Global Cold Insulation Market to Reach $5.1 Billion by 2026

SAN FRANCISCO, March 23, 2022 /PRNewswire/ -- A new market study published by Global Industry Analysts Inc., (GIA) the premier market research company, today released its report titled "Cold Insulation - Global Market Trajectory & Analytics". The report presents fresh perspectives on opportunities and challenges in a significantly transformed post COVID-19 marketplace.

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Edition: 6; Released: February 2022
Executive Pool: 4133
Companies: 80 - Players covered include Arabian Fiberglass Insulation Company Ltd.; Armacell International S.A.; Aspen Aerogel Inc.; BASF SE; Bradford Insulation Industries Ltd.; Covestro AG; Daehyup Tech Co., Ltd.; Fletcher Insulation; G+H Group; Huntsman Corporation; Johns Manville; Kingspan Group plc; Knauf Insulation Ltd.; Morgan Advanced Materials Porextherm Dämmstoffe GmbH; Owens Corning; Rockwool International A/S; The Dow Chemical Company; URSA Insulation, S.A and Others.
Coverage: All major geographies and key segments
Segments: Material (Fiber Glass, Phenolic Foams, Polystyrene Foams, Polyurethane Foams, Other Materials); End-Use (Chemicals, HVAC, Oil & Gas, Refrigeration, Other End-Uses)
Geographies: World; USA; Canada; Japan; China; Europe; France; Germany; Italy; UK; Rest of Europe; Asia-Pacific; Rest of World.

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Abstract-

Global Cold Insulation Market to Reach $5.1 Billion by 2026
Insulation refers to a material or composite materials utilized for conserving energy by retarding the flow of heat. Insulation materials offer the capability of preventing or reducing equipment damage that could occur as a result of fire exposure or corrosion. In addition, these materials enhance the operating efficiency of industrial and commercial installation systems such as heating and cooling, process, power, plumbing, and ventilation. Insulation can be categorized on the basis of its operating temperature range as thermal, cryogenic, and refractory. Cold insulation reduces leakage of energy from infrastructure/equipment and improves their operational efficiency. It prevents moisture intrusion, condensation and long term degradation. Materials used for cold insulation have closed structures for preventing heat flow. Applications requiring maintenance of lower temperatures for process control, for conserving refrigeration and for avoiding surface condensation typically use cold insulation materials. Cold insulation thus serves as barrier to flow of heat. Cold insulation materials also hold the ability to save environment from depletion of ozone layer.

Amid the COVID-19 crisis, the global market for Cold Insulation estimated at US$4 Billion in the year 2022, is projected to reach a revised size of US$5.1 Billion by 2026, growing at a CAGR of 5.7% over the analysis period. Fiber Glass, one of the segments analyzed in the report, is projected to record a 5.5% CAGR and reach US$1.3 Billion by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Phenolic Foams segment is readjusted to a revised 5% CAGR for the next 7-year period. Glass fiber or fiberglass is the most used insulation type in both construction and industrial applications. This preference for glass wool insulation can be primarily attributed to its light weight, high resilience and superior tensile strength, in addition to its acoustic and thermal insulation properties. Fiberglass is also inexpensive when compared to other insulation materials - yet another reason behind the material's wide usage. The material is cost-effective to consumers as it can be easily installed without the need for any special equipment such as in the case of other insulation materials. The highly flexible glass fibers can also be easily molded to suit product requirements.

The U.S. Market is Estimated at $719.6 Million in 2022, While China is Forecast to Reach $892.8 Million by 2026
The Cold Insulation market in the U.S. is estimated at US$719.6 Million in the year 2022. China, the world`s second largest economy, is forecast to reach a projected market size of US$892.8 Million by the year 2026 trailing a CAGR of 8.1% over the analysis period. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 3.6% and 5.2% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 4.9% CAGR.

The global cold insulation market is being driven by strong focus on energy efficiency, environmental awareness, rapid industrialization and demand for air conditioning and refrigeration systems. The global market is anticipated to be propelled by strong focus on energy efficiency as a result of increasing energy costs and concerns over greenhouse gas emissions. Ongoing government efforts to make public infrastructure more energy efficient and reduced infrastructure spending across various countries are expected to pave way for adoption of cold insulation. In addition, rising disposable incomes and demand for air-conditioning devices across emerging countries is likely to further impel the market growth. Cold insulation demand is expected to benefit from increasing consumption of cryogenic gases like LNG and LPG coupled with the need for LEED certification and adoption of cryogenic equipment in the oil & gas industry are anticipated create a fertile ground for expansion of the cold insulation market. In addition, rapid industrialization across developing economies and stringent regulations requiring players to upgrade infrastructure for reducing energy losses are poised to drive the market in the coming years. On the flip side, huge investment and raw material costs are hindering the market growth. Volatile prices of key materials such as benzene, MDI and TDI needed to produce polystyrene and polyurethane based insulation materials are affecting profit margins for players. Moreover, weak quality control standards across developing economies due to inadequate environmental awareness and low government intervention are inhibiting the market expansion.

Polystyrene Foams Segment to Reach $691.5 Million By 2026
Polystyrene foams is water-proof thermoplastic foam with exceptional temperature insulation properties. The material is being extensively used as a cold insulation material on account of its superior tensile and compressive strength. Polyisocyanurate foams, a result of technology improvements in PU foams over the years, is an important cold insulation type. In the global Polystyrene Foams segment, USA, Canada, Japan, China and Europe will drive the 5.2% CAGR estimated for this segment. These regional markets accounting for a combined market size of US$379.3 Million will reach a projected size of US$542.3 Million by the close of the analysis period. China will remain among the fastest growing in this cluster of regional markets. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$86.7 Million by the year 2026. More

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Zak Ali
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Global Industry Analysts, Inc.
Phone: 1-408-528-9966
www.StrategyR.com
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