The market for cold insulation materials is expected to expand at a significant 6.2% CAGR between 2022 and 2032. Growth in the market is primarily driven to rising demand from the chemical and oil & gas industries.
Materials or a combination of two or more materials can be used as insulation to stop heat transfer and so save energy. Between -275°C and 15°C are the normal operating temperatures for cold insulation. Numerous industries, including refrigeration, HVAC, oil & gas, and chemicals, use cold insulating material. Growing worries about greenhouse gas emissions are anticipated to drive market expansion during the forecast period. Government support to increase the energy efficiency of public infrastructure is an addition to market expansion.
Cold insulation materials such as phenolic foams, fibreglass, polystyrene foams, and polyurethane foams are expected to rise in tandem with rising disposable income and demand for air conditioning & refrigeration equipment in emerging markets. Rising demand for cryogenic equipment in the oil & gas industry is expected to fuel the demand for cryogenic insulation materials, boosting global market growth.
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Demand for cold insulation materials with low carbon footprints is being further stimulated by the growing use of various cryogenic gases such as liquefied petroleum gas (LPG) and liquefied natural gas (LNG).
Key Takeaways from Market Study
- The global market for cold insulation materials is estimated to reach a value of US$ 12.65 Bn by the end of 2032.
- The polyurethane foam segment is estimated to witness a CAGR of 6.3% during the assessment period.
- Oil & gas is estimated to remain a key application of cold insulation materials and exhibit a growth rate of 5.9% during the forecast period.
- The North American market is anticipated to create an incremental dollar opportunity of US$ 1.32 Bn by 2032.
- By insulation type, the cellular segment is anticipated to expand at a CAGR of 6.3% over the decade.
“Key market participants are investing a fair share of their revenue in research & development and focusing on collaborations & expansions to boost their global footprint,” says a Persistence Market Research analyst.
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Competitive Landscape
The cold insulation materials market is somewhat consolidated, with only a few players dominating and controlling a majority of the market. Along with this, there are some medium- and small-scale players in the market who are keeping the market competitive.
Some of the key market players included in the report are BASF SE, Huntsman International LLC, Armacell International S.A., CertainTeed Corporation, Arabian Fiberglass Insulation Co., Ltd., Evonik Industries, The Dow Chemical Company, Fletcher Insulation Group, Kingspan Group PLC, Johns Manville Corporation, Knauf Insulation Inc., Owens Corning, Rockwool International A/S, and Aspen Aerogels Inc.
Conclusion
Rising demand for cryogenic equipment in the oil & gas industry is expected to fuel the demand for cryogenic insulation materials over the decade. In terms of customer base, innovation, and geopolitical conditions, East Asia and South Asia Pacific are vastly different. Due to the sheer growing end-use sectors, the cold insulation materials markets in India, China, and ASEAN countries are expected to gain traction over the years to come.
More Valuable Insights Available
Persistence Market Research, a research and consulting firm, has published a new market research report on the global cold insulation materials market that contains an industry analysis of 2017–2021 and an opportunity assessment for 2022–2032.
The report provides an in-depth analysis of the market through different segments, namely, material type, insulation type, application, and region. The report also provides supply and demand trends along with an overview of the parent market.
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