Cold Insulation Market
Cold Insulation Market Forecasts to 2030 - Global Analysis By Material Type (Fiber Glass, Phenolic Foam, Polystyrene Foam, Polyurethane Foam and Other Material Types), Application (Chemicals, HVAC (Heating, Ventilation, And Air-Conditioning), Oil and gas, Refrigeration and Other Applications) and By Geography
According to Stratistics MRC, the Global Cold Insulation Market is accounted for $7.48 billion in 2023 and is expected to reach $14.68 billion by 2030 growing at a CAGR of 10.1% during the forecast period. The substance that is used in a variety of applications to prevent condensation is cold insulation. The cold environment provides low thermal conductivity, significant fungus resistance, and air leak prevention, similar to other thermally insulating materials. In a system where it is installed, insulation improves system performance. Moreover, these cold insulation materials play a particular role even in extreme weather situations.
According to India Brand Equity Foundation, the Oil demand in India is projected to register a 2x growth to reach 11 million barrels per day by 2045.
Market Dynamics:
Driver:
Increasing commercial building and construction activities
Due to economic reforms and rising per capita income, building and construction activities are expanding globally. More commercial sector buildings are required as a result of the rising population. To maintain the required temperature inside the building, cellular glass, phenolic foam, and polystyrene foam-based cold insulation are commonly used in the building and construction of floors, walls, roofs, and ceilings, both in new building construction and retrofitting existing buildings. Furthermore, the government's expanding building and construction initiatives will further fuel the cold insulation market.
Restraint:
Lack of knowledge & qualified workers
Factors like a lack of skilled labor and a lack of expertise in installing and maintaining cold insulation systems could limit market revenue growth. Since cold insulation systems call for specialized knowledge and abilities, it may be challenging for businesses to find qualified labor and resources. This might limit the use of cold insulation systems to companies with the necessary resources and expertise.
Opportunity:
Increasing demand from oil and gas industry
Due to the expanding use of cryogenic insulation equipment in the majority of industrial applications, the global oil and gas industry is one of the biggest consumers of cold insulation materials. End users in the oil and gas industry are promoting the use of effective cold insulation materials in cryogenic operations where extremely low temperatures must be maintained while minimizing energy loss. This is one of the most important elements that could have an impact on the rate of expansion of the global cold insulation market.
Threat:
High cost of materials
The high cost of materials in contrast to more traditional insulation materials like fiberglass and foam is a significant factor that could impede the growth of the market's revenue. Because they are more expensive per unit than traditional insulation materials, cold insulation materials like Aerogel and Polyurethane foam should only be used in high-end applications like LNG pipelines and cryogenic storage, where their superior performance justifies the higher cost. Moreover, the erratic nature of crude oil prices would influence the overall cost of producing polyurethane foam and restrain market expansion.
Covid-19 Impact
The COVID-19 outbreak moderately impacted the Cold Insulation market. Although its use in the food and beverage sector helped increase supply, the cold insulation market was also negatively impacted. However, the market has been moderately profitable despite the uncertainties because the fermentation chemicals used in the production of essential consumer goods have increased demand for packaging material.
The polyurethane foam segment is expected to be the largest during the forecast period
Due to its light weight, durability, and exceptional resistance to extreme weather conditions, polyurethane foam is predicted to hold the largest market share in the estimated timeframe. This makes it ideal for applications in the oil and gas, chemical, HVAC, refrigeration, and other industries. Additionally, the main component of insulation pipes, sandwich panels with metal faces, blocks, and sheets is polyurethane foam.
The chemicals segment is expected to have the highest CAGR during the forecast period
During the forecast period, it is anticipated that the chemicals segment will expand significantly. Cold insulation is frequently used in the chemical industry for the storage and transportation of chemicals that need to be kept at low temperatures. Increased demand for chemicals from a variety of end-use industries, such as pharmaceuticals, polymers, and textiles, is driving the growth of the chemical industry and driving up the demand for cold insulating materials. Additionally, the chemical industry's rising demand for energy-efficient procedures will fuel this segment's growth.
Region with largest share:
North America had the largest market share, and it is anticipated that it will continue to rule during the forecast period. Market growth is being driven by the region's demand for efficient insulating solutions and energy-saving techniques. The region's expanding building and industrial sectors, particularly in the United States, are also boosting demand for cold insulation materials. Moreover, the region's market is expanding as a result of the rising demand for refrigeration and cooling applications, particularly in the food and beverage industry.
