Cold insulation materials are a mix of two or more materials to reduce heat gain for saving energy expenses. The material is dependent on the application and prevents the entry and formation of moisture. Polyurethane and rubber are materials used the most to prevent moisture formation and keeping the heat out. The global cold insulation material market report by Market Research Future (MRFR) covers pertinent trends, opportunities, and threats to gain accurate insights and make estimations till 2030.
Market Scope
The global cold insulation market is expected to exhibit 5.2% over the forecast period. The energy-efficiency requirement of major industries is likely to be the biggest driver of the market. Strict regulations stressing the importance of energy savings and outlining of guidelines by government agencies can influence the market. Infrastructural projects can fuel the market to a considerable degree. The inclination of buildings and commercial complexes for going green via their energy uses and the installation of certain materials can bode well for the market.
The food & healthcare sector can trigger the need for cold insulation materials due to the growth of cold chain solutions globally. Changing lifestyles, rapid industrialization, and increased consumption of foods among the populace can influence the market. Opportunities are abound in the form of eco-friendly solutions. The demand for air conditioning and refrigerating solutions can yield dividends for the cold insulation market forecast till 2030. Retrofitting of shells in buildings with polyurethane foams can curtail energy costs.
However, health hazards caused by cold insulation materials can impede market growth.
Segmentation
The global cold insulation market is segmented by material and end-use industry.
By material, it is segmented into polyurethane foam, phenolic foam, polystyrene foam, fiber glass, and others.
By end-use industry, it is segmented into refrigeration, oil & gas, chemicals, HVAC, and others. The oil & gas segment accounted for 40% market share owing to transportation of LNG and cryogenic transportation. On the other hand, the chemicals segment can perform exceptionally due to its demand in surgery and manufacturing. It had a 22% market share in 2012. Cold insulation materials are used in handling and storage of petrochemicals and industrial gases. This can reduce the chances of corrosion or damage.
Regional Analysis
The regional analysis of the global cold insulation market covers Asia Pacific (APAC), Americas, Europe, and the Middle East & Africa (MEA).
The APAC is expected to showcase tremendous growth during the forecast period owing to applications in oil & gas, HVAC, chemical, and refrigeration sectors. Low operating costs, availability of skilled labor, and low costs of establishing facilities are factors expected to influence its growth. China, Korea, and India are expected to be the biggest contributors of the market due to supportive government policies.
The Americas are predicted to perform exceptionally owing to presence of major industries in North America. Canada and the U.S. are the best performers of the region. The U.S. cold insulation market was valued at 542 million. Investments in research and development and encouragement of technological breakthroughs can fuel the regional market growth.
Europe is set to achieve revenue over the forecast period due to the growth of industries of refrigeration, HVAC, and oil & gas. The needs of cryogenic equipment can induce the need for cold insulation materials till 2030.
Competitive Outlook
Kingspan Groups PLC, Bayer Material Science, Owens Corning, Evonik, Dow Chemicals, Armacell International Holding Gmbh, The DOW Chemical Company, Dongsung Finetec Corp, Huntsman Corporation, Certain Teed, BASF SE, and Aspen aerogels are key players of the global cold insulation industry.
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