New York, NY -- (SBWIRE) -- 12/03/2020 -- The global Cold Insulation market is forecast to reach USD 9.46 Billion by 2027, according to a new report by Reports and Data. The global cold insulation market is likely to witness rapid gains over the forecast period due to the increasing demand for of energy efficiency to offset the rising cost of energy. Growing concerns about greenhouse gas emissions by expanded utilization of fossil fuel for energy generation are expected to further augment market growth over the forecast period.

The market is further strengthened by government support to augment the energy efficiency of public infrastructure. Better cold insulation necessarily means lesser spending on heating of buildings. Augmented infrastructure spending in various developed countries such as the United States, Japan, and other Western European countries, coupled with increased awareness of energy losses and costs, is expected to have a considerable impact on the global cold insulation market.

The increase in disposable income has led to the growing demand for air conditioning and refrigeration equipment in markets of emerging economies is expected to stimulate further demand for cold insulating materials such as polyurethane foams, fiberglass, polystyrene, and phenolic foams. Increased demand for cryogenic equipment in the oil and gas industry is anticipated to stimulate demand for cryogenic insulation materials, which in turn should drive the cold insulation market.

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The increase in research and development by businesses to develop insulation materials through sources of sustainable raw materials should generate opportunities for industry players over the forecast period. Market growth is anticipated to be hampered by volatile prices for TDI, benzene, and MDI which are required to make polyurethane and polystyrene insulation materials.

Asia-Pacific is currently the largest market for cold insulation products. The rapid growth of end-use industries, such as chemicals, oil and gas, HVAC, and cryogenic equipment in Asia-Pacific, is driving a significant increase in the market. Also, the low cost of setting up manufacturing facilities is driving market growth in the region.

The COVID-19 impact:

The COVID-19 pandemic is projected to have a downward effect on the global cold insulation market by 2020, triggered by the halt to large-scale demand-driven industrial cold insulation applications. Furthermore, supply chain disturbances and manufacturing shut-downs resulted in a diminished outlook on home cooling applications, which capture a considerable share of the cold insulation market and this could have lasting implications for short-term sales. Although the industry is expecting that things will come back near normal sometime before the end of 2020, the crisis is likely to trigger negative demand shock.

Key participants in cold insulation market include:

BASF SE
Armacell International Holding Gmbh
The DOW Chemical Company
Owens Corning
Bayer Material Science
Knauf Insulation
Aspen Aerogels Inc.
KAEFER
Novisol
Huntsman Corporation

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Cold Insulation Market: Segmentation

For the purpose of this report, Reports and Data has segmented into the global Cold Insulation market on the basis of Material Type, Insulation Type, Application, and Region:

Material Type Outlook (Revenue, USD Billion; 2017-2027)

Fiber Glass
Phenolic Foams
Polystyrene Foams
Polyurethane Foams
Others

Insulation Type Outlook (Revenue, USD Billion; 2017-2027)

Fibrous
Cellular
Granular

Application Outlook (Revenue, USD Billion; 2017-2027)

Chemicals
HVAC
Oil & Gas
Refrigeration
Others

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Regional Outlook (Revenue, USD Billion; 2017-2027)

North America
S
Canada
Europe
Germany
UK
France
BENELUX
Rest of Europe
Asia Pacific
China
Japan
South Korea
Rest of APAC
MEA
Saudi Arabia
UAE
Rest of MEA
Latin America
Brazil
Rest of LATAM

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