Cold Insulation Material Market Growth with Worldwide Industry Analysis 2015 to 2021

Insulation materials are materials or mixtures of materials which lowers the energy losses by retarding the amount of heat loss or gain. The insulation material market is primarily segmented into two broad categories viz. hot and cold insulation material markets. Hot insulation materials are mainly used to insulate piping systems used to transport high temperature substances. Cold insulation material is usually used within temperatures ranging from -275°C to 15°C. Cold insulation material is used in a broad range of applications, including refrigeration, HVAC, oil & gas, and chemical. Among these, oil & gas and chemicals are the main consumers for cold insulation materials. Cold insulation materials also find their application in the construction, automobile, and electronic sectors.

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Based on type, cold insulation materials are classified into three major segments: fibrous, cellular, and granular insulations. In fibrous insulation, fibers with small diameter are the primary raw material. Glass fiber, mineral wool, rock wool, slag wool, and silica are the main materials used in the production of fibrous insulation. Fibrous insulation is available in the form of rigid boards, flexible sheets, and flexible blankets. Cellular insulation material comprises small individual cells made up of various plastics such as polystyrene, polyisocyanurate, and elastomers. These insulation materials are available in two forms: rigid board and flexible sheets. Granular insulation materials are composed of small nodules with hollow spaces. Their main raw materials are calcium silicate, expanded vermiculite, perlite, cellulose, diatomaceous earth, and expanded polystyrene. Granular insulation materials are mainly available in the form of rigid boards.

Growing demand from current and emerging applications, increasing use of liquefied petroleum gas (LPG), liquefied natural gas (LNG) and other cryogenic gases, and reduction in green house emissions are some of the key factors impelling the growth of the cold insulation material market. Moreover, rising demand for energy efficiency and advancement & modernization of infrastructure are some of the other factors contributing to the growth of the market. Also, the implementation of LEED certification, a rating for environmental sustainability, by the U.S. Green Building Council (GBC) further drives the market to some extent.

Growing demand of cold insulation material in refrigeration and air-conditioning devices is likely to propel the growth of the market in the near future. Moreover, rising GDP, increasing disposable income, and change in climatic conditions, especially in the Asia-Pacific region are expected to fuel the growth of the market to some extent. Furthermore, advancement in equipment is also pushing the growth of the cold insulation material market. Cryogenic equipment such as aerogel and perlite have excellent thermal insulation properties that enhance the performance of cold insulation materials. This, in turn, is increasing cold insulation materials demand in the global market. However, unpredictable fluctuating costs of raw materials, requirement of large investment in R&D, and lack of quality control in developing nations are restraining the growth of the cold insulation material market.

Europe is the leading market for cold insulation materials, followed by North America. Increasing infrastructure spending in these regions is driving the growth of the cold insulation market. The market in Asia-Pacific is likely to grow at a fast pace due to the growing cold chain market in the region. Also countries such as China, India, Japan, Australia, and South Korea are among the fastest growing nations in the global market. These are further driving the growth of the cold insulation material in the Asia Pacific region.

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The major companies operating in the cold insulation material market include BASF SE, Huntsman International LLC., Armacell International S.A., Bayer MaterialScience AG, Certain Teed Corporation, Arabian Fiber Glass Insulation Co., Ltd., Evonik Industries AG, The Dow Chemical Company, Fletcher Insulation Group, ITW Insulation Systems, Kingspan Group PLC, Johns Manville, Knauf Insulation, Owens Corning, ROXUL ROCKWOOL Technical Insulation, Pittsburgh Corning Corporation, and Uralita S.A.

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