According to a new report published by Allied Market Research titled, Cold insulation Market by Type and Application: Opportunity Analysis and Industry Forecast, 2017-2023, the global cold insulation market was valued at $4,321 million in 2016, and is estimated to reach $7,243 million by 2023, growing at a CAGR of 7.4% from 2017 to 2023. In 2016, the polyurethane segment accounted for more than one-third share of the global market.
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Cold insulation is a low temperature application insulation,
which is used to improve energy efficiency. It is used in numerous applications
operating at temperature below the ambient range and requiring protection
against heat. 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.
The growth of the global cold insulation market is driven by the
increase in its demand in various applications such as refrigeration, HVAC, oil
& gas, chemicals, and others. The usage of cold insulation has increased
due to their 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 in the near
future. However, lack of awareness about cold insulation materials could hamper
the market growth during the forecast period.
Polyurethane foam is the leading segment in the global market,
as polyurethane exhibits unique properties such as lightweight, low thermal
conductivity, low water absorption, good 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 global
market, with almost two-seventh of the global market share in 2016. In 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 Cold insulation Market
- In 2016, Asia-Pacific dominated
the global market, with around half of the market share in terms of
revenue.
- The polystyrene type segment is
estimated to witness the highest growth rate, in terms of revenue,
registering a CAGR of 7.9% from 2017 to 2023.
- Asia-Pacific is projected to grow
at the highest CAGR of 7.7% in terms of revenue.
- In 2016, China dominated the
Asia-Pacific cold insulation market, accounting for around one-third
share, in terms of both revenue and volume.
- The refrigeration application
segment is projected to grow at the highest CAGR of 7.9%, in terms of
revenue.
In 2016, Asia-Pacific dominated the global 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, Asia-Pacific is projected to
witness the highest CAGR of 7.7% followed by Europe with 7.5% from 2017 to
2023.
The key companies profiled in the report include BASF SE, Dow
Chemical Company, Huntsman Corporation, Bayer Material Science, Armacell
International S.A., Evonik Industries, Aspen Aerogels, Dongsung FineTec Co.,
Ltd., Certain Teed Corporation, and Kingspan Groups PLC.
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