Transfer of heat is always towards colder areas. According to this principle, heat transfer takes place through radiation, conduction or convection. Thermal insulation reduces the transfer of heat with suitable object shapes, materials and processes. Cold insulation market in general, is driven by rising requirements for energy efficiency and growing infrastructure at global scale. Thanks to these drivers, the industry is poised to witness a steady growth in the coming future, which is a great sign for the budding businesses and global players looking for new investments into this business.
Segmentation in Cold Insulation Industry
The types of materials and applications of cold insulation play a huge role in segmentation and establishing latest market trends for the industry. When it comes to predicting future market trends, one needs to be aware of the influence of the current segmentation, drivers and challenges in the global cold insulation market. Fiberglass, cellular glass, EPDM rubber, aerogel, perlite, polyurethane or polyisocyanurate foam, phenolic foam and polystyrene foam are the basic types of materials used for cold insulation in various industries.
Based on industrial verticals and types of applications, the Cold Insulation Market is segmented oil & gas, chemicals, HVAC, refrigeration, rocket fuel handling, medical & healthcare, biological industries. Geographical trend of demand-supply, production and consumption of these materials also plays a crucial role in identification of business opportunities in this marketplace. The global industry is widely divided into four major segments, namely, North America, Asia Pacific, Europe and Rest of the World. Trends in all these segments have a significant impact on the global figure of cold insulation products.
Market Trends, Challenges and Forecasts
Global climate change, rising prices of energy, increasing requirements for energy efficiency and stringent government laws for efficient energy sources are some of the major drivers in this business. Growing government concerns for green house emissions are also driving the demand and supply pattern of various types of cold insulation materials. All these drivers are estimated to drive the global market at an anticipated CAGR of 5% to 9%. These numbers are expected to stay constant from 2013 to 2018. According to this expected CAGR, the market is expected to reach $4.8billion by 2018.
As far as the segments are concerned, Europe is expected to continue dominating the market, which will be followed by the rest of the world. Increased global applications of cryogenic insulation are triggering the presence in the rest of the world segment. As far as the types of materials are concerned, polyurethane is expected to dominate the rest in terms of volume sales and economic turnover. When looked at the country wise distribution, United States of America will lead the global cold insulation market, thanks to the presence of leading players.
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