The market for cold insulation is projected to be worth US$ 6,835.6 million in 2022 and to increase by 8.1% annually to US$ 14,894.8 million by 2032. The uptick is attributed to the expanding demand in the oil and gas industry. Between 2016 and 2021, the market for thermal insulation saw a CAGR of 5.6%.
A technology implemented in industrial operations that are aimed at mitigating the loss of energy across various infrastructures and improving their energy efficiency is referred to as cold insulation. With the increasing growth of industrialization, especially in the HVAC sector as well as the refrigeration sector, the demand for various types of cold insulation materials is increasing.
Leading players in the cold insulation market are aiming to introduce versatile materials including polystyrene foam, fiberglass, phenolic foam, and polyurethane foam, in order to meet the specific needs of a wide range of end users and gain an edge in the global landscape.
Unlock Growth Potential in Your Industry – Get Your Sample Report Now! https://www.futuremarketinsights.com/reports/sample/rep-gb-316
Oil & Gas Industry to Trigger Environment-friendly Cold Insulation Materials
The global oil & gas industry is among the biggest consumers of cold insulation materials, mainly due to the burgeoning use of cryogenic insulation equipment in a majority of industrial applications.
Oil & gas end users are bolstering the use of efficient cold insulation materials in cryogenic operations in which very low temperatures need to be maintained while mitigating the loss of energy. This is one of the most prominent factors that are likely to influence the growth dynamics of the global cold insulation market
On the other hand, the awareness about the harmful environmental impact of oil & gas industrial activities as well as cold insulation materials are encouraging oil & gas industry players to switch environment-friendly alternatives to traditional cold insulation materials.
The growing use of various cryogenic gases including Liquefied Petroleum Gas (LPG) and Liquefied Natural Gas (LNG), is further triggering the demand for cold insulation materials with low carbon footprint, and this will further improve the sales potential in the global market.
Cold Insulation Market: Region-wise Analysis
Geographically, the global cold insulation market is divided into seven regions – North America, Latin America, Europe, East Asia, South Asia, Oceania, and Middle East & Africa.
A mounting number of stakeholders in the global market for cold insulation are witnessing lucrative opportunities in North America, as the region is a leading consumer of advanced materials that are commonly used to improve the efficiency of operations and enable end users to gain better control over all those processes.
The region is also exhibiting a high level of demand for innovative materials that can minimize the impact of various industrial activities on the environment, and this is among the primary factors that will continue to create new opportunities for stakeholders in the North America cold insulation market.
Apart from North America, developing countries in the Asia Pacific region, especially China, are accounting for a substantial share in the global consumption of cold insulation, owing to the rise of industrialization. Constantly bolstering investments in the manufacturing and construction industries in the region is continually contributing to the increasing demand in the region.
Market Competition
Some of the key participants present in the global cold insulation market include:
The Dow Chemical Company, Huntsman Corporation, Armacell International Holding GMBH, Evonik Industries, Bayer Material Science, Pittsburgh Corning Corporation, Knauf Insulation, Aspen Aerogels Inc., Arabian FiberGlass Insulation Company Ltd., BASF SE, Fletcher Insulation Group, Kingspan Group PLC, Bradford Insulation Industries Ltd., Itw Insulation Systems among others.
Attributed to the presence of such a high number of participants, the market is highly competitive. While global players such as The Dow Chemical Company, Huntsman Corporation, Armacell International Holding GMBH, and Evonik Industries account for a considerable market size, several regional-level players are also operating across key growth regions, particularly in the Asia Pacific.
Contact Sales for Further Assistance in Purchasing this Report: https://www.futuremarketinsights.com/checkout/316
Cold Insulation Market: Segment Analysis
The cold insulation market can be segmented on the basis of the following:
By Type
- Polystyrene Foam
- Fiberglass
- Phenolic Foam
- Polyurethane Foam
- Others
By Application
- Oil & Gas
- HVAC
- Refrigeration
- Chemicals
- Others
By Region:
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East & Africa
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
Contact Us:
Future Market Insights Inc.
Christiana Corporate, 200 Continental Drive,
Suite 401, Newark, Delaware – 19713, USA
T: +1-845-579-5705
For Sales Enquiries: sales@futuremarketinsights.com
Website: https://www.futuremarketinsights.com
LinkedIn| Twitter| Blogs | YouTube
