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Cold Insulation Testing Market | CAGR 5.2% Predicted To Grow in Forecast 2018 -2027
Global Cold Insulation Market: Market Growth Influencer
Significant growth in the end user market which include chemicals, refrigeration, HVAC and oil and gas are major contributors to the growth of the Cold Insulation market. Availability of skilled workforce and low cost of manufacturing is another factor which boosts the Cold insulation market.
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Cold Insulation Market: Applications
According to applications, Oil and Gas accounted for the largest consumption (40%) of materials due to increase in LNG transportation, cryogenic insulation demand. The Chemical application i.e. the increase use of liquid forms of industrial gases, for e.g. liquid nitrogen in various applications such as surgery, manufacturing has led to rise in insulation demand The Chemical application accounted for 22% of the total demand in 2012
Market Segmentation
The worldwide cold insulation market has been segmented into three equal parts. They can be listed as applications, geographies and types.
When it comes to applications, the market has been divided into HVAC, oil & gas, refrigeration and chemicals.
Geographically, the market has its reach across various areas of the world like North America, Europe, Asia Pacific and Rest of the World. Out of these regions Europe leads the market with the largest chunk of shares. Its lead can be attributed to various aspects like strict government laws of this country regarding sustainable materials, greenhouse gas emissions guidelines and energy saving guidelines. Asia Pacific is the second in line followed by other areas.
Lastly, on account of types, the market has been segregated into polystyrene foam, phenolic foam, fiber glass and polyurethane foam.
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Market Players & Key Strategies
Some of the major players of this market can be listed as Evonik Industries, BASF SE, Bayer Material Science, The Dow Chemical Company and Huntsman Corporation. The two major growth strategies employed by these players are strategic expansion over countries and joint ventures.
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