Global Cold Insulation Market worth USD 5.40 Billion by 2021
Cold Insulation Market by Material (Fiber Glass, Polyurethane Foam, Phenolic Foam, Polystyrene Foam and Others) for HVAC, Chemicals, Refrigeration, Oil & Gas, and Other Applications: Global Industry Perspective, Comprehensive Analysis, Size, Share, Growth, Segment, Trends and Forecast, 2015 – 2021
Zion Research has published a new report titled “Cold Insulation Market by Material (Fiber Glass, Polyurethane Foam, Phenolic Foam, Polystyrene Foam and Others) for HVAC, Chemicals, Refrigeration, Oil & Gas, and Other Applications: Global Industry Perspective, Comprehensive and Forecast, 2015 – 2021.” According to the report, global demand for cold insulation was valued at USD 3.50 billion in 2015, and is expected to reach USD 5.40 billion in 2021, growing at a CAGR of 7.5% between 2016 and 2021.
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Cold insulation is one of the effective types of insulation. It is primarily used in piping systems for various end-applications. It helps to conserve energy by reducing heat loss or gain of a product. It has broad range of applications due to the capabilities it exhibits such as it allows transportation of substances whose temperature is ranging from -275°C to 15°C.
The major driving factors of global cold insulation market are the continuously growing construction sector across the globe. Growing concern towards green energy and environmental issues such as increasing level of toxic gas level is likely to accelerate the growth of the market in coming years. However, raw materials price volatility is a major limitation for the growth of the cold insulation market. Nonetheless, cryogenic equipments are required for the transportation of LNG especially in Asia Pacific region can offer new doors to major player operative in cold insulation market within the forecast period.
Among described material, the polyurethane foam is one of the foremost application segments for global cold insulation market in 2015. It accounted over 25% shares of the overall revenue generated. The polyurethane foam is a flexible insulation materials used for various end-uses. This attribute is expected to propel the demand of cold insulation over the few years. Additionally, fiber glass and phenolic foam are expected to have lucrative demand in coming years.
Oil and gas was the foremost application for global cold insulation market in 2015. It accounted over 25% share of the market and further it is predicted to remain prolong segment owing to increasing demand for oil and gas in all region of globe. Moreover, refrigeration is another important outlet which is expected to bolster the use of cold insulation over the few years. Growing demand for frozen food coupled with climatic conditions in diverse region, the growth in demand of refrigeration is expected to trigger the cold insulation market across the globe.
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In terms of regions for cold insulation market, Europe leads the entire market with significant shares in 2015. North America was the second highest regional market in the same year. Furthermore, it is expected to continue this trend due to the presence of large number of companies engaged in production of thermal insulation material in the region. Asia Pacific is a fastest growing regional market that will grow at strong CAGR due to emerging demand for cold insulation in construction industry especially in China and India in future years.
Some of the key players in the global cold insulation market include BASF SE, Bayer MaterialScience AG, The Dow Chemical Company, Evonik Industries AG, Armacell International Holding GmbH, Owens Corning and Pittsburgh Corning Corporation.
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