Global Cold Insulation Market: Snapshot
Growing environmental awareness, changing climate conditions, increasing demand for cryogenic insulation materials, escalating need for refrigeration and air conditioning devices, prosperity of the construction industry, and growth of the oil and gas industry are some of the key factors driving the global cold insulation market. Cold insulation is one of the most convenient way of protecting the environment from harmful greenhouse gases.
In the near future, the oil and gas industry and the building and construction sector will primarily sustain the demand in the global cold insulation market. In the oil and gas industry, cold insulation is used for insulating storage tanks as well as to convert natural gas into liquid state.
Based on material, the global cold insulation market can be segmented into phenolic foam, fiber glass, polystyrene foam, polyurethane foam, and others. Currently, polyurethane foam has the maximum demand, finding application in padded materials and mattresses as well as for refrigeration. Polyurethane form are versatile and offer several unique properties such as low thermal conductivity, lightness, good strength, high chemical resistance, and low water absorption.
This report on the global cold insulation market provides in-depth analysis of all the material, end-use, and geographical segments, and estimates their demand during the forecast period of 2017 to 2025. A number of leading companies operating in this market have also been profiled in the report in order to represent the competitive scenario, recent strategic developments, and the opportunities available for the entrance of new players. The report aspires to serve as a credible business document for the stakeholders connected to the value chain of the global cold insulation market.
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Global Cold Insulation Market: Overview
Cold insulation involves low temperature application insulation methods. It is essentially a technology leveraged to lessen energy leakages from infrastructure to up energy efficiency. Cold insulation finds application in industries such as chemicals, refrigeration, oil and gas, and food and beverage. It is applied over processing lines such as tanks, pipes, valves, ducts, and fittings to bring down operational costs and improve process efficiency. The market for cold insulation can be segmented on the basis of the material into fiber glass, phenolic foam, polystyrene foam, and polyurethane foam. Of these, polyurethane foam holds maximum market share because of their versatility and unique properties such as lightness, low thermal conductivity, low water absorption, good strength, and high chemical resistance.
A report by TMR Research studies the global cold insulation market in details and offers key insights about it. For example, it furnishes a detailed qualitative analysis of factors driving and restraining the market and the promise it holds going forward. The report leverages popular analytical tools to gauge the competitive dynamics in the market. It lists leading players and examines their product offerings, market shares, and growth prospects.
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Global Cold Insulation Market: Drivers and Trends
The increasing thrust on energy efficiency because of high energy costs is predicted to drive the global cold insulation market in the near future. Need to stem greenhouse gas emissions will also likely stoke the market along with policy support to enhance energy efficiency of public infrastructure. Besides, rising expenditure on research and development by savvy companies to develop insulation materials through sustainable raw material sources will also create opportunities for market participants in the near future.
Further, rising fortunes of people leading to greater demand for air conditioning and refrigerating devices in developing economies is predicted to stoke demand for cold insulation materials. Rising demand for cryogenic equipment from oil and gas industry – the dominant end use industry – will possibly propel demand for cryogenic insulation materials. Additionally, food storage, LNG storage, chemicals storage, and some amount of cryogenic medical applications are also expected to generate demand in the near future.
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Countering the growth in the market is the unstable prices of TDI, benzene, and MDI that are needed to produce polyurethane and polystyrene based insulation materials.
Global Cold Insulation Market: Regional Outlook
Geographically, Europe is a dominant region that holds maximum share in the global market for cold insulation because of stringent regulations framed by the authorities pertaining to sustainable materials and energy savings guidelines to bring down greenhouse gas emissions. Asia Pacific follows in the second position and is expected to outshine all other regions in terms of growth rate. Growth in the region will be primarily driven by high expenditure on construction in countries, namely India, China, and Japan and regulations in favor of improving energy efficiency of buildings. The market in China is also expected to be boosted by the emergence of domestic manufacturers. North America is another key market bolstered mainly by government efforts to up energy efficiency of public infrastructure. Presence of numerous thermal insulation companies in North America has also helped its growth.
Companies Mentioned in Report
To present a detailed assessment of the competition prevailing in the global cold insulation market, the report profiles important companies such as Evonik Industries, BASF SE, Dongsung Finetec Corporation, Bayer Material Science, the Dow Chemical Company, Fletcher Insulation Group, and Huntsman Corporation.