- Rapid implementation in the Oil & Gas industry and the growing demand for air conditioning and refrigeration applications are the drivers for the growth of the market
- Market Size - USD 5.59 Billion in 2019, Market Growth - CAGR of 7.2%, Market Trends - High demand from developed economies
NEW YORK, July 14, 2020 /PRNewswire/ -- The global Cold Insulation market is forecast to reach USD 9.46 Billion by 2027, according to a new report by Reports and Data. The global cold insulation market is likely to see rapid gains over the forecast period due to the high importance of energy efficiency owing to the rising cost of energy during the forecast period. Growing concerns about greenhouse gas emissions are expected to further fuel market growth over the forecast period. The market is further strengthened by government support to increase the energy efficiency of public infrastructure. The depletion of infrastructure spending in various developed countries such as the United States, Japan, and other Western European countries, coupled with increased awareness of energy losses and costs, is expected to have a positive impact on the global cold insulation market.
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The increase in disposable income associated with the growing demand for air conditioning and refrigeration equipment in emerging markets is expected to stimulate further demand for cold insulating materials such as fiberglass, polyurethane foams, polystyrene, and phenolic foams. Growing demand for cryogenic equipment from the oil and gas industry is expected to stimulate demand for cryogenic insulation materials, which in turn should have a positive impact on the global market.
The increase in R&D by companies to develop insulation materials through sources of sustainable raw materials should generate opportunities for market players during the forecast period. Market growth is expected to be hampered by volatile prices for benzene, TDI and MDI which are required to make polyurethane and polystyrene insulation materials.
The COVID-19 impact:
The COVID-19 pandemic is expected to have a slight downward impact on the global Cold Insulation market in 2020, the reason being the halt in the industrial cold insulation applications, which are responsible for the significant demand. After the pandemic, however, trends discussed in the study of the global cold insulation market do hold ground.
Also, supply chain disruptions and production shutdowns have resulted in a downgraded outlook for residential cold insulation applications, which are a significant market, which will have short-term impacts on market sales that could have lasting effects. While the industry expects things to return to near normal state well before the end of 2020, negative demand shock caused by the crisis is likely to last.
To identify the key trends in the industry, click on the link below:
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Further key findings from the report suggest
- Asia-Pacific is currently the largest and most dynamic market for cold insulation. The rapid growth of end-use industries, such as oil and gas, chemicals, HVAC, and cryogenic equipment in Asia-Pacific, is driving a significant increase in the market. Besides, the low costs of setting up manufacturing facilities are driving market growth in the region.
- Polyurethane foam is estimated to be the third-largest material segment during the forecast period as it is widely used in the refrigeration segment, one of the largest end-use industries in the cold insulation market.
- Significant investments in R&D and technological development have led to the development of new techniques and new materials that have a minimal effect on the environment, which results in a steady increase in the North American cold insulation market.
- Key participants include BASF SE, Armacell International Holding Gmbh, The DOW Chemical Company, Owens Corning, Bayer Material Science, Knauf Insulation, Aspen Aerogels Inc., KAEFER, Novisol, and Huntsman Corporation, among others.
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For the purpose of this report, Reports and Data have segmented into the global Cold Insulation market on the basis of Material Type, Insulation Type, Application, and Region:
Material Type Outlook (Revenue, USD Billion; 2017-2027)
- Fiber Glass
- Phenolic Foams
- Polystyrene Foams
- Polyurethane Foams
- Others
Insulation Type Outlook (Revenue, USD Billion; 2017-2027)
- Fibrous
- Cellular
- Granular
Application Outlook (Revenue, USD Billion; 2017-2027)
- Chemicals
- HVAC
- Oil & Gas
- Refrigeration
- Others
Regional Outlook (Revenue, USD Billion; 2017-2027)
- North America
- U.S
- Canada
- Europe
- Germany
- UK
- France
- BENELUX
- Rest of Europe
- Asia Pacific
- China
- Japan
- South Korea
- Rest of APAC
- MEA
- Saudi Arabia
- UAE
- Rest of MEA
- Latin America
- Brazil
- Rest of LATAM
Browse more similar reports on Materials and Chemicals category by Reports And Data
- Pipe Insulation Market: https://www.reportsanddata.com/report-detail/pipe-insulation-market
- Microporous Insulation Market:https://www.reportsanddata.com/report-detail/microporous-insulation-market
- Cryogenic Insulation Market: https://www.reportsanddata.com/report-detail/cryogenic-insulation-market
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