Cold Insulation Market is valued at USD 5.7 Billion in 2022 and is expected to reach USD 9.65 Billion by 2029 with a CAGR of 7.83% over the forecast period.
The material or a combination of two or more materials used to prevent heat loss or heat gain to conserve the valuable energy is referring as insulation material. The thermal insulation is used for conservation of energy and similarly cold insulation is used for the temperature below the ambient threshold which is capable of moisture intrusion, preventing condensation, and long-term degradation of material. Cold insulation material is a closed structure which is used to avoid wicking in a system where it is installed by acting as a barrier to heat flow. These materials are used in a wide range of applications to maintain low temperature for process control, avoid surface condensation, and conserve refrigeration.
There are many types of materials which are used for cold insulation such as fiber glass, polyurethane foam, polystyrene foam, phenolic foam, and others. Depending on different applications, these materials can be manufactured in many size and shape. Insulation is the most cost-effective measure to fight against climate change. Insulating materials have the capability to protect the surrounding environment from harmful greenhouse gases.
Covid-19 has also impacted the growth of global cold insulation market. Due to the COVID-19 pandemic, most of the countries imposed lockdown, due to which operations of various industries in the region such as oil & gas industry and building & construction industry has been negatively affected, which has also affected the demand for cold insulation materials as well.
The Cold Insulation Market is segmented on the basis of solution, application and region & country level. On the basis of material, the market is segmented, into fiber glass, phenolic foam, polyurethane foam, polystyrene foam, and others. On the basis of end-use industry, the market is segmented as oil & gas, HVAC, chemical, refrigeration, and others
Cold Insulation Market reports cover prominent players like
Sep. 28th, 2021; The two companies started joint venture named KPX HUNTSMAN POLYURETHANES AUTOMOTIVE CO., LTD. (KHPUA). The joint venture creates and provides innovative polyurethane system solutions to Korean automakers from a specialty polyurethanes manufacturing facility at KPX Chemical's Ulsan plant. Operations are expected to commence by the end of October. The company leverages the R&D and capacity advantages of KPX Chemical and Huntsman in the region to become the industry's preferred innovation partner. In addition the new joint venture will create and provide customized polyurethane systems solutions to meet local automotive customers' needs for improved comfort, superior acoustics and light-weighting. By creating value for its customers, KHPUA will enable downstream polyurethanes businesses to develop in a more sustainable way, both economically and environmentally.
The cold insulation market has been having high growth due to some factors such as rapid pace of industrialization in emerging economies, followed by rising demand of cooling equipment. The requirement of cold insulation has increased in the recent years, due to its ability to protect the environment from greenhouse gases and increase the efficiency of this system where it is installed, which increases the demand of cold insulation, which leads to drive the market. In addition, the market is driven by rise in its demand in oil & gas industries and favorable government rules and regulations related to environmental protection. However, lack of awareness regarding cold insulation materials may restrain the market growth. The unpredictable fluctuating costs of raw materials, requirement of investing large amount in research & development, and lack of quality control in developing nations are hampering the growth of the cold insulation material market.
In spite of that, the growing adoption of eco-friendly cold insulation products represent a promising opportunity for the further growth of the market, the companies are at hand with development of plant-based or bio-based insulation products. The companies also producing fiber glass insulation produced from 36% recyclable content, thus saving energy costs in production of entirely new products, these products have almost zero Volatile Organic Compounds (VOC).
Asia-Pacific is anticipated to reveal fastest growth in the global cold insulation market due to the increased investment is construction in countries like China, India, and Japan along with favorable government regulations to enhance the energy efficiency of buildings. The increasing growth of of oil & gas industry and building & construction industries contributing to the heavy demand for cold insulation in this region. In 2019, China consumed 300 billion cubic meters of natural gas, an increase of 17.6% over 2018. According to International Trade Administration (ITA), the construction value of China in 2019 was USD 910.58, and the Chinese construction industry is forecasted to grow at an annual average of 5% in real terms between 2020 and 2025.
The North America is expected to show a significant growth in the global cold insulation market due to the supportive government initiatives to the increase energy efficiency of public infrastructure and presence of key players in this region. In addition, the Initiatives taken by the government regarding decreasing the emission of greenhouse gases are also supplementing the market growth in this region.
The regions covered in Cold Insulation Market report are North America, Europe, Asia-Pacific, Latin America and Rest of the World. On the basis of country level, the market of Global Cold Insulation is sub divided into U.S., Mexico, Canada, U.K., France, Germany, Italy, China, India, Japan, South East Asia, Middle East Asia (Saudi Arabia, UAE, Egypt) GCC, Africa, etc.
|2015 - 2021
|2021 - 2029
|Market Size in 2022:
|USD 5.7 Billion
|Base year considered
|Forecast Period CAGR %:
|Market Size Expected in 2029:
|USD 9.65 Billion
|Tables, Charts & Figures:
|Cold Insulation Manufacturers
|BASF SE, Armacell International Holding Gmbh, The DOW Chemical Company, Owens Corning, Bayer MaterialScience, Huntsman Corporation, and others.
|By Material, By End-Use Industry
|North America, U.S., Mexico, Canada, Europe, UK, France, Germany, Italy, Asia Pacific, China, Japan, India, Southeast Asia, South America, Brazil, Argentina, Columbia, The Middle East and Africa, GCC, Africa, Rest of the Middle East and Africa
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