Air Conditioner Foil Market To Grow At Highest Pace Owing To Technological Advancements
Author : Ashwini cmi | Published On : 07 Mar 2024
These foils primarily serve as barriers between coils and ensure efficient heat transfer from condensers or evaporators to the surrounding air. They are composed of polymers such as polyethylene, polypropylene, or fluoropolymers.
The Global air conditioner foil market is estimated to be valued at US$ 6.59 Bn in 2024 and is expected to exhibit a CAGR of 9.1% over the forecast period 2024 to 2030.
Key Takeaways
- Key players such as 3M, Nouryon, and Chase Corporation account for over 30% of the global market share due to their extensive product portfolios and geographical reach.
- Growing replacements and installations of new air conditioning units driven by rising incomes and changing weather patterns have increased the demand for air conditioner foils. Asia Pacific accounts for over 40% of the global demand.
- Technological innovations facilitating features such as self-adhesion, noise dampening, and corrosion resistance in foils have improved product efficacy and strengthened their market position.
Market Trends
- Thinner and lighter foils reducing the weight and bulk of air conditioning units without compromising performance are gaining popularity. Companies are investing in material science research for developing advanced polymers.
- Multifunctional foils with additional benefits such as sound insulation and antimicrobial properties cater to the increasing demand for sustainable and healthy indoor climate solutions.
Market Opportunities
- Growing sales of automotive, residential, and commercial air conditioners in developing economies offer lucrative opportunities. Regional players are strengthening distribution networks in these markets.
- Foils designed specifically for inverter and variable-speed air conditioning technologies can better maximize energy savings. This presents opportunities for innovations matching technological advancements.
Impact of COVID-19 on Air Conditioner Foil Market
The COVID-19 pandemic has significantly impacted the growth of the global air conditioner foil market. During the initial phases of the pandemic, many countries imposed strict lockdowns and restrictions on manufacturing activities to curb the spread of the virus. This led to the temporary closure of production facilities of major AC foil manufacturers. The disruption in the supply chain further exacerbated the shortage of raw materials across multiple industries including air conditioners. The reduced demand from commercial and residential sectors owing to social distancing norms and lockdowns also negatively influenced the market.
However, with gradual easing of restrictions post Q3 2020, the manufacturing sector witnessed a steady revival. The demand also rebounded faster than expected, especially in summer seasons of 2020 and 2021, as people aimed to improve indoor air quality by using air conditioners. Many countries also implemented stimulus packages to boost their economies. This provided a boost to the construction of new residential and commercial buildings which utilizes AC foils. Major players also modernized their production facilities with advanced automation to meet the growing demand while maintaining safety protocols. Going forward, accelerated shift towards smart networked homes focusing on indoor air quality is expected to drive higher uptake of air conditioners augmenting the market.
North America Air Conditioner Foil Market
In terms of value, North America accounted for the largest share in the global air conditioner foil market. The United States held the major chunk of the North America market owing to high usage of central air conditioners across both residential and commercial establishments. Additionally, higher disposable incomes in countries like the US and Canada have increased adoption of advanced smart AC systems integrated with voice assistants and connectivity features. This offers huge potential for AC foils manufacturers. The region also has a strong presence of major market players who continuously invest in innovations and capacity expansions to leverage growth opportunities. Stringent government regulations regarding energy-efficiency further augment product demand.
Fastest Growing Region for Air Conditioner Foil Market
Asia Pacific is projected to be the fastest growing region for the global air conditioner foil market during the forecast period of 2024 to 2030. Rapid urbanization, economic development, rising count of nuclear families and increasing per capita incomes across developing Asian countries such as India, China, Indonesia etc. have boosted sales of air conditioners. This has positively impacted the consumption of AC foils. Additionally, Asia Pacific is a major manufacturing hub for air conditioners with presence of international brands as well as local manufacturers. This amplifies the demand for AC foils from the region. Extensive R&D investments by key players catering to Asia Pacific are also supporting the market expansion. Growth of Southeast Asian countries at a brisk pace further provides scope for high market opportunities.
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