The report predicts the global Cold Insulation Market to grow at a healthy CAGR over the forecast period from 2022-2031.
Rising need for energy efficiency, reduction in Green House emissions, sustainable developments and growing infrastructure will drive the global cold insulation marketto $4.8billion by 2031. U.S. leads the world in terms of usage of advanced materials to increase the efficiency and reliability of operations that makes it the biggest market. The market here is expected to experience highest revenue growth during the next five years followed by Asia-Pacific.
The factors driving growth in the global market are high demand from current & emerging applications, increase in LNG, LPG, and other cryogenic gases, development & modernization of infrastructure, and increased demand for energy efficiency. The factors hindering the growth of the market are fluctuating cost of raw materials, lack of quality control across developing countries, and huge investment in R&D.
The market is growing slowly in European countries, but it will continue to grow at significant rate in the Asia-Pacific region. This region is driven by countries such as China, the fastest growing country in global market. The cold insulation market is still in infancy stage in African markets. But, this region is experiencing high growth on account of increased infrastructure spending. On the whole, it is evident that Europe and Rest of the World are the most lucrative low temperature thermal insulation market.
Most players in this industry are very huge and manufacture highly customized products focusing on particular end user industry. BASF is a leader in polyurethane insulation market. Every company, big or small, wants to penetrate deeper into the existing market and at the same time expand into new and emerging markets to increase their sales margin; thereby increasing overall revenue. The companies involved in cold insulation business adopted this strategy by expanding into emerging markets such as Asia-Pacific and Rest of the World markets. Most of the major companies in the thermal insulation manufacturing countries are headquartered in the U.S. and Europe.
With the increase in demand of cryogenic equipments for oil and gas industry, the cryogenic insulation materials will also see a rise in future. Various innovative materials like Aerogel and perlite are found to be used for cryogenic applications due to excellent thermal insulation properties. The demand in air conditioning devices, refrigeration devices is expected to witness a significant growth especially in Asia-Pacific market and Rest of the World market like Middle East due to rising GDP, disposable income, and climate change.
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The global market is analyzed in terms of revenue ($million) for all regions and their respective major countries. The revenues from each region have been broken down by types of material and their applications such as oil and gas, chemicals, HVAC, refrigeration, and others. The report forecasts revenue of the global market and its various submarkets with respect to four main regions such as North America, Europe, Asia-Pacific, and Rest of the World (Middle East, Russia, and African countries). The countries such as U.S., China, Germany, U.K, Spain, Australia, and Canada were analyzed.
For this report, various secondary sources such as chemical & material magazines, encyclopedia, directories, technical handbooks, company annual reports, industry association publications, articles, trade websites, and databases have been referred to identify and collect information useful for an extensive commercial study. The primary sources — experts from related industries and suppliers — have been interviewed to obtain and verify critical information as well as to assess the future prospects and market estimations.
This report analyzes various marketing trends and establishes the most effective growth strategy in the market. It identifies market dynamics such as drivers, restraints, opportunities, burning issues, and winning imperatives. Major companies such as BASF (Germany), Huntsman (U.S.), Armacell (Germany), and Bayer Material Science (Germany) have also been profiled in this report.
Scope of the report
On the basis of geography:
Rest of the World (Middle East, Africa and Russia)
On the basis of applications:
Oil and Gas
Others include biological, medical and rocket fuel handling applications etc.
On the basis of Materials:
Others include cellular glass, EPDM rubber, perlite, aerogel.
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