Fiberglass Duct Wrap Insulation Market Present Scenario and Growth Prospects 2017-2024
Fiberglass Duct Wrap Insulation Market size will depict a positive outlook in near future. The product is a blanket of glass fiber that is laminated to a vapor retarder facing. It is widely used as an external insulator of commercial and residential heating, air conditioners and dual temperature ducts operating above 40-degree temperature. The insulation assures thermal performance, enhances comfort control, meets modal energy and mechanical codes and is easy to install.
Global construction industry is witnessing a growth over 3% annually. The product is deployed in the buildings to control heating caused by air conditioners and manufacturing activities. It gives moisture management and thermal comfort in domestic and commercial buildings. Upsurge in population has increased the construction of residential buildings, that is driving the fiberglass duct wrap insulation market.
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Global warming is further contributing in fiberglass duct wrap insulation market. Rising temperature has increased the usage of chimney and air conditioners. 2016 registered highest temperature record globally. Air conditioners sale is anticipated to depict above 5% CAGR in the forecast period, this will escalate the fiberglass duct wrap insulation market.
Supply chain of the fiberglass duct wrap insulation market instigates from raw material procurement. Its manufacturing process includes melting, fiber forming, curing, cooling and trimming. It is packed and transported to various distributors in different locations. It is installed in various building for commercial and domestic use. The product can be recycled or reused.
Restrains of fiberglass duct wrap insulation market are its operational snags such as it does not bridge the gap over ¼ inch. These gaps must be first bridged with good quality approved tape, that incurs additional cost and time in installation. If the ducts are not properly placed it can freeze or burst the material in which it is placed. Installation of the product should take place under a professional expert or else it can elevate carbon monoxide level in the surrounding.
Fiberglass duct wrap insulation market is segmented on the basis of type such as with and without facing. End user of the insulation is residential that include residential and commercial building such as cafés, hotels, super malls, warehouses. Various application are air conditioners, chimney, refrigerator, heaters, commercial and passenger vehicles.
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Asia Pacific, led by China and India with register a significant growth in the fiberglass duct wrap insulation market. Being the most populated countries globally, the need for residential buildings are surging, ultimately is rising the product demand. Pakistan is the fastest growing country in terms of population. Europe, especially London is amongst the places with largest number of office building. Growing number of commercial building in the country such as hotels, restaurants, shopping malls, retail outlets, and warehouses is boosting fiberglass duct wrap insulation market. Death Valley in North America is the hottest place in the world. Highest temperature in the field was recorded as 56.7 degree that instigate demand for air conditioner and chimney in the region. The region will witness decent growth in the forecast period and will drive the fiberglass duct wrap insulation market.
Significant producers in the fiberglass duct wrap insulation market are Owens Corning, Johns Manville, Monson, Knauf, Unifrax, IIG, Roxul, Techlite, Nomaco and Foster. The companies are investing highly in research and development for broader prospect and consistency. Owens Corning acquired Thermafiber, the acquisition provides the company with a broad portfolio encompassing fiber glasses and mineral wool products. Knauf acquired Guardian, a leading supplier of the product in the construction sector. The acquisition aims an important step to become global leader in energy efficiency. Johns Manville acquired IIG, the purpose of the acquisition was to expand the business and explore opportunities in the market to build strong brand position and expand product variety.
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