Air Duct Market Size to surpass $5.5 Bn by 2027
Published Date: June 30, 2021
Air Duct Market size is poised to reach USD 5.5 billion by 2027, according to a new research report by Global Market Insights Inc.
The rising need for infrastructure development in order to cater to the requirements of the growing population along with the rising standard of living in emerging countries will drive the consumption of air ducts.
Furthermore, urbanization is significantly contributing to the rising construction activities, especially in developing regions. The rapid rate of urbanization is considered to be a key growth enabling factor. This will be majorly applicable to low to middle-income countries as they are likely to experience a significant increase in the urban population. Additionally, the rising awareness of indoor air quality and the growing income potential of consumers in rural areas are further expected to fuel the growth of the urban population. Such trends will create the need for the development of infrastructure facilities, which will further augment the air duct market demand.
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On the other hand, the pandemic caused by the outbreak of the covid-19 disrupted the industrial supply chain and substantially impacted the product demand in 2020. The nationwide imposed lockdowns and alleviated spending on construction projects significantly hindered the market growth. However, the industry is expected to rebound with a promising growth rate in 2021 and then will showcase steady growth through 2027. The air duct market is likely to witness robust growth post-COVID-19 recovery owing to the changing mindset of people about air ventilation in buildings in order to curb the spread of coronavirus. Such trends will create the need for the development of infrastructure facilities, which will further foster the demand for air ducts.
Browse key industry insights spread across 200 pages with 235 market data tables & 28 figures & charts from the report, “Air Ducts Market Size By Material (Galvanized Steel, Aluminum, Fiberglass, Polymers), By Shape (Rectangular, Round, Oval), By Application (Office Spaces, Airport & Rapid Transit, Retail Stores & Shopping Complexes, Hospitality, Multiplex/Auditorium, Hospitals, Manufacturing), COVID-19 Impact Analysis, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2021 – 2027” in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/air-duct-market
Favorable properties of polymers will contribute to the industry growth
Polymers material segment is estimated to observe around 3.5% CAGR through 2027. The growth of the polymers segment is underpinned by its superior characteristics, owing to which, some of the polymers, such as polyurethane, PVC, and polyester, have gained significant attention from air duct manufacturers. For instance, polyurethane exhibits excellent insulation and mechanical strength, rendering the material to be highly used for ductwork.
Office spaces to dominate the product demand
The increasing spending on non-residential construction is significantly fueling the demand in the office spaces segment. The market division registered over 35% of the air duct market revenue share in 2020. Moreover, growth in the number of the middle class and working-class people along with the prospering high tech industry is set to increase the need for office space.
North America to witness significant growth
The North America air duct market size is projected to expand at more than 3.2% CAGR through 2027. The region has attracted several global players, turning it into a manufacturing hub and one of the fastest-growing markets. The region is anticipated to experience significant growth in terms of revenue driven by the rising investments in non-residential construction activities in the U.S. The growing airport expansion projects and the rising construction activities for office spaces, hospitals, retail stores, and shopping complexes are driving the regional demand.
Acquisitions and product launches to garner growth opportunities for industry players
The major air duct industry participants include M&M Manufacturing, Novaflex Group, Sisneros Bros. Mfg., Turnkey Duct Systems, Hennemuth Metal Fabricators, Tin Man Sheet Metal, Zinger Sheet Metal Co., SET Duct Manufacturing, Rubber World Industries LLC, Ruskin Titus India Pvt., Eastern Sheet Metal, DC Duct & Sheet Metal LLC, Thermaflex, Deflecto, LLC, Dundas Jafine, Inc.
Key air duct manufacturers are focused on strategic initiatives, such as new product launches, mergers, and acquisitions, in order to reinforce their industry foothold.
Kiran Pulidindi, Soumalya Chakraborty