Global Cold Insulation Market is Segmented By Material (Polyurethane Foam, Fiber Glass, Polystyrene Foam, Phenolic Foam), By Application (Construction, Oil and Gas, Chemicals, HVAC, Refrigeration, Others (storage, packaging and industrial & automotive applications)), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) – Share, Size, Outlook, and Opportunity Analysis, 2024-2031
Cold Insulation Market Overview
The Global "Cold Insulation Market" is estimated to reach at a high CAGR within the forecast period (2024-2031).
Cold insulation is used in environments when the temperature is below ambient and can prevent condensation, moisture penetration and long-term damage. Condensation moisture is a concern in any cold system. It's just as crucial to keep the cold in to keep the heat out with chilled insulation. Chilled water pipes are insulated in a variety of ways. Foam glass and rubber insulation, often known as Armaflex, are the two most popular options.
Furthermore, cold insulation is commonly used when the environmental temperature is below the ambient temperature. Thermal conductivity, alkalinity (pH) or acidity, abrasion resistance, chemical reactivity/passivity, compressive strength & breaking load, combustibility, and coefficient of expansion/contraction should all be considered when choosing insulation materials on the application. If properly chosen, insulation is maintenance-free, and non-complaining is likely to look after the smooth operation, safety and economy of the equipment insulated.
Source: DataM Intelligence Analysis (2021)
To Know More: Download Sample
Cold Insulation Market Dynamics
Improving concerns regarding greenhouse gas emissions are projected to fuel the market growth for cold insulation over the forecast period. Growing importance for energy-efficient products owing to rising energy costs is triggering the market share for cold insulation.
Improving concerns regarding greenhouse gas emissions are projected to fuel the market growth for cold insulation over the forecast period.
The greenhouse effect is responsible for a large part of the world's climate. The climate equilibrium is threatened by increased greenhouse gas emissions related to human activity. When fossil fuels are used to generate energy, carbon dioxide (CO2) is emitted, and rising energy needs have resulted in a rapid increase in CO2 levels in the atmosphere. Its expansion has been aided by heating, air conditioning and refrigeration. If no action is taken, greenhouse gas emissions in the EU Member States are predicted to rise by 17% between 1990 and 2010, despite the Kyoto Protocol's aim of an 8% reduction in emissions over the same time.
Thus, buildings and water heating, refrigerated transportation and facilities for storing or preserving foodstuffs and pharmaceutical products can benefit from better insulation. Weatherboarding panels, cavity wall insulation, spray foam, lagging for heating pipes and other insulation techniques are utilized. The development and widespread usage of high-performance thermal insulation products contribute considerably to the long-term preservation of our climate. Different types of cold insulations are used, such as Expanded Polystyrene Foam (EPS), Extruded Polystyrene Foam (XPS), Polyurethane Foam (PUF), Poly-isocyanurate Foam (PIR), Foam glass, Phenolic Foam, Thermocol and others.
Extruded Polystyrene (XPS), such as Dow Styrofoam or Owens Corning Foamular and ordinary closed-cell spray polyurethane foam, are two prevalent foam insulation products that use HFC blowing agents, which are powerful greenhouse gases (SPF). In contrast, all insulation materials reduce greenhouse gas emissions (by conserving energy). However, insulating with thick layers of either of these two foams results in extremely long "payback periods" for the insulation's global warming potential, thwarting even the most ambitious attempts to build carbon-neutral structures.
Growing importance for energy-efficient products owing to rising energy costs has improved the cold insulation demand
As energy costs continue to climb, energy conservation has become increasingly crucial. Energy efficiency reduces greenhouse gas emissions, a significant contributor to global warming and climate change. Energy efficiency is about more than just insulation, although insulation plays a major role.
Cold insulation slows heat transfer from one surface to another, such as a wall, attic, duct, or roof. When a well-insulated home, less warm air escapes in the winter and less cool air escapes in the summer, lowering the energy required for heating and cooling. Improving the insulation in older houses can save you up to 20% on your annual heating and cooling costs.
Furthermore, insulation materials hold basic and important requirements in each industry dealing with varied heat transfer unit operations. Maintaining the temperature of chilled water and steam supplies, storing products at low temperatures in cold storages or tanks and transporting products at low temperatures is critical in the dairy and food industries. Cold Insulation's primary goal is to slow the rate of heat flow to prevent or limit temperature changes in the system or space.
According to reports, the dairy industry consumes 50% of its energy in the heating and cooling of milk. Because the dairy and food industries contain multiple unit processes at higher or lower temperatures than the ambient air temperature, the use of insulating materials in these industries is inevitable for energy conservation. There are a variety of insulation materials on the market, each with its own set of insulating capabilities.
COVID-19 Impact Analysis On Cold Insulation Market
The outbreak of COVID-19 has shown a tremendous impact on various industries' market growth, although the cold insulation has seen moderate effect due to the outbreak. Various industries were shut down for a limited period, and many sectors were working at the cost of fewer workers.
The prime reason behind the drop in cold insulation is the drop in demand from consumers. Industries like petrochemical Processing, Food Processing & Storage, Petroleum & Natural Gas Refining, construction, automotive, textile are the prime industries in which overall demand for the product has registered a negative growth due to COVID-19. The drop in demand leads to a drop in the overall demand for cold insulation in the mentioned end-users.
However, behind the scenes, the cooling industry plays a crucial part in the fight against the coronavirus (COVID-19) pandemic. It takes care of everything from maintaining the proper temperature to carefully transporting and storing medicines and keeping patients and caregivers safe and comfortable in regular healthcare facilities and emergency hospitals set up in halls, parking lots and other public locations.
