The global cold insulation market is entitled to witness rapid gains during the forecast period on account of strong importance for energy efficiency owing to rising energy costs over the next six years. Rising concerns regarding greenhouse gas emissions are expected to further fuel the market growth over the forecast period. The market is complemented by government support to increase the energy efficiency of public infrastructure. Depleting infrastructure spending across various developed nations such as the U.S., Japan, and other Western European countries coupled with increasing awareness regarding energy losses and costs incurred due to them are expected to have a positive impact on the global cold insulation market.
Increasing disposable income coupled with the growing demand for air conditioning and refrigerating devices in emerging markets is expected to further drive the demand for cold insulation materials such as fiberglass, polyurethane foams, polystyrene foams, and phenolic foams. Increasing demand for cryogenic equipment from the oil & gas industry is expected to drive the demand for cryogenic insulation materials which in turn is expected to have a positive impact on the global market.
Increasing R&D by companies to develop insulation materials through sustainable raw material sources is expected to yield opportunities to market participants over the forecast period. The market growth is expected to be hindered by volatile prices of benzene, TDI, and MDI that are required to manufacture polyurethane and polystyrene-based insulation materials.
Asia Pacific is expected to exhibit significant growth over the next six years owing to increasing construction spending in countries such as China, India, and Japan coupled with favorable government regulations to improve the energy efficiency of buildings. The emergence of domestic manufacturers in China is expected to favorably impact the market in terms of production. The markets in North America and Europe are expected to be primarily driven by government initiatives to the increasing energy efficiency of public infrastructure. The presence of a large number of thermal insulation companies in these regions is expected to further complement the market growth.
Some of the major companies involved in the global cold insulation market include BASF, Owens Corning, Rockwool International, Huntsman Corporation, Evonik Industries, Bayer MaterialScience, Aspen Aerogels Inc., Fletcher Insulation Group, Certain Teed Corporation, Armacell International Holding GmbH, Knauf Insulation, and Dow Chemical Company.
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The global construction industry once booming due to the residential and commercial construction in China and the U.S., has been affected by the suspension of the construction activities across the impacted economies. The construction industry in the U.S. is expected to take a major hit due to labor shortages and the lockdown imposed by the government during COVID-19, which is expected to be aggravated by the resulting supply chain issues and financing pressures due to the non-adherence to the completion times. The report will account for Covid19 as a key market contributor.
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