The increasing awareness among the masses regarding energy conservation is one of the most essential drivers of fiberglass duct wrap insulation market. Considering the seriousness of the energy consumption scenario, HVAC system manufacturers have of late, begun to provide acoustic and thermal insulation with duct wrap. Though the initial cost of these duct insulators is a tad bit high, they are still deployed extensively, on account of their outstanding insulating capability and the ability to reduce unwanted heat loss from air conditioning and ventilating systems.
Armed with the intent to minimize the potential threats of hazardous air quality, major giants in fiberglass duct wrap insulation industry are proactively involved in product enhancement. Speaking of air quality, it is important to note that the demand for improving indoor air quality has led to the renovation of myriad commercial buildings across the globe. As HVAC systems provide uncontaminated and cleaner air, they are expected to observe a surge in demand, fueling fiberglass duct wrap insulation industry size in the forthcoming years.
U.S. Fiberglass Duct Wrap Insulation Market, By Application, 2017 & 2024, (Million Square Meters)
Many players in fiberglass duct wrap insulation market are continuously striving to deliver innovative products for enhancing the experience of customers. A few days before, one of the leading producers of filament fiberglass, Johns Manville made it to the headlines for planning to launch a novel product portfolio at the NPE2018. With a widespread application base spanning thermal, waterproofing, acoustic insulation, and glass fiber composites, Johns Manville has already been holding a competitive position in fiberglass duct wrap insulation industry. Following its example, most of the companies are striving to consolidate their position in this vertical with investments in product enhancement.
The main aim of product manufacturers is to the improve durability and energy-efficiency of buildings and provide a comfortable living and working environment. With consistent investments in innovative product development, manufacturers are this likely to better the future prospects of fiberglass duct wrap insulation market.
While speaking about the regional trends in fiberglass duct wrap insulation industry, the United States deserves a special mention. In the U.S., many well-known hospitals and healthcare centers are increasingly implementing sustainable design goals to facilitate a quality environment for the patients. In fact, some of the hospitals have received awards due to the deployment of green design solutions. The U.S. government has also set ASHRAE (American Society of Heating, Refrigeration, and Air-conditioning Engineers) mandate to maintain excellent indoor environmental quality in healthcare facility centers and hospitals.
In order to comply with ASHRAE, hospitals are now properly sealing the duct of HVAC systems with fiberglass duct wrap. Citing an instance, an Indiana-based hospital recently offered a contract to the Ohio-based player in fiberglass duct wrap insulation market, Alloyd Insulation Company, Inc. In this deal, the latter will install duct insulation and pipe insulation across the 11-storey hospital of approximately 1.3 million-square-feet. The escalating infrastructure development across the healthcare sector, especially in the developed countries, is poised to generate lucrative opportunities for fiberglass duct wrap insulation industry contenders over the years ahead.
The U.S. Department of Energy unveiled that in the last few years, in about 90% of new homes, cooling and heating duct systems have been deployed. In addition, these ducts have also been deployed in commercial buildings. The exponentially increasing investments in residential as well as commercial sectors is thus likely to provide profitable opportunities for fiberglass duct wrap insulation industry players. Further opportunities will also be on the cards, with the growing need of repairs and maintenance of these ducts.
Duct repair is an essential activity that results in improved safety, reduced fuel cost, and enhanced comfort. Having recognized the same, even customers are giving preference for immediate repair work. Heating and cooling duct systems often lose energy through air leakage via a small hole and cracks & experience heat loss through duct walls. In order to increase the energy efficiency of the refrigeration of air-conditioning systems, fiberglass insulation is used prominently in recent times – a trend that is augmenting fiberglass duct wrap insulation market outlook.
Nowadays, fiberglass duct insulation is quickly becoming one of the prominent components to be installed across commercial, industrial, and residential buildings for ventilating, heating, and air-conditioning systems. The growing need for comfort and high economic benefits are the main reasons behind the escalating deployment of fiberglass duct wrap for insulation. The presence of a regulatory framework supporting infrastructure development for enhancing the acoustical environment of buildings is a factor that is further slated to stimulate industry growth over the years ahead. Driven by the shifting trend toward energy efficiency, by the end of 2024, fiberglass duct wrap insulation market is expected to generate a revenue of more than USD 2 billion.