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The cold insulation market is expected to reach a net value of more than $4.8 billion by 2018, according to a report by MarketsandMarkets, a global research and consulting company.
The report, titled, “Cold Insulation Market By Types (Fiber Glass, Polyurethane Foam, Polystyrene Foam, Phenolic Foam & Others) & Applications (HVAC, Refrigeration, Oil & Gas, Chemicals & Others) — Global Trends & Forecasts to 2018” defines and segments the global cold insulation market with analysis and forecasting of the global revenue.
The report segments the global cold insulation market by major applications: oil and gas, chemicals, HVAC, refrigeration, and others. In addition, various types of materials, such as polyurethane/polyisocyanurate foam, fiberglass, phenolic foam, polystyrene foam (EPS & XPS), and others are analyzed. The study also focuses on market metrics such as drivers, restraints, opportunities, and winning imperatives.
According to the report, market growth is mainly driven by a growing demand for natural and industrial gases. Increased infrastructure requirements and demands for better working conditions are driving the desire for cold insulation materials, causing a huge surge in materials for existing and emerging applications.
North America is the major growth engine for this market, said MarketsandMarkets, citing the continent’s huge appetite for advanced cold insulating materials that offer better process control and enhance the efficiency of operations.
The cold insulation market is booming in China as well, due to heavy spending on infrastructure and the flourishing manufacturing industry. Countries such as Nigeria, Kenya, and South Africa are adopting various energy-efficiency laws, which would increase the demand for cold insulation materials in the rest of the world, said the report. On account of growing demand for efficient and environmentally friendly materials that cause minimal damage to their surroundings, the market will experience an escalation in the demand of cold insulation materials in the years to come.
The cold insulation industry players are constantly trying to modify their product lines with highly customized and advanced sustainable products to remain competitive in the markets, said MarketsandMarkets.
The report forecasts revenue of the global cold insulation market and its various submarkets with respect to four main regions: North America, Europe, Asia-Pacific, and the rest of the world, which includes the Middle East, Africa, and Russia. Countries such as the U.S., China, Canada, and Germany were also analyzed.
Information courtesy of MarketsandMarkets, a global research and consulting company.
Publication date: 8/26/2013