Cold insulation is a technology that is used to reduce energy leakages from infrastructure to improve energy efficiency. Cold insulation market is segmented based on material type used which includes fiber glass, polystyrene foam, polyurethane foam and phenolic foam. Cold insulation is used in a wide range of applications such as HVAC systems, refrigeration, oil & gas, chemicals and others.
Growing demand for cryogenic insulation equipments coupled with the rising demand for natural and industrial gases for oil & gas industry is expected to drive the cold insulation market over the next few years. Cryogenic operations require reduction in energy losses to maintain very low temperature. Increasing use of LPG, LNG and other cryogenic gases is driving cryogenic industry in both developed and developing countries. Furthermore, increased environmental awareness is expected to drive the market in developing countries.
Environment regulatory agencies are compelling companies to improve existing infrastructure to reduce energy loss. Different energy related standards are in place for building energy efficient infrastructure. In addition, demand for refrigeration and air conditioning devices are expected to drive the market. Owing to rise in disposable income of consumer and warm climatic conditions in Asia-Pacific region, the demand for air conditioning and refrigeration devices is expected to witness tremendous growth. Additionally, rise in industrialization in emerging economies around the globe is expected to drive the cold insulation market.
Owing to cheap labor and proximity to raw materials, bigger companies are investing in emerging economies of South Africa and Asia Pacific. However, huge investment cost, lack of quality control and cost of raw materials are expected to hamper the market growth. Quality control standards in developing countries are poor due to less government intervention and poor environmental awareness. Cost of developing new cold insulation materials with less environment impact is huge and only big companies having substantial turnovers can afford to research and develop innovative products. Development of innovative materials such as perlite and aerogel are expected to provide immense opportunities for the players in cold insulation market. Further, development of bio-based and renewable material based insulation materials is expected to be opportunities in the near future.
Key players in this market include BASF SE, Bayer Material Science, Huntsman Corporation, Aspen Aerogels Inc., Armacell International Holding GMBH, Bradford Insulation Industries Ltd., Evonik Industries, The Dow Chemical Company, Fletcher Insulation Group, Kingspan Group PLC, Knauf Insulation, Pittsburgh Corning Corporation, Arabian Fiber Glass Insulation Company Ltd., Itw Insulation Systems among others.
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SOURCE The Financial Consulting https://thefinancialconsulting.com/
