As per the MRFR analysis, the North America & GCC HVAC insulation Market is growing at a rapid rate, and is anticipated to retain its demand growth over the forecast period to reach USD 3,495.4 million by 2024 end. The market growth is attributed towards the increasing construction activities in the respective regions, healthy recovery of U.S construction sector in line with favorable economic conditions and regaining crude oil prices in the Middle East region is pushing the construction activities in GCC. The North America & GCC Insulation wraps & tapes market is expected to exhibit a value CAGR of 6.63% during the forecast period, in terms of value, whereas, the HVAC insulation adhesives & sealants market is expected to exhibit a CAGR of 6.28% during the review period 2020-2027.

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Key Players:

Market Research Future (MRFR) recognizes the following companies as the key players in the North America & GCC HVAC insulation market: 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.

Segment Analysis

HVAC insulation wraps and tapes are the materials used for covering and jacketing of HVAC lines to prevent heat losses and leakages, which in turn minimize the energy consumption. There are different types of wraps used for covering insulation lines, such as aluminium foil laminate, polyethylene duct wrap, insulation jacketing tapes, and multi-ply membrane, among others. By wrap types, aluminium foil laminates accounted for the largest market share in terms of value and volume at 24.4% and 27.3%, respectively, owing to its vapor barring properties in the HVAC lines. It is followed by duct wraps and insulation jacketing tapes. The tapes are used for joining and sealing of joints in the HVAC lines, the various types of tapes used in HVAC applications include, metal duct tapes, fiberglass duct tapes, aluminium insulation tapes, corrosion control tapes, PVC tapes, and reflective tapes, among others. Metal duct tapes dominated the North America & GCC HVAC insulation wraps & tapes market with 24.4% value share in 2017. Metal duct tapes was valued at USD 187.3 million in 2017 and is projected to reach USD 290.1 million by the end of 2027, expanding at a CAGR of 6.45%.

HVAC insulation adhesives & sealants are the bonding materials used for preventing leakages from HVAC lines and ducts, which in turn, minimizes the energy consumption. There are different types of bonding products used for sealing insulation lines and ducts, such as PVC adhesives, polyurethane foam adhesives, and Waterbased adhesives, among others. Among the HVAC adhesives & sealants, polyurethane foam adhesives dominated the market value and volume with market shares of 35.5% and 35.1%, respectively, owing to its distinct properties as compared to its counterparts, such as superior sealing, uniform distribution, and cost reduction, can be attributed towards the dominance of polyurethane foam adhesives segment. In terms of growth, with rising environmental concerns and increasing demand for green HVAC bonding products, Waterbased adhesives & sealants is expected to exhibit a higher value CAGR of 6.75%, during the forecast period.

HVAC system is used widely in different constructions, such as commercial and residential. For better clarity, the HVAC insulation adhesives market application in construction is classified into malls, residential buildings, airports, official buildings, general commercial, institutional, hospitals, food & beverages, and warehouses, among others. Collectively, the penetration of HVAC insulation in commercial and infrastructure construction is on the higher end with HVAC insulation in malls dominating the market in the commercial and infrastructural constructions with a market value share of 18% valued at USD 175.2 million in 2017, which is followed by the residential buildings segment with a value share of 16.8% in 2017 valued at USD 163.5 million. Booming construction activities in the GCC region with optimistic oil prices and upcoming mega events in the region along with the regulations to replace old HVAC systems by new energy efficient ones in the region is expected to propel the HVAC insulation market in the region.

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The study was conducted using an objective combination of primary and secondary information including inputs from key participants in the industry. The report contains a comprehensive market and vendor landscape in addition to a SWOT analysis of key vendors.

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