Cold Insulation Market Surges on the Back of Growing Demand for Refrigeration and Air-Conditioning Devices - Forecasted to Attain $9.96 Billion by 2028

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Experiencing rapid growth, the cold insulation market is poised to surge from $6.2 billion in 2023 to $6.83 billion in 2024, demonstrating a robust compound annual growth rate (CAGR) of 10.1%. The market's upward trajectory continues, with a projected CAGR of 9.9%, propelling it to $9.96 billion by 2028.

Drivers: Increasing Demand For Refrigeration And Air-Conditioning Devices
The burgeoning demand for refrigeration and air-conditioning devices stands as a key driver for the cold insulation market. As Canadians spent $1.2 billion on heating and cooling systems in 2022, including air vents and central air conditioners, the market witnesses significant growth. Cold insulation plays a crucial role in reducing energy loss and preventing condensation in these devices, contributing to keeping them cool and dry.

Drivers: Rising Construction Activities Propel Market Growth
The growth of the cold insulation market is further fueled by increasing construction activities globally. With the construction sector anticipated to witness a 42% increase, reaching $15.2 trillion between 2020 and 2030, the demand for cold insulation in construction activities is on the rise. Cold insulation aids in reducing heat flow, preventing condensation, and addressing long-term issues in construction projects.

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Key Players:
Major companies driving the cold insulation market include BASF SE, Huntsman Corporation, The Dow Chemical Company, Armacell International Holding Gmbh, and Aspen Aerogel Inc.

Trends: Product Innovations Drive Growth
Product innovations emerge as a prominent trend in the cold insulation market, with companies focusing on developing cutting-edge solutions. ACC Limited, an India-based cement producer, launched ACC Airium, a thermal-insulating climate control concrete system, offering superior thermal insulation for various applications.

Trends: Innovative Thermal Bridging Solutions Introduced
Major companies in the cold insulation market are introducing innovative thermal bridging solutions to enhance energy efficiency. Owens Corning's FOAMGLAS Perinsul SIB, a cellular glass-based insulation, addresses thermal bridging beneath exterior masonry veneer walls, meeting structural load and thermal performance standards while resisting moisture.

Region Info: Asia-Pacific Leads in 2023
In 2023, Asia-Pacific claimed the top position in the cold insulation market. The comprehensive market report covers regions such as Western Europe, Eastern Europe, North America, South America, and the Middle East and Africa.

Segments:
The cold insulation market covered in this report is segmented -
1) By Material Type: Fiber Glass, Polyurethane Foam, Polystyrene Foam, Phenolic Foam, Other Materials
2) By Insulation Type: Fibrous, Cellular, Granular
3) By End-Use Industry Type: Heating, Ventilation, and Air Conditioning, Refrigeration, Oil & Gas, Chemicals, Other End-Use Industry

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Cold Insulation Global Market Report 2024 from TBRC covers the following information:
• Market size date for the forecast period: Historical and Future
• Market analysis by region: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.
• Market analysis by countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

Trends, opportunities, strategies and so much more.
The Cold Insulation Global Market Report 2024 by The Business Research Company is the most comprehensive report that provides insights on cold insulation market size, cold insulation market drivers and trends, cold insulation market major players, competitors' revenues, market positioning, and market growth across geographies. The cold insulation market report helps you gain in-depth insights on opportunities and strategies. Companies can leverage the data in the report and tap into segments with the highest growth potential.

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