Global Cooling Bricks Market is projected to reach a value of $ 1019.54 million by 2030

According to the report by Virtue Market Research, in 2022, the Global Cooling Bricks Market was valued at $ 654.34 million and is projected to reach a market capitalization of $ 1019.54 million by 2030. Over the forecast period of 2023-2030, the market is estimated to grow at a CAGR of 5.7%. The industry's growth is largely being propelled by the surge in adoption by various end-user verticals.

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Due to rising infrastructure and construction spending, rising per capita income, and increasing industrial and urbanization, the market for cooling bricks is anticipated to expand in the years to come. It is also anticipated that the market for cooling bricks will be driven by consumer demand for premium and environmentally friendly materials. The low profitability of cooling bricks, however, may discourage some builders from using them, which could impede the expansion of the market as a whole. In addition to being known for being fireproof, recyclable, and reusable, cooling bricks also present some untapped potential for market expansion. Furthermore, the adoption of cooling bricks is anticipated to increase, particularly in the Asia Pacific region, due to the continued global expansion of data centers. Since the IT infrastructure in data centers generates a lot of heat, adequate cooling is essential. Cooling bricks can maintain the ideal temperature while consuming very less energy.

However, the COVID-19 pandemic has caused disruptions in the supply chain and temporary suspension of production across various industries, affecting the adoption of cooling bricks. Nevertheless, the market is predicted to recover gradually in 2022 and 2023 as manufacturing operations resume. Growing awareness of the need to reduce carbon emissions and rising demand for energy-efficient building materials are the two main factors affecting the market for cooling bricks. The growing acceptance of green building practices, which emphasize using eco-friendly materials and using less energy, will open up the market for cooling bricks. As a result, the need for cooling bricks in new construction projects ought to increase. The creation of novel, cutting-edge materials that are stronger and perform better thermally than conventional materials is one trend in the cooling bricks market. Due to their increased energy efficiency and cost savings, these new materials are anticipated to become more and more popular over time.

Segmentation Analysis:
The global Cooling Bricks Market segmentation includes:

By Material:
• Fiber, Steel
• Rcc
• Others.

Fiber-cooling bricks have the largest market share in the global Cooling Bricks Market due to their better insulating properties, lightweight design, and ease of installation. Steel cooling bricks noted for their durability and high heat conductivity, are widely used in commercial and industrial structures, thus accounting for a significant market share. RCC cooling bricks (cement, sand, and aggregate) are also highly popular due to their durability and fire resistance. The "others" category, which includes materials such as ceramics, etc. has a significant market share as well. Due to the surging demand for energy-efficient and ecologically friendly building materials, the market for fiber-cooling bricks is likely to be the fastest-growing category.

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By Application:
• HVAC
• Power Generation
• Others.

According to the Cooling Bricks Market segmentation, HVAC systems hold the highest share in the market due to their extensive use of cooling bricks for insulation of ductwork and components. The power generation segment is also a significant contributor to the market, as these bricks are used to insulate boilers, generators, and other equipment in power plants, resulting in increased efficiency and minimized heat loss. The "others" segment, which includes insulation for tanks, pipes, and industrial equipment, also holds a significant share of the market and is predicted to be the fastest-growing segment due to the increasing demand for energy efficiency and longer machinery lifespan. Overall, the HVAC and power generation segments are the major drivers of the Cooling Bricks Market.

Regional Analysis:
The cooling bricks market is forecasted to grow significantly in the coming years as a result of the area's continued industrialization and expansion of production services. Nuclear power plants are gathering more attention, which will quicken the adoption of cooling bricks. North America is likely to see the most rapid growth in the cooling bricks market, driven by the expansion of the manufacturing and processing industries in the region. Additionally, the increasing adoption of renewable energy sources in the region will also fuel market growth. The Asia Pacific region is also forecasted to be a key market for cooling bricks, driven by rapid industrialization, urbanization, and the increasing adoption of advanced cooling technologies in the region. Europe is also anticipated to experience moderate market growth as a result of an increase in industrial facilities and governmental regulations, intended to reduce carbon emissions. In addition, it is estimated that the cooling bricks market in the Middle East and Africa will expand due to the presence of oil and gas companies in the region. All of these elements coming together will probably lead to a boom in the cooling bricks market in the near future. Due to rising awareness and the adoption of energy-efficient practices, the cooling bricks market is predicted to grow significantly in the coming years. The application of smart technologies in cooling towers is another anticipated factor influencing market expansion. The market is predicted to grow even more due to the rising demand for cooling systems in data centers and server rooms as well as the changing trend toward green cooling solutions. In general, it is anticipated that over the coming few years, the cooling bricks market will grow rapidly across all regions.

Latest Industry Developments:
In December 2021, SPX Corporation announced the successful acquisition of Cincinnati Fan & Ventilator Co., Inc. (Cincinnati Fan), a global leader in engineered air quality solutions, including blowers and critical exhaust systems.

In July 2021, Eurocoil SPA, an Italian manufacturer of heat exchangers for the commercial and refrigeration industries in Europe, has been acquired by BAC, a global leader in cooling solutions for commercial, industrial, and refrigeration markets.

In January 2023, B&W increased its ecologically friendly product portfolio by combining Hamon Research-Cottrell emissions control technologies. With this acquisition, B&W will be able to offer clients cutting-edge solutions for reducing harmful pollutant emissions. Modern technology will enable B&W to assist clients in reducing their environmental effects and complying with ever-stricter industry standards and regulations.

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Virtue Market Research is a strategic management firm helping companies to tackle most of their strategic issues and make informed decisions for their future growth. We offer syndicated reports and consulting services. Our reports are designed to provide insights on the constant flux in the global demand-supply gap of markets.

This release was published on openPR.