Region with highest CAGR:
Due to rising construction spending in nations like China, India, and Japan as well as supportive government regulations to increase building energy efficiency, Asia-Pacific is predicted to experience significant growth in the anticipated timeframe. It is expected that the emergence of domestic producers in China will have a positive production impact on the market. Additionally, low startup costs for manufacturing facilities are fueling the expansion of the market in the region.
Key players in the market
Some of the key players profiled in the Cold Insulation Market include Arabian FiberGlass Insulation Company Ltd., Armacell International Holding GMBH, Aspen Aerogels Inc, Atlas Roofing Corporation, BASF SE, Beijing New Building Material (Group) Co., Ltd., Bradford Insulation Industries Ltd., Evonik Industries AG, Fletcher Insulation Group, Huntsman International LLC, Johns Manville, Kingspan Group PLC, Knauf Insulation, Morgan Advanced Materials, Owens Corning, Pittsburgh Corning Corporation, Recticel, Rockwool A/S, Saint Gobain and The Dow Chemical Company.
Key Developments:
In July 2023, Atlas Roofing’s introduced new shingle products — Pinnacle® Sun and Pinnacle® Impact. With benefits including 3M™ Cool Roof Technology, 3M™ Smog-Reducing Granules, Class 4 impact resistance, HP42® technology and 3M™ Scotchgard™ Protector, Pinnacle Sun and Pinnacle Impact offer some of the most unique features of any other asphalt shingles on the market today.
In June 2023, Recticel introduces a new range of polyurethane insulation boards containing 25% bio-circular raw materials, calculated in accordance with the Mass Balance principle. The new Impact range reduces CO2 emissions by an average of 43% compared to a standard board while offering equivalent technical high insulation performance. These new products are an important element of Recticel's proactive approach to reaching net zero emissions by 2050, as committed to the SBTi.
In March 2023, The Europe-wide research project "PUReSmart" has come to an end, Recticel and Covestro are pleased with the positive outcome. They were able to demonstrate that the two main raw materials originally used in flexible polyurethane (PU) foam from mattresses can be recovered by chemical means to a high level of quality and purity. For the first time, a flexible foam sample has now been produced from fully recycled polyol and toluene diisocyanate (TDI), respectively. Both raw materials were obtained in Covestro’s pilot plant in Leverkusen.
Material Types Covered:
• Fiber Glass
• Phenolic Foam
• Polystyrene Foam
• Polyurethane Foam
• Other Material Types
Applications Covered:
• Chemicals
• HVAC (Heating, Ventilation, And Air-Conditioning)
• Oil and Gas
• Refrigeration
• Other Applications
Regions Covered:
• North America
o US
o Canada
o Mexico
• Europe
o Germany
o UK
o Italy
o France
o Spain
o Rest of Europe
• Asia Pacific
o Japan
o China
o India
o Australia
o New Zealand
o South Korea
o Rest of Asia Pacific
• South America
o Argentina
o Brazil
o Chile
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o UAE
o Qatar
o South Africa
o Rest of Middle East & Africa
What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2021, 2022, 2023, 2026 and 2030
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements
Free Customization Offerings:
All the customers of this report will be entitled to receive one of the following free customization options:
• Company Profiling
o Comprehensive profiling of additional market players (up to 3)
o SWOT Analysis of key players (up to 3)
• Regional Segmentation
o Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
o Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances
Table of Contents
1 Executive Summary
2 Preface
2.1 Abstract
2.2 Stake Holders
2.3 Research Scope
2.4 Research Methodology
2.4.1 Data Mining
2.4.2 Data Analysis
2.4.3 Data Validation
2.4.4 Research Approach
2.5 Research Sources
2.5.1 Primary Research Sources
2.5.2 Secondary Research Sources
2.5.3 Assumptions
3 Market Trend Analysis
3.1 Introduction
3.2 Drivers
