Zion Market 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.
The insulation material is a materials or combinations of materials which retard the flow of heat energy. The insulation material is categorized into hot insulation and cold insulation. Hot insulation is used to transport the high-temperature substances. The cold insulation material is used to transport the substances between the temperatures ranging from -275°C to 15°C. Hence, cold insulation has the wide range of applications including construction, automobile, oil & gas, chemical, and others.
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Growing construction industry coupled with urbanization across the globe is a major driving factor of global cold chain market. Secondly, rising awareness about green house gas emission is expected to accelerate the growth of cold insulation market. Furthermore, rising demand for cryogenic equipment from oil & gas industry is likely to offer new opportunities to the participants of cold insulation market within the forecast period.
Based on the material type, the global cold insulation market is bifurcated into fiber glass, polyurethane foam, phenolic foam, polystyrene foam and others. Amongst these, polyurethane foam was the leading material segment in 2015. It accounted over 25% share of the entire market in terms of revenue generated and this trend is expected to continue within the forecast period as well. It is a versatile material largely used as rigid foams in refrigeration. In addition, fiber glass and phenolic foam are other important outlets that are expected to have promising growth during the years to come due to robust demand for cold insulation.
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HVAC, chemicals, refrigeration, oil & gas are the major application segments of global cold insulation market. Oil & gas dominated the global cold insulation market in 2015. It accounted over 35% share of the entire market. Insulation material confines the entry of outside heat and keep the oil and gas cool and allowing it to retain its properties. Moreover, the growing demand for refrigeration in emerging countries is also expected to spur the demand for cold insulation in the years to come.
Europe was one of the leading regional markets for cold insulation in 2015. Growing demand for cryogenic equipment industry due to the climate of the region is expected to bolster the demand of cold insulation over the period of six years. Moreover, Asia Pacific is one of the fastest growing regional markets of cold insulation. Demand for HVAC is high in Asia Pacific, which in turn is anticipated to fuel the demand for cold insulation within the forecast period.
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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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