Thus, the pharmaceutical industry has seen a spike in the cold insulation market compared to other end-users. The pandemic conditions are getting better in most countries, therefore expected to uplift the overall market share for the product in the forecast period.
Cold Insulation Market Segment Analysis
The global cold insulation market can be segmented on material, application and region.
Fiberglass insulation is less expensive to install than many other insulating materials, and it is generally the most cost-effective alternative.
The global cold insulation market based on materials is segmented into Polyurethane Foam, Fiber Glass, Polystyrene Foam and Phenolic Foam. Fiberglass is a prevalent insulation material out of the mentioned types of material. Fiberglass insulation is less expensive to install than many other insulating materials.
Compared to cellulose or sprayed foam insulation systems, it is generally the most cost-effective alternative for equal R-value performance (i.e., thermal resistance). Fiberglass can decrease heat transfer due to its creation, which involves weaving thin strands of glass into an insulating layer. When installing fiberglass, wearing the appropriate safety equipment is critical, as glass powder and tiny shards of glass are generated, posing a risk of injury to the eyes, lungs and skin. Fiberglass is a non-flammable insulation material, with R-values ranging from R-2.9 to R-3.8 per inch. Thus the mentioned advantages over other types of material boost the market share for the product.
Furthermore, Polystyrene is growing at a significant rate and is a sound and temperature insulating material that is waterproof and thermoplastic. Expanded (EPS) and extruded (XEPS), often known as Styrofoam, are the two forms.
The more expensive XEPS has an R-value of R-5.5, whereas EPS has an R-value of R-4. The smooth surface of polystyrene insulation is unlike any other type of insulation. It is found in both domestic and business contexts. Unlike its fluffier cousins, polystyrene insulation is highly stiff. Foam is typically made or cut into blocks, good for wall insulation.
Source: DataM Intelligence Analysis (2021)
Cold Insulation Market Geographical Analysis
Due to increased construction spending in countries like China, India and Japan and favorable government laws to promote building energy efficiency, the Asia Pacific market for cold insulation is likely to rise significantly in the future years.
Due to increased construction spending in countries like China, India and Japan and favorable government laws to promote building energy efficiency, the Asia Pacific market for cold insulation is likely to rise significantly in the future years. In terms of manufacturing, the growth of domestic producers in China is projected to benefit the market. Domestic firms are projected to have a favorable impact on the market in terms of production. The Indian market is likely to benefit from increased industrial expansion and demand for cryogenic insulation in oil and gas projects.
Due to the booming food and healthcare industries, the ever-expanding cold chain market in Asia-Pacific is another important pushing reason. Emerging markets such as China, India, Indonesia and Vietnam are experiencing tremendous expansion, industrialization, and changing lifestyles. As a result, the region's production and consumption levels have risen dramatically. Imminent opportunities in the Asia-Pacific market, such as adopting eco-friendly cold insulation products, point to a promising future. The firms are developing Plant-based or bio-based insulating products.
Furthermore, they are developing fiberglass insulation with a 35% recyclable content, saving energy in manufacturing wholly new items. Volatile Organic Compounds (VOCs) are nearly non-existent in these items (VOC). Demand in the region will rise as a result of these advances.
Source: DataM Intelligence Analysis (2021)
Cold Insulation Market Competitive Landscape
The cold insulation market is highly competitive with the presence of local and global companies. Some prime companies contributing to the market's growth are Bayer MaterialScience, Aspen Aerogels Inc., BASF SE, Owens Corning, Rockwool Global, Huntsman Corporation, Evonik Industries, Fletcher Insulation Group, Certain Teed Corporation, Armacell Global Holding GmbH, Knauf Insulation, Dow Chemical Company and others.
The major companies are adopting several growth strategies such as acquisitions, product launches and collaborations, contributing to the growth of the cold insulation market globally.
- For instance, in 2015, Bayer MaterialScience has developed customized product and process engineering solutions. The Microcell insulating system has good flow and mold removal properties and cost-effective processing using current foam technologies. Polyurethanes are lightweight and have strong insulating properties, making refrigeration equipment and coolers easy to move.
BASF SE
Overview: BASF SE is a growing German multinational chemical corporation that is the world's largest chemical manufacturer. The company is branched in Europe, Asia, Australia, the Americas, Africa and joint ventures in over 80 countries and operates in six integrated production sites and 390 other production sites.
Product Portfolio: The company has a product portfolio of cold insulations that includes:
- SLENTEX: With its unique combination of industry-leading thermal performance and a non-combustible fire rating, SLENTEX, represents the cutting edge of non-combustible thermal insulation technology. SLENTEX was created for specific architecture and construction industries, such as façade systems, thermal bridges and transition areas. Still, the new insulation product will also be used in various other applications.
Key Development
- For instance, on September 7th, 2020, BASF SE has developed SLENTEX, a high-performance insulation material used in eco-friendly cold chain platforms by FMS Korea that helps keep food fresh.
Why Purchase the Report?
- Visualize the cold insulation market segmentation by material, application, highlighting key commercial assets and players.
- Identify commercial opportunities in the cold insulation market by analyzing trends and co-development deals.
- Excel data sheet with thousands of data points of cold insulation market-level 4/5 segmentation.
- PDF report with the most relevant analysis cogently put together after exhaustive qualitative interviews and in-depth market study.
- Product mapping in excel for the key product of all major market players
The global cold insulation market report would provide approximately 53 market data tables, 46 figures and 180 pages.
Target Audience 2024
- Service Providers/ Buyers
- Industry Investors/Investment Bankers
- Construction Companies
- Packaging and Storage Companies
- Emerging Companies
- Manufacturers
- Logistics companies
- Distributors