3.3 Restraints
3.4 Opportunities
3.5 Threats
3.6 Application Analysis
3.7 Emerging Markets
3.8 Impact of Covid-19
4 Porters Five Force Analysis
4.1 Bargaining power of suppliers
4.2 Bargaining power of buyers
4.3 Threat of substitutes
4.4 Threat of new entrants
4.5 Competitive rivalry
5 Global Cold Insulation Market, By Material Type
5.1 Introduction
5.2 Fiber Glass
5.3 Phenolic Foam
5.4 Polystyrene Foam
5.5 Polyurethane Foam
5.6 Other Material Types
6 Global Cold Insulation Market, By Application
6.1 Introduction
6.2 Chemicals
6.3 HVAC (Heating, Ventilation, And Air-Conditioning)
6.4 Oil and Gas
6.5 Refrigeration
6.6 Other Applications
7 Global Cold Insulation Market, By Geography
7.1 Introduction
7.2 North America
7.2.1 US
7.2.2 Canada
7.2.3 Mexico
7.3 Europe
7.3.1 Germany
7.3.2 UK
7.3.3 Italy
7.3.4 France
7.3.5 Spain
7.3.6 Rest of Europe
7.4 Asia Pacific
7.4.1 Japan
7.4.2 China
7.4.3 India
7.4.4 Australia
7.4.5 New Zealand
7.4.6 South Korea
7.4.7 Rest of Asia Pacific
7.5 South America
7.5.1 Argentina
7.5.2 Brazil
7.5.3 Chile
7.5.4 Rest of South America
7.6 Middle East & Africa
7.6.1 Saudi Arabia
7.6.2 UAE
7.6.3 Qatar
7.6.4 South Africa
7.6.5 Rest of Middle East & Africa
8 Key Developments
8.1 Agreements, Partnerships, Collaborations and Joint Ventures
8.2 Acquisitions & Mergers
8.3 New Product Launch
8.4 Expansions
8.5 Other Key Strategies
9 Company Profiling
9.1 Arabian FiberGlass Insulation Company Ltd.
9.2 Armacell International Holding GMBH
9.3 Aspen Aerogels Inc.
9.4 Atlas Roofing Corporation
9.5 BASF SE
9.6 Beijing New Building Material (Group) Co., Ltd.
9.7 Bradford Insulation Industries Ltd.
9.8 Evonik Industries AG
9.9 Fletcher Insulation Group
9.10 Huntsman International LLC
9.11 Johns Manville
9.12 Kingspan Group PLC
9.13 Knauf Insulation
9.14 Morgan Advanced Materials
9.15 Owens Corning
9.16 Pittsburgh Corning Corporation
9.17 Recticel
9.18 Rockwool A/S
9.19 Saint Gobain
9.20 The Dow Chemical Company
List of Tables
1 Global Cold Insulation Market Outlook, By Region (2021-2030) ($MN)
2 Global Cold Insulation Market Outlook, By Material Type (2021-2030) ($MN)
3 Global Cold Insulation Market Outlook, By Fiber Glass (2021-2030) ($MN)
4 Global Cold Insulation Market Outlook, By Phenolic Foam (2021-2030) ($MN)
5 Global Cold Insulation Market Outlook, By Polystyrene Foam (2021-2030) ($MN)
6 Global Cold Insulation Market Outlook, By Polyurethane Foam (2021-2030) ($MN)
7 Global Cold Insulation Market Outlook, By Other Material Types (2021-2030) ($MN)
8 Global Cold Insulation Market Outlook, By Application (2021-2030) ($MN)
9 Global Cold Insulation Market Outlook, By Chemicals (2021-2030) ($MN)
10 Global Cold Insulation Market Outlook, By HVAC (Heating, Ventilation, And Air-Conditioning) (2021-2030) ($MN)
11 Global Cold Insulation Market Outlook, By Oil and Gas (2021-2030) ($MN)
12 Global Cold Insulation Market Outlook, By Refrigeration (2021-2030) ($MN)
13 Global Cold Insulation Market Outlook, By Other Applications (2021-2030) ($MN)
14 North America Cold Insulation Market Outlook, By Country (2021-2030) ($MN)
15 North America Cold Insulation Market Outlook, By Material Type (2021-2030) ($MN)
16 North America Cold Insulation Market Outlook, By Fiber Glass (2021-2030) ($MN)
17 North America Cold Insulation Market Outlook, By Phenolic Foam (2021-2030) ($MN)
18 North America Cold Insulation Market Outlook, By Polystyrene Foam (2021-2030) ($MN)
19 North America Cold Insulation Market Outlook, By Polyurethane Foam (2021-2030) ($MN)
20 North America Cold Insulation Market Outlook, By Other Material Types (2021-2030) ($MN)
21 North America Cold Insulation Market Outlook, By Application (2021-2030) ($MN)
22 North America Cold Insulation Market Outlook, By Chemicals (2021-2030) ($MN)
23 North America Cold Insulation Market Outlook, By HVAC (Heating, Ventilation, And Air-Conditioning) (2021-2030) ($MN)
24 North America Cold Insulation Market Outlook, By Oil and Gas (2021-2030) ($MN)
25 North America Cold Insulation Market Outlook, By Refrigeration (2021-2030) ($MN)
26 North America Cold Insulation Market Outlook, By Other Applications (2021-2030) ($MN)
