Cold Insulation Market Overview
Cold insulation is a procedure which enables the avoidance of energy leakages and the enhancement of energy efficiency. This technology is primarily used in systems such as HVAC and refrigerators. Furthermore, they also have a broad range of application in other industries such as oil & gas and chemicals. The global cold insulation market, as per the Market Research Future (MRFR) report, is set to expand at an impressive CAGR of 8% through the forecast period.
Many factors are fostering growth in the global cold insulation market size over the review period. Skyrocketing demand for energy efficiency and new technological developments to cater to such demand are contributing heavily to the ascension witnessed by the cold insulation market. Further, high energy prices are expected to fuel growth in the global cold insulation market to a great extent. Many big enterprises are looking at different ways to curb their expenses and hence, opt for this technology, driving the cold insulation market.
The global cold insulation market is anticipated to garner a market valuation of USD 5 million over the forecast period. Additional factors contributing to the market ascension include the stringent laws introduced by the government to curb high carbon emissions and the growing presence of experienced and skilled workforce. Lower manufacturing costs and higher awareness towards environment-friendly approach are estimated to promote the adoption of cold insulations on a larger scale.
Cold Insulation Market Segmentation
The global cold insulation market is segmented by applications, type, and region. Based on type, the global cold insulation market is segmented into polystyrene foam, phenolic foam, fiberglass, and polyurethane foam.
Based on application, the global cold insulation market is segmented into HVAC, oil & gas, refrigeration, and chemicals. The oil & gas segment accounted for the chief share of the cold insulation market owing to a rise in LNG transportation, cryogenic insulation demand. On the other hand, the chemical segment accounted for 22% of the cold insulation market in 2012, owing to a surge in the use of liquid forms of industrial gas in different applications such as surgery.
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Cold Insulation Market Regional Analysis
Based on region, the global cold insulation market is segmented into Asia Pacific, North America, Latin America, Europe, and the Middle East & Africa. Asia Pacific is expected to showcase significant market growth for cold insulation owing to the broad application of the same in chemical, refrigeration, oil & gas, and the HVAC market. Lower cost of setting up manufacturing units and cost-effective & skilled labor coupled with lower operating costs are all contributing heavily to the growth of the regional cold insulation market over the forecast period. Further, lower operating costs are anticipated to encourage new entrants to take advantage of expansion opportunities present in the region. Government policies present in several countries such as India, China, and Korea are promoting the production and adoption of cold insulation by introducing various favorable policies. China is anticipated to spearhead the country-specific cold insulation market in the region.
Additionally, North America is expected to upscale at an impressive rate over the forecast period. In North America, the US is projected to lead the country-specific cold insulation market. It held around 70% of the cold insulation market in North America in 2012. Further, the presence of many market giants in the country is providing an enormous scope of expansion for cold insulation in the region. Substantial investment in the research and development for technological development has fueled sizeable growth in the regional cold insulation market during the forecast period.
Cold Insulation Market Key Players
The report by MRFR has profiled many prominent market vendors present in the global cold insulation market including Bayer Material Science, Huntsman Corporation (U.S.), Evonik, BASF SE, Armacell International Holding Gmbh, The DOW Chemical Company, Owens Corning, Aspen aerogels, Dongsung Finetec Corp, Dow Chemicals, Certain Teed, and Kingspan Groups PLC.
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