Asia-Pacific Cold Insulation Market Analysis with Leading Industry Players like Kingspan Groups PLC., BASF SE, Huntsman Corporation, ITW Insulation Systems

This study provides an extensive analysis of the current & emerging market trends and dynamics of the Asia-Pacific cold insulation market. In-depth analysis of all regions is conducted by constructing market estimations for key segments between 2016 and 2023, which assist to identify the prevailing opportunities. The report assists to understand the strategies adopted by the companies for market expansion. This study evaluates the competitive landscape to understand the competitive environment across various regions. Extensive analysis is conducted by following product benchmarking, positioning, and monitoring the top competitors within the Asia-Pacific market.

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According to a new report published by Allied Market Research titled, Asia-Pacific Cold Insulation Market by Type and Application: Opportunity Analysis and Industry Forecast, 2017-2023, the market was valued at $1,912,720 thousand in 2016, and is estimated to reach $3,251,903 thousand by 2023, growing at a CAGR of 7.7% from 2017 to 2023.

Prominent Key Players in APAC Cold Insulation Market:
Kingspan Groups PLC.
BASF SE
Huntsman Corporation
ITW Insulation Systems
Rockwool International A/S

Top Dominating Factors:

The rise in demand for refrigeration & air conditioning devices and increased usage in oil & gas industry are the prime drivers of the Asia-Pacific cold insulation market. The usage of cold insulation has increased due to its ability to protect the environment from greenhouse gases and increase the efficiency of the system. These factors are further expected to provide lucrative growth opportunities to the market players.

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Top Investment in Pockets:

In 2016, the polyurethane foam segment held the highest share, accounting for more than one-third share of the Asia-Pacific cold insulation market. Polyurethane exhibits unique properties, such as lightweight, low thermal conductivity, low water absorption, good strength, and high chemical resistance. It is ideal for handling low thermal conductivity and substances stored at below freezing temperature. Polyurethane foam emits low smoke and provides low water vapor permeability. The oil & gas application segment accounted for the highest market share in 2016, accounting for two-sevenths share of the Asia-Pacific market. The refrigeration segment is projected to grow at the highest CAGR of 8.2% from 2017 to 2023.
China, Japan, Korea, and India are the major contributors for Asia-Pacific cold insulation market growth. Manufacturers find Asia-Pacific as an attractive market, owing to the low labor cost, low cost of setting up manufacturing units, and low cost of insulation materials.

Cold insulation is a process that provides a material or a blend of two or more materials that could be used to avoid heat loss or heat gain to conserve the valuable energy. Insulation materials have the ability to protect the environment from greenhouse gasses. Cold insulation technique is used for cold conservation or prevention of condensation. These are adopted in a wide range of applications to maintain low temperature for process control, avoid surface condensation, and maintain refrigeration. These are used in various applications such as chemicals, oil & gas, refrigeration, and others.

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Segment Review:

Over the forecast period, polyurethane foam is anticipated to hold a dominant position in the market, as polyurethane exhibits unique properties such as lightweight, low thermal conductivity, low water absorption, enhanced strength, and high chemical resistance. It is suitable for handling low thermal conductivity and substances stored at below freezing temperature.
The oil & gas application segment dominated the market, with two-sevenths share of the Asia-Pacific market in 2016. In the oil & gas industry, cold insulation is used to address relative designs, materials, procedures, and standard installation necessities for oil & gas infrastructure such as pipelines, vessels, and tanks.

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