According to a new report published by Allied Market
Research titled, Asia-Pacific Cold Insulation Market by Type and Application:
Opportunity Analysis and Industry Forecast, 2017-2023, the
Asia-Pacific cold insulation market was valued at $1,912,720 thousand in 2016,
and is estimated to reach $3,251,903 thousand by 2023, growing at a CAGR of
7.7% from 2017 to 2023. Cold insulation is a low-temperature application
insulation used to improve energy efficiency. It is used in numerous
applications operating at temperatures below the ambient range and requiring
protection against heat. A cold insulation material acts as a barrier to heat
flow and closed structure is used to avoid wicking in a system where it is
installed. These materials are adopted in various applications to maintain low
temperature for process control, avoid surface condensation, and conserve
refrigeration. The types of materials used for cold insulation are fiber glass,
polyurethane foam, polystyrene foam, phenolic foam, and others. These are used
in oil & gas industries, cold stores & marine applications, building
& construction, and others.
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Increase in its demand in various applications such
as refrigeration, HVAC, oil & gas, chemicals, and others drives the
Asia-Pacific cold insulation market. The usage of cold insulation has increased
due to its ability to protect the environment from greenhouse gases and
increase the efficiency of the system. These factors are further expected to
provide lucrative growth opportunities to the market players. However,
volatility of raw material prices is projected to hamper the market growth during
the forecast period.
Over the forecast period, polyurethane foam is
anticipated to hold a dominant position in the market, as polyurethane exhibits
unique properties such as lightweight, low thermal conductivity, low water
absorption, enhanced strength, and high chemical resistance. It is suitable for
handling low thermal conductivity and substances stored at below freezing
temperature.
The oil & gas application segment dominated the
market, with two-sevenths share of the Asia-Pacific market in 2016. In the oil
& gas industry, cold insulation is used to address relative designs,
materials, procedures, and standard installation necessities for oil & gas
infrastructure such as pipelines, vessels, and tanks.
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Key
Findings of the Asia-pacific Cold Insulation Market:
- In 2016, China dominated the
Asia-Pacific cold insulation market, with around one-third of the market
share, in terms of revenue.
- The polystyrene foam segment is
estimated to witness the highest growth rate, in terms of revenue,
registering a CAGR of 8.1% from 2017 to 2023.
- Refrigeration segment is
projected to grow at the highest CAGR of 8.2%, in terms of revenue.
- In 2016, oil & gas dominated
the Asia-Pacific cold insulation market, accounting for around
two-sevenths share, in terms of both revenue and volume.
- India is projected to grow at the
highest CAGR of 8.3%, in terms of revenue.
In 2016, China dominated the Asia-Pacific market in
terms of both revenue and volume, owing to increase in disposable income,
growth in building & construction, and high demand for air conditioning
devices due to the warm climate in this region. Furthermore, Singapore is
projected to witness the highest CAGR of 8.5%, followed by Philippines with
8.4% from 2017 to 2023.
The key companies profiled in the report include
Kingspan Groups PLC., BASF SE, Huntsman Corporation, ITW Insulation Systems,
Rockwool International A/S, Covestro Ag, DowDuPont Inc., Dongsung FineTec Co.,
Ltd., Armacell International Holdings Inc., and Nichias Corporation.
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