Cold Insulation Market

Cold Insulation Market Size

Cold insulation is a process that uses a single or combination of two or more materials to conserve energy by preventing loss or gain of heat. Cold insulation is used to avoid surface condensation, maintain low temperatures for process control, & to save energy. Cold insulation is used for temperatures below the threshold, and it prevent moisture, condensation, and long-term degradation. Cold insulation material is a structure which is closed and that works as heat flow barrier. Cold insulation is popular due to the ability to prevent greenhouse emissions in environment and for increasing the efficiency of the systems. Material used for cold insulation are Fiber glass, polyurethane foam, polystyrene foam, phenolic foam, and other materials.

Market Highlights

Cold Insulation Market is expected to project a CAGR of 7.8% during the forecast period.

The Cold Insulation Market was valued at USD 5.98 billion in 2021 and is expected to reach USD 13.6 billion by 2032, increasing at a CAGR of 7.8% during the forecast period, i.e., 2022-2032 owing to the importance for energy efficiency due to rising costs. Increasing concerns over greenhouse gas emissions and the government initiatives to increase the energy efficiency of public infrastructure may assist in the growth of the market. The rising awareness regarding the energy losses and the cost associated with them are expected to create demand for cold insulation market. The rising disposable income and increasing demand for refrigerating and air conditioning devices is expected to further boost the cold insulation market.

Figure - Market Analysis of Cold Insulation Market

Cold Insulation Market: Segments

Polystyrene foams segment is expected to dominate in the forecast period 

Cold Insulation Market is classified based on the Type into Polyisocyanurate, Polyurethane Foam, Nitrile Rubber, Phenolic Foam, Ceramic Fibre, Polystyrene Foam. Polystyrene Foam segment is expected to dominate the market with largest share. These are a variant which is water resistant having good temperature insulating properties. The compressive and tensile strength is high.

Oil and Gas segment is expected to dominate in the forecast period  

Cold Insulation Market is classified based on the Application is segmented into HVAC, Chemicals, Oil and Gas, Refrigeration, Others. The Oil and Gas industry uses cold insulation materials which is expected to increase the market growth. The increased use of cryogenic gases like liquefied natural gas (LNG) & liquefied petroleum gas (LPG) will create demand for cold insulating materials and further boost the sales of the global cold insulation market.

Figure - Cold Insulation Market Segment Analysis

Market Dynamics                                                       

Growth Drivers

Rapid Expansion of Oil and Gas Industries is Creating a Growth Opportunity for the Market

The Oil and Gas industry play a vital role in impacting the decision-making for rest of the streams of the economy. These industries require cold insulation which will help the market to grow. Cold insulation is utilized for insulation of LNG storage tanks and in liquefaction plants. The growing of oil and gas production industries will increase the demand for the cold insulation which is expected to drive the market growth.

Increasing Demand of Cold Insulation is Driving the Market Growth

Cold insulation materials are required in chemical industry as they are utilized in petrochemical & industrial gases. These materials eliminate or minimize the risk of corrosion by providing insulation. They increase energy efficiency of chemical process. Cold insulation materials are helpful in chemical industry as they are useful in industrial treatment of gases. The demand for cold insulation materials is expected to boost the market growth.

Restraint

The Negative Impact on Environment may Hamper the Market Growth

The use of cold insulation material results in causing several environmental issues and is expected to be restraining the market growth. To develop a cold insulation material which has less harm or negative impact on environment is an expensive process, so may hamper the growth of the market.

Recent Developments

• ??In 2020, Armacell introduced an aerogel blanket ArmaPET, which is flexible for cryogenic and dual-temperature applications. The new features provided by the product include high-temperature and dual-temperature aerogel insulation properties.
• In 2022, Tiger India Private Limited launched four vacuum-insulated new bottle models to extend their footprint in India which aid in maintaining cool temperature of aerated drinks for longer durations.

Cold Insulation Market: Key Players

• BASF SE

Company Overview, Business Strategy, Key Product Offerings, Financial Performance, Key Performance Indicators, Risk Analysis, Recent Development, Regional Presence, SWOT Analysis

• Owens Corning
• Huntsman International LLC
• ROCKWOOL A/S
• Armacell
• SAINT-GOBAIN
• Dow
• Evonik Industries AG
• Kingspan Group
• Knauf Insulation
• Aspen Aerogels, Inc.
• Johns Manville
• Morgan Advanced Materials
• Recticel
• Atlas Roofing Corporation
• Beijing New Building Material (Group) Co., Ltd.
• Other Prominent Players

Cold Insulation Market: Regions

Cold Insulation Market is segmented based on regional analysis into five major regions: North America, Latin America, Europe, Asia Pacific and the Middle East and Africa. Based on regional analysis, Asia Pacific had dominated the market with an immense growth in the Cold insulation market due to their applications in the refrigeration, chemical, oil markets. The availability of cheap price, skilled labour and the cost of setting manufacturing units is low which is aiding in the growth of Asian Cold Insulation market.

Impact of Covid-19 on Cold Insulation Market

The outbreak of the COVID-19 pandemic has resulted in the economic slowdown across the world. Many countries imposed strict lockdowns and travel bans to control the spread of coronavirus. With the imposition of lockdown and travel bans in many countries, there was a huge disruption in the manufacturing process and several industries faced losses. Covid-19 has affected several business activities and it also had a negative impact on the Cold Insulation Market slightly due to the imposition of lockdown.

Cold Insulation Market is further segmented by region into:

• North America Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – United States and Canada
• Latin America Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – Mexico, Argentina, Brazil and Rest of Latin America
• Europe Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – United Kingdom, France, Germany, Italy, Spain, Belgium, Hungary, Luxembourg, Netherlands, Poland, NORDIC, Russia, Turkey and Rest of Europe
• Asia Pacific Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – India, China, South Korea, Japan, Malaysia, Indonesia, New Zealand, Australia and Rest of APAC
• Middle East and Africa Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – North Africa, Israel, GCC, South Africa and Rest of MENA

Cold Insulation Market report also contains analysis on:

Cold Insulation Market Segments:

• By Type 
  • Polyisocyanurate
  • Polyurethane Foam
  • Nitrile Rubber
  • Phenolic Foam
  • Ceramic Fiber
  • Polystyrene Foam 
• By Application 
  • HVAC
  • Chemicals
  • Oil and Gas
  • Refrigeration
  • Others 
• By End User 
  • Commercial
  • Industrial   
• Cold Insulation Market Dynamics
• Cold Insulation Market Size
• Supply & Demand
• Current Trends/Issues/Challenges
• Competition & Companies Involved in the Market
• Value Chain of the Market
• Market Drivers and Restraints

Cold Insulation Market Report Scope and Segmentation

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