The market for cold insulation can be segmented into type of material, end-user applicants, and region. In terms of type of material used, the cold insulation market can be segmented into fiber glass, Polyisocyanurate, polyurethane foam, nitrile rubber, phenolic foam, ceramic fiber, polystyrene foam (EPS & XPS), and others. Polyurethane and Polyisocyanurate have assumed significant importance due to the numerous superior qualities they possess. These materials can be installed in-situ-by pouring or by spray and applied in preformed shapes. The materials can be available in any form, size, and shape depending on the application.

In terms of end-user application, the cold insulation market can be segmented into chemical, HVAC, oil and gas, refrigeration, and others. Process operations in low temperatures, reduction in energy losses, safety regulations, and environmental impacts are anticipated to drive the end-user application market. Moisture vapor transmission (MVT) factor is critical for hot humid climatic conditions for designing LNG Plants, where an insulation should be applied. This design factor is likely to propel the cold insulation market in the LNG sector. The increase in the application of insulation in food and chemical storage and cryogenic medical applications is estimated to fuel the cold insulation market in the near future.

In terms of geography, the cold insulation market can be segmented into Asia Pacific, Europe, North America, Middle East and Latin America. Industrial growth, and new projects in the oil & gas industry are projected to boost the India market. Regulation in carbon emissions, strict environmental laws, and the rise in energy prices is anticipated to drive the markets in developed regions such as North America and Europe. Increase in exports of LNG and economic growth is estimated to propel the Middle East Market.

Key players operating in the cold insulation market include Bayer, BASF SE, Aspen Aerogels Inc., Huntsman Corporation, Dow, Armacell, Evonik Industries, Bradford Insulation Industries Ltd., Fletcher Insulation Group, Knauf Insulation, Kingspan Group PLC, Uralita S.A, Arabian Fiber Glass Insulation Company Ltd., Johns Manville, Pittsburgh Corning Corporation, Thermax, and ROXUL ROCKWOOL,. Dow with its research on polyurethane provides tailor-made solutions and innovative technical service to help customers stays ahead of the game in the challenging and ever-evolving polyurethane industry. BASF, a leading supplier of cold insulation materials, is diversifying its region of operations. Aggressive market strategies are adopted by big players in the cold insulation market to increase their market share. However, the raw materials used in cold insulation are mostly volatile, which indirectly affects the cold insulation market.

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