Cold insulation Market Insights
Cold insulation uses a combination of various materials to prevent heat flow. Primarily used to increase the efficiency of industrial systems such as cooling, ventilation, and plumbing among others, cold insulation has applications in oil & gas, chemicals, food & beverage and refrigeration to name a few. Market Research Future's latest report covers various pertinent topics in the global cold insulation market which is on track to register a CAGR of close to 8% during the forecast period which ends in 2021.
Cold insulation is applied over processing lines and helps in the reduction of operational costs and also results in increased process efficiency, thus driving demand and adoption. Increased demand and adoption of cold insulation is due to energy becoming increasingly expensive, and government laws growing more stringent with regards to energy efficiency. Various industries where cold insulation is actively used, are growing at a rapid rate. Although environmental consciousness is driving the global economy toward the reduced use of fossil fuels, the oil & gas industry is thriving as it is presently the most common source of energy. Growing drilling activities and the demand for petrochemicals are expected to result in increased demand for cold insulation. Increasing consumerism is the product of rapid urbanization across the globe, with a particular focus on emerging markets. As such, food and beverage storage applications are rising and with it, the demand for cold insulations. The growth of the healthcare sector is also expected to increase cryogenic medical applications which will impact the cold insulation market positively.
The market while growing at a healthy pace with an upward trend is restrained by potential health hazards of cold insulation materials when they are handled improperly.
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Cold insulation Market Segmentation
MRFR's segmentation of the cold insulation market growth divides it on the basis of type, end-use industry, and region. Types of cold insulation in the market are segmented into fiberglass, phenolic foam, polystyrene foam, polyurethane foam, and others. The others segment is categorized into cellular glass, perlite, aerogel, and nitrile rubber.
Applications for cold insulation materials can be found in various end-use industries. In the report, the market is segmented into chemicals, oil & gas, HVAC, refrigeration, and others. Under the others segment, the market is segmented into rocket fuel handling, biological applications, and medical applications.
The market is also divided by region to provide a thorough breakdown by geographical analysis. Regional segmentation of the market divides it into North America, Europe, Asia Pacific, and the Rest of the World.
Cold insulation Market Regional Analysis
At present, the European cold insulation market has acquired the largest share of the global market due to the presence of stringent laws set by the governments in the region toward energy efficiency, greenhouse gas emission guidelines and other similar laws. The presence of various leading market players in the region further supports the regional markets size. Meanwhile, the Asia Pacific market has a significant share of the market and has been observed to have the second largest share overall.
The APAC market is also expected to grow at the highest CAGR during the forecast period. This is primarily due to the region establishing itself as a manufacturing hub. Rapid industrialization in the region has led to an increased demand for cold insulation. This demand is further driven by the fact that the region is typically tropical and humid, thus requiring the use of cold insulation materials in various processes. In food and beverages, for example, cold insulation is necessary to maintain a long shelf life of perishable products in the supply chain. The region has a significant opportunity in the coming years due to the rapid urbanizations and economic growth happening in various emerging economies of the APAC market.
Cold insulation Market Key Players
MRFR's analysis of the various competitors in the cold insulation market has been included in the report. Players of prominence in the market include Fletcher Insulation Group, Bayer Material Science, Huntsman Corporation, Evonik Industries, The Dow Chemical Company, Dongsung Finetec Corporation, and BASF SE.