Cold Insulation Material Market

Cold Insulation Material Market Study by Fiber Glass, Polyurethane Foam, Polystyrene Foam, and Phenolic Foam for HVAC, Chemicals, Oil & Gas, and Refrigeration from 2024 to 2034

Analysis of Cold Insulation Material Market Covering 30+ Countries Including Analysis of US, Canada, UK, Germany, France, Nordics, GCC countries, Japan, Korea and many more

Cold Insulation Material Market Outlook (2024 to 2034)

Global revenue from the sales of cold insulation materials is estimated at US$ 7.5 billion in 2024. A new study by Fact.MR has projected the market to increase at a CAGR of 6.1% to reach a value of US$ 13.6 billion by the end of 2034.

The process of creating a material, or a combination of two or more materials, for use in preventing heat gain or loss to preserve energy, is known as cold insulation. Cold insulation materials prevent heat transfer in environments where temperatures are low. By reducing thermal energy transfer, these insulating materials contribute to the preservation of a stable, regulated cold environment. Fiberglass, polystyrene, polyurethane foam, and different kinds of cold room panels are some of the few examples of cold insulation materials made especially for refrigeration systems and cold storage insulation facilities.

Insulation materials have the power to shield the environment from greenhouse gases. Also, condensation or cold conservation is met by using cold insulation techniques. These are used in many different applications, such as process control, to prevent surface condensation, to maintain low temperatures, and to maintain refrigeration. These materials are being used in a multitude of fields, including refrigeration, oil & gas, and chemicals.

Key Market Growth Drivers

  • It is projected that growing demand for air conditioning tools and refrigeration equipment in markets such as China and India will drive up demand for cold insulation materials such as fiberglass, polystyrene foams, phenolic foams, and polyurethane foams.
  • Cryogenic insulation materials are expected to exhibit higher demand due to the increasing need for cryogenic equipment in the oil & gas industry, which is expected to push global cold insulation material market growth.
  • Controlling room temperature frequently results in high cooling expenses. Cool room panel integration, however, can reduce this load. These panels help stabilize the environment in addition to providing improved control over interior temperature while consuming less energy.
  • Energy costs are a major problem for many industries. Controlling room temperature results in high cooling expenses. Cool room panel integration is a key cold insulation material market trend being witnessed in this space.
  • Cold insulation materials function as a heat-flow barrier to prevent wicking in the system in which they are installed. These are used in different applications to prevent surface condensation, keep temperatures low for process control, and preserve refrigeration.
Report Attributes Details
Cold Insulation Material Market Size (2024E) US$ 7.5 Billion
Forecasted Market Value (2034F) US$ 13.6 Billion
Global Market Growth Rate (2024 to 2034) 6.1% CAGR
East Asia Market Share (2024E) 26.7%
North America Market Share (2024E) 18.4%
Sales from Fibrous Type (2024E) US$ 3.2 Billion
Key Companies Profiled

Evonik Industries AG; Fletcher Insulation Group; Kingspan Group PLC; Johns Manville Corporation; The Dow Chemical Company; Owens Corning; Knauf Insulation Inc.; Evonik Industries AG.

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What are Opportunities Ahead for Manufacturers of Cold Insulation Materials?

“Commercial and Industrial Construction Projects Driving Demand for Cold Insulation Materials”

Increasing use of technology to improve product efficiency and quality is a key development in the cold insulation material market. Cutting-edge technologies such as blockchain, machine learning, and artificial intelligence are being used to develop novel products that outperform traditional options in terms of efficacy and efficiency.

Significant infrastructural investments, particularly in commercial and industrial construction projects, are contributing factors to the rising need for cold insulation materials. Expanding industrial landscape across regions and growing awareness of the long-term advantages of effective insulation are key factors pushing use of effective cold insulation materials.

What are the Challenges Cold Insulation Material Companies Face?

“Strict Environment Regulations Limiting Use of Specific Insulation Materials”

High initial cost of advanced insulation materials are a major barrier to the growth of the market for cold insulation materials. Although these materials have better thermal performance and energy efficiency, some end users avoid the use of these materials due to their high initial costs. The upfront cost associated with installing high-performance cold insulation materials is prohibitive, especially for smaller businesses or projects with limited funding.

The market for cold insulation materials is also facing challenges from rising environmental awareness and strict laws about the use of specific insulation materials. Certain conventional insulation materials, such as specific foams and chemical compounds, are also causing environmental problems because of their effect on greenhouse gas emissions or air quality.

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Country-wise Insights

North America is a significant market for cutting-edge materials, which are widely used to improve operational efficiency and give end users greater control over all of their processes. Growing number of manufacturers of cold insulation material perceive the United States as offering lucrative opportunities. North America is now recognized as a hub for cold insulation materials, accounting for 18.4% of the global market share in 2024.

What is Driving Sales of Cold Insulation Materials in the United States?

“Government Programs to Increase Energy Efficiency of Public Infrastructure”

Attribute United States
Market Value (2024E) US$ 1 Million
Growth Rate (2024 to 2034) 6% CAGR
Projected Value (2034F) US$ 1.7 Million

Increasing demand for innovative materials in cold insulation due to the environmental impact of various industrial activities in the United States is one of the key factors that will keep opening up new opportunities for market participants in this sector. The market in the country is predicted to be driven by government initiatives to improve the energy efficiency of public infrastructure. Abundance of thermal insulation material producers in the country is expected to support market expansion as well. Growing demand for cold insulation materials for use in air conditioning and refrigeration systems will increase the cold insulation material market size over the coming years.

