According to a new report published by Allied Market Research, titled,”Chimney Caps Market by Type and Application: Global Opportunity Analysis and Industry Forecast, 2018 – 2025,”the chimney caps market size was $112.1 million in 2017, and is expected to reach $128.0 million by 2025, growing at a CAGR of 1.6% from 2018 to 2025. In 2017, North America dominated the global market, in terms of revenue, accounting for about half of the share of the global market. A chimney cap which is also known as chimney shroud is a shield like structure which is installed on the chimney. It is basically a fireplace termination cap, which protects the inner chamber of chimney from water and other debris. It is majorly used in residential and non-residential sector to prevent the escape of burning particles from chimney pipe.
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The market for chimney caps is primarily driven by rise in inclination toward the concept of fireplace mantel decor in residential sector. The chimney cap restricts small animals and birds from entering and blocking sparks from leaving the chimney, reduction in heating & gas bill, provision of a pleasing look, and maintaining a dry chimney act as drivers for the market. However, the location where the chimney cap is fitted can cause decolorization of that region and allow the accumulation of creosote or soot, which may be a major restraint for the market. The higher investments in the residential construction and manufacturing sectors are expected to provide lucrative opportunities for the growth of the chimney caps market.
The report includes players such as Artis Metals Company Inc, Chim Cap Corp, Chimney King, Fireplace Essentials, GLL, HY-C, National Chimney, Olympia Chimney Supply Inc, OWENS CHIMNEY SYSTEMS Inc., and Stromberg.
Growing awareness about the beneficial usage of chimney caps such as restriction to entry of birds, squirrels, and other small animals inside the chimney and thereby the home through the fireplace is estimated to cater to the growth of the chimney caps market. Furthermore, increase in do-it-yourself (DIY) users in couple with easy installation of chimney caps is anticipated to encourage the market growth in the coming years. However, the inefficiency caused by chimney caps in heavy winter storms, snow and ice is expected to hinder the growth of the chimney caps market.
In 2017, Europe registered a significant growth rate in the chimney caps market and is expected to continue this trend during the forecast period, owing to increased focus toward adoption of chimneys in the residential sector. In addition, the single flue segment secured the highest share in the chimney caps market in 2017 and is expected to grow at a promising CAGR during the forecast period. In terms of application, residential sector is expected to contribute the highest market share in the coming years. Moreover, increase in emphasis on non-residential sector is expected to provide lucrative growth opportunities to small players in developing economies.
Key Findings of the Chimney Caps Market:
- In 2017, the single flue segment dominated the global chimney caps market, in terms of revenue, and is projected to grow at a favorable CAGR during the forecast period.
- The residential segment holds the dominant position in the market and is projected to grow at a suitable CAGR during the forecast period.
- Europe is projected to register a substantial growth rate in the upcoming years.
- In North America, U.S. accounted for the largest market share in 2017.
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