Cold Insulation Market Growth & Forecast 2021 | BASF SE, Bayer Material Science, The Dow Chemical Company, Evonik Industries, Dongsung Finetec Corporation, Fletcher Insulation Group, and Huntsman Corporation

Key Findings

Rising energy prices, strict government laws for energy efficiency, rising environmental concerns about carbon dioxide emissions are the chief growing drivers for the insulation market

A major restraint for this market is the health hazards caused due to improper material handling

Asia-Pacific market is expected to experience the fast growth as compared to other regions within the cold insulation market

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The Oil & gas segment witin the Global Cold Insulation Market is projected to acheive the highest growth as compared to other applications, during the forecast period 2016 to 2021.

Major end-users of Cold Insulation include industries such as il & gas, chemicals, refrigeration, and Heating-Ventilating & Air Conditioning (HVAC). Cold insulation have been increasingly gaining importance over the years, on the account of ever-increasing energy prices, rising environmennat concerns, and increasing applications in industries. The growth in oil & gas, chemicals storage transportation, refrigeration & air conditioning applications has led rise in the demand for low temperature insulation materials.

Oil & Gas and Chemical industries are two largest End-Users within the Global Cold Insulation market

Industries spent huge amount on insulation to reduce their operating costs, and increse the functional efficiency. Insulation can be applied on pipes, ducts, tanks, fittings, and valves. A huge amount of insulation material demand will be seen in future due to increasing applications for food storage, chemicals storage, LNG storage and some amount of cryogenic medical applications.

Polyurethane Material held the Major Share within the Global Cold Insulation market

Cold insulation employs different materials such as fiberglass (glass wool), polystyrene, polyurethane, phenolic foams, and aerogels. Out of the different materials classified, polyurethane held a major share within the cold insulation market. Its advantanges such as suitability with majority of cold insulation applications and excellent thermal insulating properties, is a major factor contributing towards its dominance.

Market Scenario:

Cold Insulation refers to low temperature application insulation methods used in industries such as oil & gas, chemicals, food & beverage, and refrigeration. It is applied over processing lines such as pipes, ducts, tanks, fittings, and valves to reduce operational costs and increase process efficiency. A huge amount of insulation material demand will be seen in future due to increasing applications for food storage, chemicals storage, LNG storage and some amount of cryogenic medical applications. The market for Global Cold Insulation Market is projected to grow at a CAGR of about 7-8% during the forecast period.

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