San Francisco, California, October 06, 2017: The continued push for economically-efficient and safe insulation methods to improve energy efficiencies is a key factor driving the demand for cold insulation. The rising demand for reducing energy leakage from infrastructure and enhancing process efficiencies in industries such as chemicals, oil and gas, food and beverages, and refrigeration is a key factor propelling the demand for cold insulation products and materials. The intensifying need for reducing greenhouse gas emissions for a low-carbon economy and the demand to rein over the energy costs in public infrastructure are prominent trends boosting the cold insulation market. A new report penned by TMR Research, titled “Cold Insulation Market – Global Industry Analysis, Size, Share, Trends, Analysis, Growth, and Forecast 2017–2025,” offers a comprehensive and detailed assessment of such trends and drivers influencing the growth of the market.
The rising popularity of cryogenic equipment in the oil and gas industry and the burgeoning demand for air conditioning and refrigeration devices in several developing economies are the key factors catalyzing the demand for cold insulation. The substantial application of cold insulation for converting natural gas to liquid state is a key factor boosting the market. A burgeoning construction industry in various developing and developed countries is also anticipated to bolster the demand for cold insulation.
The rising spending in research and development activities has led to the advent of advanced methods that use eco-friendly raw materials. This is anticipated to unlock exciting opportunities for market players in the coming years. The growing demand for robust insulation technologies for food and chemical storage is a crucial factor likely to accentuate the demand for cold insulation. Furthermore, the substantial demand for cold insulation in industrial plant construction is expected to boost the market. The application of cold insulation technology for equipment, pipes, and instruments helps in avoiding surface condensation, a key constraint in most other insulation methods.
The vastly rising demand for polyurethane foam in refrigeration and the substantial adoption of cold insulation in padded materials are key factors accentuating the market. The substantial adoption of the material is attributed to its low thermal conductivity and low water absorption rate. Some of the other major materials used for cold insulation are fiber glass, phenolic foam, and polystyrene foam. The growing use of cryogenic cooling in various diagnostic applications is expected to catalyze the growth of the cold insulation market.
Regionally, Europe is a prominent market for cold insulation and is expected to account for a substantial share of the global market over the forecast period. This is on account of several regulations related to sustainable materials and the implementation of energy savings guidelines in various industries to curb down the emission of greenhouse gas. This is likely to be trailed by Asia Pacific which is predicted to rise at a spectacular CAGR over the forecast period. The burgeoning building and construction industry in several major economies of the region, including China, India, and Japan is fueling the regional market. Furthermore, a presence of a large of a number of manufacturers of cold insulation materials in China is a key factor accentuating the regional market.
On the other hand, the North America market for cold insulation is expected to rise at a healthy clip in the coming years. The marked presence of a large number of players offering thermal insulation products make this region prominent. To add to this, rising government focus to improve energy efficiency in various public infrastructure bodes well for the market.
Key players operating in the cold insulation market include Huntsman Corporation, Fletcher Insulation Group, the Dow Chemical Company, Bayer Material Science, Dongsung Finetec Corporation, BASF SE, and Evonik Industries.
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