Fiberglass Duct Wrap Insulation Market Trends, Scope by 2031
The fiberglass duct wrap insulation market size is projected to reach US$ 2.64 billion by 2031 from US$ 1.70 billion in 2023. The market is expected to register a CAGR of 5.6% in 2023–2031. The rising focus on developing energy-efficient buildings is likely to remain a key fiberglass duct wrap insulation market trends.
Fiberglass Duct Wrap Insulation Market Analysis
The major factor driving the fiberglass duct wrap insulation market is the strong growth of the construction industry in developing countries. 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. 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. All these factors are boosting the growth of the fiberglass duct wrap insulation market.
Fiberglass Duct Wrap Insulation Market Overview
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.
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Fiberglass Duct Wrap Insulation Market: Strategic Insights
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Customize Research To Suit Your Requirement
We can optimize and tailor the analysis and scope which is unmet through our standard offerings. This flexibility will help you gain the exact information needed for your business planning and decision making.
Fiberglass Duct Wrap Insulation Market: Strategic Insights
Shejal
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Shejal will walk you through a 15-minute call to present the report’s content and answer all queries if you have any.
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Fiberglass Duct Wrap Insulation Market Drivers and Opportunities
Strong Growth of the Construction Industry, along with Increasing Focus on Developing Energy-Efficient Buildings
Various government bodies across different countries are supporting the development of the residential construction sector. For instance, during the 14th Five-Year Plan (2021-2031) period, China has planned to add 6.5 million government-subsidized rental homes in 40 key cities to help an estimated 13 million people in need of affordable housing. To offer more comfort to the residents, about 219,000 old residential communities built before the end of 2000 in urban areas will be renovated by 2031. China also announced a plan to mend rickety rural homes or upgrade those in earthquake-prone rural areas, while the housing provident fund is expected to cover more people in the workforce. Further, in recent years, there has been a growing demand for green buildings. The construction industry is a resource-intensive industry, and constructing a building consumes a lot of natural resources. Hence, there has been an increase in demand for buildings that add aesthetic value to the location as well as the buildings are examples of sustainable development.
Growing Demand from Middle East and Africa
The growing construction activities in the Middle East and Africa are expected to offer lucrative opportunities for market growth. In April 2016, Saudi Arabia launched its Vision 2031 to diversify its economy, modernize its administration, and introduce bold reforms in many sectors. Saudi Arabia is targeting to increase the contribution of its construction sector to the overall GDP. Due to its Vision 2031, the country’s construction market shows significant growth and offers lucrative potential.
Fiberglass Duct Wrap Insulation Market Report Segmentation Analysis
Key segments that contributed to the derivation of the fiberglass duct wrap insulation market analysis are type and application.
- Based on type, the fiberglass duct wrap insulation market is segmented into faced and unfaced. The faced segment held a significant market share in 2023.
- By application, the market is segmented into residential, commercial, industrial, and others. The commercial segment held a significant share of the market in 2023.
Fiberglass Duct Wrap Insulation Market Share Analysis by Geography
The geographic scope of the fiberglass duct wrap insulation market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South & Central America.
The Asia Pacific region holds a larger share of the global market. 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.
Fiberglass Duct Wrap Insulation Market Report Scope
Fiberglass Duct Wrap Insulation Market News and Recent Developments
The fiberglass duct wrap insulation market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. The following is a list of developments in the market for fiberglass duct wrap insulation and strategies:
- Johns Manville (JM), a global manufacturer of energy-efficient building products and engineered specialty materials and a Berkshire Hathaway company, announced today the release of the first-ever fiberglass duct wrap with an installed thermal resistivity rating of R-12: Microlite FSK. This Formaldehyde-free duct wrap 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. (Source: Johns Manville, Company Website/Press Release/2021)
- Owens Corning – an inventor and a leading global producer of fibreglass insulation, has launched next generation insulation product made by PureFiber Technology. (Source: Cooling India, Company Website/New Products/2021)
Fiberglass Duct Wrap Insulation Market Report Coverage and Deliverables
The “Fiberglass Duct Wrap Insulation Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:
- Market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
- Market dynamics such as drivers, restraints, and key opportunities
- Key future trends
- Detailed Porter’s Five Forces and SWOT analysis
- Global and regional market analysis covering key market trends, major players, regulations, and recent market developments
- Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments
- Detailed company profiles
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
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to segments covered.
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
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to country scope.
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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