27 Europe Cold Insulation Market Outlook, By Country (2021-2030) ($MN)
28 Europe Cold Insulation Market Outlook, By Material Type (2021-2030) ($MN)
29 Europe Cold Insulation Market Outlook, By Fiber Glass (2021-2030) ($MN)
30 Europe Cold Insulation Market Outlook, By Phenolic Foam (2021-2030) ($MN)
31 Europe Cold Insulation Market Outlook, By Polystyrene Foam (2021-2030) ($MN)
32 Europe Cold Insulation Market Outlook, By Polyurethane Foam (2021-2030) ($MN)
33 Europe Cold Insulation Market Outlook, By Other Material Types (2021-2030) ($MN)
34 Europe Cold Insulation Market Outlook, By Application (2021-2030) ($MN)
35 Europe Cold Insulation Market Outlook, By Chemicals (2021-2030) ($MN)
36 Europe Cold Insulation Market Outlook, By HVAC (Heating, Ventilation, And Air-Conditioning) (2021-2030) ($MN)
37 Europe Cold Insulation Market Outlook, By Oil and Gas (2021-2030) ($MN)
38 Europe Cold Insulation Market Outlook, By Refrigeration (2021-2030) ($MN)
39 Europe Cold Insulation Market Outlook, By Other Applications (2021-2030) ($MN)
40 Asia Pacific Cold Insulation Market Outlook, By Country (2021-2030) ($MN)
41 Asia Pacific Cold Insulation Market Outlook, By Material Type (2021-2030) ($MN)
42 Asia Pacific Cold Insulation Market Outlook, By Fiber Glass (2021-2030) ($MN)
43 Asia Pacific Cold Insulation Market Outlook, By Phenolic Foam (2021-2030) ($MN)
44 Asia Pacific Cold Insulation Market Outlook, By Polystyrene Foam (2021-2030) ($MN)
45 Asia Pacific Cold Insulation Market Outlook, By Polyurethane Foam (2021-2030) ($MN)
46 Asia Pacific Cold Insulation Market Outlook, By Other Material Types (2021-2030) ($MN)
47 Asia Pacific Cold Insulation Market Outlook, By Application (2021-2030) ($MN)
48 Asia Pacific Cold Insulation Market Outlook, By Chemicals (2021-2030) ($MN)
49 Asia Pacific Cold Insulation Market Outlook, By HVAC (Heating, Ventilation, And Air-Conditioning) (2021-2030) ($MN)
50 Asia Pacific Cold Insulation Market Outlook, By Oil and Gas (2021-2030) ($MN)
51 Asia Pacific Cold Insulation Market Outlook, By Refrigeration (2021-2030) ($MN)
52 Asia Pacific Cold Insulation Market Outlook, By Other Applications (2021-2030) ($MN)
53 South America Cold Insulation Market Outlook, By Country (2021-2030) ($MN)
54 South America Cold Insulation Market Outlook, By Material Type (2021-2030) ($MN)
55 South America Cold Insulation Market Outlook, By Fiber Glass (2021-2030) ($MN)
56 South America Cold Insulation Market Outlook, By Phenolic Foam (2021-2030) ($MN)
57 South America Cold Insulation Market Outlook, By Polystyrene Foam (2021-2030) ($MN)
58 South America Cold Insulation Market Outlook, By Polyurethane Foam (2021-2030) ($MN)
59 South America Cold Insulation Market Outlook, By Other Material Types (2021-2030) ($MN)
60 South America Cold Insulation Market Outlook, By Application (2021-2030) ($MN)
61 South America Cold Insulation Market Outlook, By Chemicals (2021-2030) ($MN)
62 South America Cold Insulation Market Outlook, By HVAC (Heating, Ventilation, And Air-Conditioning) (2021-2030) ($MN)
63 South America Cold Insulation Market Outlook, By Oil and Gas (2021-2030) ($MN)
64 South America Cold Insulation Market Outlook, By Refrigeration (2021-2030) ($MN)
65 South America Cold Insulation Market Outlook, By Other Applications (2021-2030) ($MN)
66 Middle East & Africa Cold Insulation Market Outlook, By Country (2021-2030) ($MN)
67 Middle East & Africa Cold Insulation Market Outlook, By Material Type (2021-2030) ($MN)
68 Middle East & Africa Cold Insulation Market Outlook, By Fiber Glass (2021-2030) ($MN)
69 Middle East & Africa Cold Insulation Market Outlook, By Phenolic Foam (2021-2030) ($MN)
70 Middle East & Africa Cold Insulation Market Outlook, By Polystyrene Foam (2021-2030) ($MN)
71 Middle East & Africa Cold Insulation Market Outlook, By Polyurethane Foam (2021-2030) ($MN)
72 Middle East & Africa Cold Insulation Market Outlook, By Other Material Types (2021-2030) ($MN)
73 Middle East & Africa Cold Insulation Market Outlook, By Application (2021-2030) ($MN)
74 Middle East & Africa Cold Insulation Market Outlook, By Chemicals (2021-2030) ($MN)
