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,

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 GeographyAccording 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
US
Canada
Mexico
• Europe
Germany
UK
Italy
France
Spain
Rest of Europe
• Asia Pacific
Japan
China
India
Australia
New Zealand
South Korea
Rest of Asia Pacific
• South America
Argentina
Brazil
Chile
Rest of South America
• Middle East & Africa
Saudi Arabia
UAE
Qatar
South Africa
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