Cold Insulation Market: Demand Analysis and Growth Forecast
The Cold Insulation Market size is estimated to reach US$9.7 billion by 2027, after growing at a CAGR of 7.8% during 2022-2027. The cold insulation market is rapidly growing with soaring industrialization on a global scale, due to its usage for synthetic rubber pipeline insulation, vessels insulation, HVAC systems insulation and others. The rise in the industrial sector would boost the demand for cellular glass, glass mineral wool, phenolic foam, polystyrene foam and polyurethane foam-based insulation. The US industrial production increased by 3.9% year-on-year in July of 2022. Manufacturing production rose by 3.2%, mining by 7.9% and utilities by 2.2%. Therefore, the rise in the growth of industrial production would drive market growth.
Cold Insulation Market: Leading Segments
Based on Material Type, the Cold Insulation market can be segmented into glass fiber (cellular glass and glass mineral wool), phenolic foam, polystyrene foam, polyurethane foam, poly-isocyanurate foam, polyethylene foam, synthetic rubber and others. Polyurethane foam is the leading cold insulation segment and is expected to grow with a CAGR of 7.1% during the forecast period. Also, based on the end-use industry, the cold insulation market can be segmented into the commercial and industrial sectors. The industrial sector held a significant share of the Cold Insulation Market in 2021 and is estimated to grow at a CAGR of 6.9% during the forecast. It is because of a rise in demand for glass fiber, phenolic foam and polyurethane foam-based Cold Insulations from various industries.
Cold Insulation Market: By Region
The Asia-Pacific region dominated the Cold Insulation Market in terms of revenue with a share of 45% in 202. It is projected to dominate the market at a CAGR of 8.6% by revenue during the forecast period 2022-2027. The growth is mainly driven by the increasing developments in the industrial sector and others in the region. As per trading economics, Industrial production in India increased by 2.4% year-on-year in July 2022, following an upward trend with a 12.7% rise in June 2022. Thus, such surging development in industrial sectors in the region would fuel the demand for glass fiber, cellular glass, glass mineral wool, phenolic foam, polystyrene foam, polyurethane foam and others and is expected to boost the demand for the Cold Insulation market.
The Major Players in this Market
Technology launches, acquisitions and R&D activities are key strategies adopted by players in the Cold Insulation Market. The top 10 players in the Cold Insulation market are Owens Corning, Huntsman International LLC, Dow Chemical Company, Armacell International S.A., Arabian Fiberglass Insulation Company Ltd, BASF SE, Bayer Material Science, Evonik Industries, Aspen Aerogels and Dongsung FineTec Co., Ltd. The key strategies adopted by the companies include product launches and expansion among others.
In March 2022, LP Building Solutions (LP) launched LP NovaCore Thermal Insulated Sheathing, designed to defend against heat and cold. Moreover, in March 2022, Tower Cold Chain launched KTEvolution a reusable cold chain container designed to be carried by 1 or 2 people.
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