75 Middle East & Africa Cold Insulation Market Outlook, By HVAC (Heating, Ventilation, And Air-Conditioning) (2021-2030) ($MN)
76 Middle East & Africa Cold Insulation Market Outlook, By Oil and Gas (2021-2030) ($MN)
77 Middle East & Africa Cold Insulation Market Outlook, By Refrigeration (2021-2030) ($MN)
78 Middle East & Africa Cold Insulation Market Outlook, By Other Applications (2021-2030) ($MN)
List of Figures
RESEARCH METHODOLOGY
We at ‘Stratistics’ opt for an extensive research approach which involves data mining, data validation, and data analysis. The various research sources include in-house repository, secondary research, competitor’s sources, social media research, client internal data, and primary research.
Our team of analysts prefers the most reliable and authenticated data sources in order to perform the comprehensive literature search. With access to most of the authenticated data bases our team highly considers the best mix of information through various sources to obtain extensive and accurate analysis.
Each report takes an average time of a month and a team of 4 industry analysts. The time may vary depending on the scope and data availability of the desired market report. The various parameters used in the market assessment are standardized in order to enhance the data accuracy.
Data Mining
The data is collected from several authenticated, reliable, paid and unpaid sources and is filtered depending on the scope & objective of the research. Our reports repository acts as an added advantage in this procedure. Data gathering from the raw material suppliers, distributors and the manufacturers is performed on a regular basis, this helps in the comprehensive understanding of the products value chain. Apart from the above mentioned sources the data is also collected from the industry consultants to ensure the objective of the study is in the right direction.
Market trends such as technological advancements, regulatory affairs, market dynamics (Drivers, Restraints, Opportunities and Challenges) are obtained from scientific journals, market related national & international associations and organizations.
Data Analysis
From the data that is collected depending on the scope & objective of the research the data is subjected for the analysis. The critical steps that we follow for the data analysis include:
- Product Lifecycle Analysis
- Competitor analysis
- Risk analysis
- Porters Analysis
- PESTEL Analysis
- SWOT Analysis
The data engineering is performed by the core industry experts considering both the Marketing Mix Modeling and the Demand Forecasting. The marketing mix modeling makes use of multiple-regression techniques to predict the optimal mix of marketing variables. Regression factor is based on a number of variables and how they relate to an outcome such as sales or profits.
Data Validation
The data validation is performed by the exhaustive primary research from the expert interviews. This includes telephonic interviews, focus groups, face to face interviews, and questionnaires to validate our research from all aspects. The industry experts we approach come from the leading firms, involved in the supply chain ranging from the suppliers, distributors to the manufacturers and consumers so as to ensure an unbiased analysis.
We are in touch with more than 15,000 industry experts with the right mix of consultants, CEO's, presidents, vice presidents, managers, experts from both supply side and demand side, executives and so on.
The data validation involves the primary research from the industry experts belonging to:
- Leading Companies
- Suppliers & Distributors
- Manufacturers
- Consumers
- Industry/Strategic Consultants
Apart from the data validation the primary research also helps in performing the fill gap research, i.e. providing solutions for the unmet needs of the research which helps in enhancing the reports quality.
For more details about research methodology, kindly write to us at info@strategymrc.com
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