[Research Report] The fiberglass duct wrap insulation market size is expected to grow from US$ 1,639 million in 2022 to US$ 2,539 million by 2030; it is estimated to register a CAGR of 5.6% from 2022 to 2030.
Market Insights and Analyst View:
Fiberglass duct wrap is a thermal and acoustical insulation blanket that is mainly used as external insulation on HVAC ducts. Fiberglass insulation has many advantages, such as cost-effectiveness and energy-efficient insulation. It also provides moisture and fire resistance while also dampening sound. Also, duct wrap insulation is lightweight and easy to install. Fiberglass duct wrap finds application in exterior sheet metal ducts where temperature and condensation need to be controlled. Fiberglass duct wrap insulation helps to reduce heat transfer in a properly designed and installed system. Fiberglass duct wrap insulation is manufactured with various facings and types. A few of the manufacturers in the global market are CertainTeed, Johns Manville, Knauf, and Owens Corning.
Growth Drivers and Challenges:
The major factor driving the fiberglass duct wrap insulation market is the strong growth of the construction industry globally. In India, the growth in construction activities is driven by continuing industrialization, urbanization, increasing population, growth in middle-class income, and the increase in infrastructural developments. According to the Department for Promotion of Industry and Internal Trade (DPIIT), foreign direct investments (FDIs) in the construction development sector and construction (infrastructure) activities stood at US$ 26.20 billion and US$ 27.92 billion, respectively, between April 2000 to March 2022. The government of India has given a massive push to the infrastructure sector by allocating US$ 130.57 billion in order to enhance the infrastructure sector. According to the India Brand Equity Foundation, the country is planning to spend US$ 1.4 trillion on infrastructure projects through the National Infrastructure Pipeline (NIP), from 2019 to 2023 to ensure sustainable development in the country. The government of India has also decided to come up with a single-window clearance facility to accord speedy approval of construction projects to boost the construction of buildings in the country. All these factors contribute to the strong growth of the construction industry in India. The construction industry is the best prospective industry sector for Mexico. The Mexican construction industry is growing due to economic growth and public investment in infrastructure projects. Mexico is also moving rapidly towards green and environmentally-friendly construction activities. The construction industry in the country has embraced the green building movement. In the past few years, the construction sector in Indonesia has been a growth driver. The rapidly urbanizing population is driving the demand in the construction sector in the country. In addition, the growth in population and increase in government spending on infrastructure are major drivers for the construction market in Indonesia. Further, in Brazil, the construction sector is a key contributor to gross domestic product (GDP) growth. The construction market in Brazil offers key opportunities for foreign multinational companies expanding into Latin America. All these factors are boosting the growth of the fiberglass duct wrap insulation market. However, the presence of substitute products is expected to hamper the growth of the global fiberglass duct wrap insulation market. The alternative products for fiberglass duct insulation are urethane foam, vinyl insulation, and wood insulation.
Report Segmentation and Scope:
The “Global Fiberglass Duct Wrap Insulation Market” is segmented based on type, application, and geography. Based on type, the market is segmented into faced and unfaced. The market is segmented based on application into residential, commercial, industrial, and others. The market, based on geography is segmented into North America (US, Canada, and Mexico), Europe (Germany, France, Italy, UK, Russia, and Rest of Europe), Asia Pacific (Australia, China, Japan, India, South Korea, and Rest of Asia Pacific), Middle East & Africa (South Africa, Saudi Arabia, UAE, and Rest of Middle East & Africa), and South & Central America (Brazil, Argentina, and Rest of South & Central America)
Based on application, the market is segmented into residential, commercial, industrial, and others. The commercial segment held a significant fiberglass duct wrap insulation market share and is expected to register significant growth over the studied period. Different commercial properties usually have a larger carbon footprint. Hence, commercial buildings generally need more powerful HVAC systems. They also require more extensive duct systems. These duct systems play an important role in building-wide energy inefficiency. Further, rising commercial construction activities is also positively impacting the market growth for the commercial segment.
Based on geography, the market is divided into five key regions: North America, Europe, Asia Pacific, South & Central America, and Middle East & Africa. The global market was dominated by Asia Pacific. Asia Pacific market includes countries such as Australia, China, India, Japan, South Korea, and the Rest of Asia Pacific. The region dominated the market due to rising demand for energy-efficient buildings. Moreover, the growing residential, commercial, and industrial construction activities are also boosting the market growth in Asia Pacific. China is a major contributor to the fiberglass duct wrap insulation market growth in Asia Pacific. In China, the market growth is driven by the growing construction industry and the increasing adoption of HVAC systems in commercial and industrial buildings.
Industry Developments and Future Opportunities:
Various initiatives taken by the key players operating in the fiberglass duct wrap insulation market are listed below:
- 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.
- 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 COVID-19 pandemic affected almost all industries in various countries. Lockdowns, travel restrictions, and business shutdowns in North America, Europe, Asia Pacific (APAC), South & Central America (SAM), and the Middle East & Africa (MEA) hampered the growth of several industries, including the chemicals and materials industry. The shutdown of manufacturing units of companies disturbed global supply chains, manufacturing activities, and delivery schedules. Various companies witnessed delays in product deliveries and a slump in sales of their products in 2020. The negative impact of the pandemic on the construction industry negatively impacted the fiberglass duct wrap insulation market growth. The COVID-19 pandemic has caused a delay in most ongoing construction projects and reduced the productivity of the construction industry. Due to the reduced construction activities worldwide, the demand for construction products in different residential, commercial, industrial, and infrastructural applications has been reduced. The pandemic has disturbed manufacturing processes due to restrictions imposed by government authorities in various countries. The increased raw material prices posed major challenges for companies in the market. The construction industry in North America also experienced the tremors of disturbed supply chains and limited operational efficiencies. The construction industry has been adversely impacted by the COVID-19 pandemic in the US. The pandemic has brought unprecedented impacts such as labor shortage, suspension and cancellation of projects, and disrupted supply and logistics on the US construction industry. Due to all these factors, the demand for fiberglass duct wrap insulation has reduced in the region.
Governments of various Asia Pacific countries announced country-wide lockdowns to restrict the spread of SARS-CoV-2, which has a direct impact on the growth of the industrial sector. In Asia Pacific, the fiberglass duct wrap insulation market was negatively impacted by the pandemic due to the reduced construction activities from residential, commercial, and industrial sectors. Various construction and engineering projects have been negatively affected in various ways by the COVID-19 pandemic in Asia Pacific.
However, various industries are coming on track after supply constraints affecting these industries are resolving gradually. Moreover, the rising demand for fiberglass duct wrap insulation from various application sectors is substantially promoting the fiberglass duct wrap insulation market growth.
Competitive Landscape and Key Companies:
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 market focus on providing high-quality products to fulfill customer demand. Players operating in the 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.
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
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to segments covered.
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
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to country scope.
1. Knauf Insulation
2. Johns Manville
3. Owens Corning
5. Saint-Gobain Group
7. Lamtec Corporation
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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