Market Highlights
Global HVAC and Fire Protection Insulation Market is projected to grow at a high rate during the forecast period, primarily due to the increasing need for fire safety solutions and stringent government regulations. Moreover, increasing the increasing utilization of fire equipment in smart buildings and cities is expected to present a growth opportunity for the global HVAC and fire protection insulation market.
HVAC and fire protection insulation are used to protect the buildings against harsh environmental conditions such as extreme temperature conditions, dust, noise, fire, and air leakage. Proper insulation in the HVAC system also helps reduce heat gain or heat loss and provides a comfortable, safe, and healthy environment. These insulation systems also absorb the vibration generated by the system and help in preventing the spread of fire. The developments in the overall construction industry are expected to grow exponentially in the coming years, resulting in a surge in the demand for HVAC and fire protection insulation in the construction industry.
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The construction sector is one of the largest economic sectors contributing a considerable share toward the GDP. There are various building construction projects coming up. The renovation of existing buildings and new building construction in various countries of the region will witness significant investments. All these upcoming investments in the construction industry are likely to boost the growth of the global HVAC and fire protection insulation market. As per the Ministry of Commerce & Industry, Government of India, the Indian construction industry is expected to become the world’s third largest by 2022. Additionally, as per the Global Construction Perspectives and Oxford Economics (UK), the global volume of construction output is anticipated to grow by 85% to reach USD 15.5 trillion by 2030, especially in the US, China, and India. In the UK, in November 2020, Kier Group plc (UK) awarded a contract worth approximately USD 125 million to build Marylebone Square located in Central London, UK. The growth in the construction industry can be attributed to the improving global economic conditions and the increasing requirement from residential, commercial, and industrial sectors, which increased the demand for HVAC and fire protection insulation in the construction industry.
Moreover, fire protection has become an important part of enterprise safety, and enterprises must comply with the standards set by regulatory authorities. In the past few decades, there had been limited adoption of fire protection systems by enterprises; however, stringent regulations levied on the enterprises have compelled them to implement these systems on their premises. These enterprises usually depend on insulating materials, smoke detectors, smoke alarms, fire sprinklers, fire extinguishers, and other safety devices to protect their premises from fire. Additionally, the increasing loss of human lives and the need for safeguarding infrastructure have encouraged enterprises to invest in installing and maintaining fire protection systems on their premises. Thus, the increased investments in safety systems by enterprises are driving the growth of the global HVAC and fire protection insulation market during the study period.
The global market for HVAC and fire protection insulation is segmented based on type, application, end user, and region. By type, the HVAC and fire protection insulation market has been segmented into glass wool, stone wool, plastic foam, and others. By application, the HVAC and fire protection insulation market has been segmented into ventilation duct insulation, pipe insulation, and others. By end user, the global HVAC and fire protection insulation market has been segmented into industrial, commercial, and residential.
Market Research Analysis
In terms of region, the HVAC and fire protection insulation market is segmented into Europe, North America, and Asia-Pacific. Asia-Pacific dominates the HVAC and fire protection insulation market.
The HVAC and fire protection insulation market in Asia-Pacific is expected to register the largest share during the review period. It is expected to be the fastest-growing regional market for construction, with China, India, Vietnam, and Australia being the major country-level markets of the region. The growth in the development of new infrastructure and the improvement in financial conditions in this region have led to the growth of the construction industry and, consequently, the HVAC and fire protection insulation market. Moreover, the rapid industrialization and urbanization in emerging economies, such as China and India, are also boosting the growth of the HVAC and fire protection insulation market in the region. According to Concrete Asia, the ASEAN countries are expected to increase their budgets for residential, industrial, and infrastructural projects in the next five years. Rapid urbanization, rising investments in real estate, and increased government and consumer spending are expected to double the economic size of the ASEAN economies in the next 10–15 years, which will trigger the growth of the building and construction industry in the region. The growing construction industry is projected to propel the demand for HVAC and fire protection insulation in the region.
Scope of the Report
This study provides an overview of the global HVAC and fire protection insulation market, tracking two market segments across three geographic regions. The report studies key players, providing a five-year annual trend analysis that highlights the market size, and shares for North America, Europe, and Asia-Pacific. The report also provides a forecast, focusing on the market opportunities for the next five years for each region. The scope of the study segments the global HVAC and fire protection insulation market by type, application, end user, and region.
Key Players
The key industry participants in the global market for HVAC and fire protection insulation include Rockwell International A/S (US), Saint-Gobain (France), Kingspan Group (Ireland), Knauf Insulation (US), Armacell (Germany), PPG (US), L’ISOLANTE K-FLEX S.p.A. (Italy), GAF (US), Berkshire Hathaway, Inc. (US), Fletcher Insulation (Australia), Owens Corning (US), Broad Group (China), Beijing New Building Material (Group) Co., Ltd. (China), and BASF SE (Germany).
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