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Cold Insulation Global Market Report 2022: Ukraine-Russia War Impact

Cold Insulation Global Market Report 2022: Ukraine-Russia War Impact

  • November 2022
  • 175 pages
  • ID: 6368516
  • Format: PDF
  • The Business Research Company

Summary

Table of Contents

Major players in the cold insulation market are BASF SE, Huntsman Corporation, The Dow Chemical Company, Armacell International Holding Gmbh, Aspen Aerogel Inc., Bayer Material Science, Evonik Industries AG, Owens Corning, Dongsung Finetec Corporation, Certain Teed Corporation, Pittsburgh Corning Corporation, Covestro AG, Rockwool International, Bradford Insulation Industries Ltd, and Arabian Fiber Glass Insulation Co. Ltd.

The global cold insulation market is expected to grow from $5.12 billion in 2021 to $5.55 billion in 2022 at a compound annual growth rate (CAGR) of 8.5%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, affecting many markets across the globe. The cold insulation market is expected to grow to $7.74 billion in 2026 at a CAGR of 8.6%.

The cold insulation market consists of sales of cold insulation by entities (organizations, sole traders, and partnerships) that are used to insulate various operating mechanical components to maintain specific temperatures, usually lower than the ambient in the manufacturing process. Cold insulations are materials used in coating various mechanical components to maintain a lower temperature in the process, which prevents the process of condensation, intrusion, moisture, long-term degradation, and others in manufacturing.

The main types of cold insulation materials are fiberglass, polyurethane foam, polystyrene foam, phenolic foam, and other materials.The fibreglass material refers to thin glass fibres which slow down the spread of heat and cold in residential and commercial projects by limiting the airflow.

The various insulation types include fibrous, cellular, and granular insulation that is used by several end-user industries such as heating, ventilation, air conditioning, refrigeration, oil and gas, chemicals, and other end-user industries.

Asia-Pacific was the largest region in the cold insulation market in 2021. The regions covered in this cold insulation market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.

The increasing demand for refrigeration and air-conditioning devices is expected to propel the growth of the cold insulation market going forward.Refrigeration devices refer to the devices used to remove heat from an enclosed space or from a substance to lower the temperature, whereas air conditioning devices refer to equipment that cools, heats, or dehumidifies spaces in residential or non-residential settings.

Cold insulation helps refrigeration and air conditioning devices by reducing energy loss and avoiding condensation in the unit to keep it cool and dry.For instance, in March 2022, according to an article shared by The Economic Times, an India-based business-focused daily newspaper, sales of cooling appliances increased by 15% in the year 2020 as compared to 2019 as stated by major consumer electronics manufacturing companies such as Haier, Godrej Appliances, and Lloyd.

Therefore, increasing demand for refrigeration and air-conditioning devices is driving the cold insulation market.

Product innovations are a key trend gaining popularity in the cold insulation market.Major companies operating in the cold insulation market are focused on developing innovative products to strengthen their position in the cold insulation market.

For instance, in August 2020, Armacell, a Luxembourg-based manufacturer of industrial foams and flexible insulation materials operating in the cold insulation market, launched the family-brand ArmaPET, which is a flexible aerogel blanket of the newest generation for cryogenic and dual-temperature applications, based on rPET foaming technology.The unique features of this insulation product include dual-temperature and high-temperature aerogel insulation properties, which broaden the temperature capabilities of the product from -180 oC to +650 oC.

It offers extraordinarily low thermal conductivity, greater thermal performance, and a reduction in insulation thickness.

In January 2021, Wynnchurch Capital, L.P., a US-based private equity investment firm, acquired Insulation Corporation of America for an undisclosed amount. The acquisition of Insulation Corporation of America is a natural fit with Drew and Huntington and is expected to strengthen Wynnchurch Capital’s platform by expanding its reach into new, unserved markets. Insulation Corporation of America is a US-based manufacturer of expanded polystyrene foam products for applications including building insulation, infrastructure construction, packaging, cold chain, and operating in the cold insulation market.
 
The countries covered in the cold insulation market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

The cold insulation market research report is one of a series of new reports that provides cold insulation market statistics, including cold insulation industry global market size, regional shares, competitors with a cold insulation market share, detailed cold insulation market segments, market trends and opportunities, and any further data you may need to thrive in the cold insulation industry. This cold insulation market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

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