh air, and pressure control. To prevent heat loss during heating and cooling operation need better exterior insulating wrap positively supporting product demand. HVAC industry growth owing to increasing production facility expansion of manufacturing companies are fostering fiberglass duct wrap insulation market share.
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With facings fiberglass duct wrap insulation market is expected to generate over 6% CAGR up to 2024. Increasing demand for with facings type owing to fire resistance property, fungi resistance along with insulating benefits in reducing heat losses, eliminates condensation in cold duct surfaces are key factors boosting fiberglass duct wrap insulation market share.
Commercial & industrial fiberglass duct wrap insulation market contributed more than 60% industry share in 2017. Rising infrastructure development including warehouses, supermarkets & hypermarkets, schools, colleges, shopping malls, caf?, and hotels are fueling product demand during forecast time frame. Hotter climate countries and rising global temperature are among key aspects stimulating usage of HVAC systems & components for thermal comforts assertively supporting product demand.
Asia Pacific fiberglass duct wrap insulation market is expected to generate around USD 700 million by 2024. Growing economy, rapid industrialization and rising expenditure of commercial infrastructure are the among major drivers fueling demand for fiberglass duct insulation market. The regional growth is mainly driven by China, India, and Japan due to increasing demand for HVAC systems in commercial spaces fostering product demand.
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Global fiberglass duct insulation market share is highly fragmented in nature due to the presence of internal as well as local manufacturers offering wide product range. Manson, Lamtec Corporation, Thermaire, GAF, Twiga, and Manson are major companies are focusing on strategic acquisition and collaboration to strengthen their market position.