Fiberglass Duct Wrap Insulation Market Size, Report 2030

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.

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Fiberglass Duct Wrap Insulation Market: Strategic Insights

Fiberglass Duct Wrap Insulation Market

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  CAGR (2023 - 2031)

  5.60%
• Market Size 2023
  US$ 1.73 Billion
• Market Size 2031
  US$ 2.68 Billion

Market Dynamics

GROWTH DRIVERS

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FUTURE TRENDS

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OPPORTUNITIES

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Key Players

• Knauf Insulation
• Johns Manville
• Owens Corning
• CERTAINTEED
• Saint-Gobain Group
• Smartclima
• Lamtec Corporation
• ISOVER
• Twiga
• GAF

Regional Overview

• North America
• Europe
• Asia-Pacific
• South and Central America
• Middle East and Africa

Market Segmentation

Type

• Faced and Unfaced

Application

• Residential
• Commercial
• Industrial
• Others

Geography

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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)

Segmental Analysis:

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.

Regional Analysis:

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.

Covid-19 Impact:

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.

Fiberglass Duct Wrap Insulation Market Report Scope