Why is the Market for Cold Insulation Materials Rising Rapidly in China?

“China Key Manufacturer and Exporter of Cold Insulation Products”

Attribute China
Market Value (2024E) US$ 1.2 Billion
Growth Rate (2024 to 2034) 6.7% CAGR
Projected Value (2034F) US$ 2.3 Billion

China is estimated to occupy 58.8% share of the East Asian market in 2024. China is one of the leading manufacturers and exporters of materials used for cold insulation purposes. The market in China is growing at a brisk pace along with end-use sectors that are also growing at a significant rate, such as building and construction, oil & gas, and others. Production of cold insulation materials is set increase due to the rise of domestic manufacturers in the country.

Category-wise Insights

One of the key classification criteria is material, which includes various types of insulation. Fiberglass is used in HVAC systems and industrial environments because of its valued thermal and acoustic insulation qualities. Space-efficient design of polyurethane foam makes it indispensable for cold storage and refrigerated transportation. Polystyrene foam, which comes in expanded and extruded forms, is essential for pipeline insulation and cold storage building. Due to its remarkable fire resistance property, phenolic foam meets the high-temperature requirements in industries such as petrochemicals.

Why Do Fibrous Insulators Account for a Significant Cold Insulation Material Market Share?

“Fibrous Materials Trap Air Pockets to Minimize Heat Transfer and Provide Effective Insulation against Low Temperatures”

Attribute Fibrous
Segment Value (2024E) US$ 3.2 Billion
Growth Rate (2024 to 2034) 6.3% CAGR
Projected Value (2034F) US$ 5.9 Billion

The fibrous segment is expected to exhibit significant growth over the projected period and currently accounts for 42.8% market share of cold insulation materials. The market is being driven by fibrous insulation types such as mineral wool and fiberglass because of their exceptional thermal resistance, flexibility, and adaptability to a wide range of applications.

Tight networks of fibers formed by fibrous materials trap air pockets, thereby minimizing heat transfer and offering effective insulation against low temperatures. Fibrous insulation provides flexibility and makes it simple to install around complex shapes, such as pipes and equipment, and guarantees a continuous, seamless barrier against heat conductivity.

Will High Demand for Cold Insulation Materials Continue in the Oil & Gas Industry?

“Cold Insulation Materials Used as Medium to Carry Liquefied Natural Gas”

Due to the growing use of cryogenic insulation equipment in a variety of industrial applications, the oil and gas sector globally is a significant consumer of cold insulation materials. In cryogenic operations, end users in the oil and gas industry are adopting more effective cold insulation materials as they need to maintain low temperatures with minimal energy loss. This is arguably one of the key elements that will have a positive impact on global market expansion for cold insulation.

In pipelines and barrels used for LNG transportation, cold insulation products are widely used. The transportation medium for liquefied natural gas (LNG) and cryogenic gas also requires the lining of pipelines and barrels to be made of cold insulation materials to maintain the necessary temperature.

Know thy Competitors

Competitive landscape highlights only certain players
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Competitive Landscape

Key players in the cold insulation material market are Evonik Industries AG, Fletcher Insulation Group, Kingspan Group PLC, Johns Manville Corporation, The Dow Chemical Company, Owens Corning, Knauf Insulation Inc. and Evonik Industries AG.

  • On June 8, 2022, Owens Corning and Pultron Composites agreed to work as a joint venture for the production of fiberglass rebars.
  • Toyota Boshoku America, Inc. (TBA), a prominent manufacturers of cold insulation for vehicles, announced that it had signed a 12-year agreement to purchase a part of the renewable energy certificates (RECs) generated from the recently completed Texas Solar Nova 1 solar farm located in Kent County, Texas.

Segmentation of Cold Insulation Material Market Research

  • By Material :

    • Fiberglass
    • Polyurethane Foam
    • Polystyrene Foam
    • Phenolic Foam
  • By Insulation Type :

    • Fibrous
    • Cellular
    • Granular
  • By Application :

    • HVAC
    • Chemicals
    • Oil & Gas
    • Refrigeration
  • By Region :

    • North America
    • Western Europe
    • Eastern Europe
    • Latin America
    • East Asia
    • South Asia & Pacific
    • Middle East & Africa

- FAQs -

How big is the cold insulation material market in 2024?

Global sales of cold insulation materials are estimated at US$ 7.5 billion in 2024.

What are the projections for the global market for the decade?

The market for cold insulation materials is forecasted to expand at 6.1% CAGR and reach US$ 13.6 billion by the end of 2034.

What are the estimations for the market in the United States?

The market in the United States is projected to reach a value of US$ 1 billion in 2024.

How is the market for cold insulation material faring in China?

The market in China is estimated at a valuation of US$ 1.2 billion in 2024.

Which insulation type accounts for a significant market share?

Fibrous insulators account for 42.8% share of the cold insulation material globally.

What is the market size of Japan in 2024?

The market in Japan is estimated to reach US$ 600 million in 2024.

What is the share of cellular cold insulation material?

Cellular insulators account for a market share of 32.7% of the overall sales of cold insulation materials.

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Cold Insulation Material Market

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