Asia-Pacific Cold Insulation Market is predicted to reach USD 4.67 Billion by 2030 with a CAGR of 6.2% from 2020-2030
Cold insulation reduces potential damage to equipment from corrosion or fire exposure and increase the operating efficiency of industrial systems such as cooling/heating, ventilating, plumbing, power and process. It is prepared by combining two or more materials in order to prevent heat loss or gain and thereby save the valuable energy. Cold insulation is generally used in environment, where the temperature needs to be maintained lower than the ambient temperature. For example, equipment working under very low temperatures are covered with high quality insulating materials. These materials are widely used in end-user industries such as automobile, construction and electronics.
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Top Companies: Kingspan Group PLC, BASF SE, Huntsman Corporation, Illinois Tool Works (ITW Insulations Systems), Rockwool International A/S, Covestro AG, Dowdupont, INC., Dongsung Finetec, Armacell International S.A., Nichias Corporation and others.
Market Dynamics and Trends:
Cold insulation market has been witnessing significant growth owing to factors such as rapid pace of industrialization in emerging economies, followed by rising demand of cooling equipment. Also, there has been a substantial increase in the demand for cryogenic insulation in oil & gas industry in the recent years. Moreover, factors such as increasing concerns toward greenhouse gas emissions and expanding industries such as food and healthcare among others in Asia-Pacific region is expected to boost the cold insulation market growth. Furthermore, due to the economic development and changing lifestyle, the level of consumption as well production has substantially increased in Asia-Pacific region, which is also contributing to the growth of cold insulation material market in the region.
However, high-cost of insulating materials and potential health hazards due to the handling of cold insulation materials are some of the factors hindering the market growth. On the other hand, development of eco-friendly products may create lucrative opportunities for the cold insulation market players in the future.
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Market Segmentations and Scope of the Study:
The Asia-Pacific cold insulation market share has been segmented on the basis of type, application and country. Based on type, the market is segmented into fiber glass, polyurethane foam, polystyrene foam, phenolic foam, polyethylene foam, rubber and others. Based on application, the market is segmented into HVAC, chemicals, oil & gas, refrigeration, and others. Geographic breakdown and analysis of each of the previously mentioned segments include China, Japan, India, Australia, South Korea, Indonesia, Malaysia, Singapore, Vietnam, Thailand, Philippines, Myanmar, and rest of Asia-Pacific.
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