(MENAFN- EIN Presswire) EINPresswire/ -- What Is The Forecast For The Cold Insulation Market From 2024 To 2029?
In recent times, the cold insulation market has seen significant growth in its size. It is projected to grow from $6.79 billion in 2024 to $7.4 billion in 2025, with a compound annual growth rate (CAGR) of 9.0%. The previous growth can be traced back to the rising demand for industrial refrigeration, an increase in construction projects, the expansion of the oil and gas industry, a surge in the requirement for food and beverage storage, and regulations for energy efficiency.

Anticipated to witness swift expansion in the near future, the cold insulation market is projected to reach $10.89 billion in 2029, demonstrating a compound annual growth rate (CAGR) of 10.1%. This predicted growth within the forecast span can be traced back to the rising demand for eco-friendly insulation materials, the expansion of cold chain logistics, the upsurging need for biopharmaceuticals and vaccines, and the burgeoning necessity for renewable energy cold storage, in addition to infrastructure development. The forecast period is expected to mark noticeable trends such as advanced refrigeration techniques, novel sustainable constructions methods, energy performance contracting solutions, technological progress, and tactical partnerships.

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What Are The Core Growth Drivers Shaping The Future Of The Cold Insulation Market?
The growth of the cold insulation market is being bolstered by escalating demands for refrigeration and air-conditioning appliances. Cooling gadgets are utilized for the extraction of heat from a closed area, or from a substance so as to reduce the temperature, while air conditioning gadgets are equipment used to regulate the climate in spaces either for residential or non-residential purposes by cooling, heating, or dehumidifying them. By reducing energy loss and preventing condensation within the unit, cold insulation aids these cooling and air-conditioning appliances to stay cool and dry. For example, data obtained in July 2023 from Statistics Canada, a government agency in Canada, indicated that Canadians spent $1.2 billion in 2022 on heating and cooling appliances, inclusive of air vents, central air conditioners, and other ventilation equipment. Additionally, retail sales of major domestic appliances, such as room air conditioners, kitchen, and laundry appliances, increased to $7.2 billion in 2022. More than 1.2 million stand-alone air conditioners (including those for the wall and window) worth $458.5 million were brought into Canada in 2022. Consequently, the rise in demand for these refrigeration and air-conditioning appliances is spurring the growth of the cold insulation market.

Which Companies Are Currently Leading In The Cold Insulation Market?
Major players in the Cold Insulation include:
. BASF SE
. Huntsman Corporation
. The Dow Chemical Company
. Armacell International Holding Gmbh
. Aspen Aerogel Inc.
. Evonik Industries AG
. Owens Corning
. Dongsung Finetec Corporation
. Certain Teed Corporation
. Pittsburgh Corning Corporation

What Are The Top Trends In The Cold Insulation Industry?
The cold insulation market is witnessing a significant uptick in product innovation. Top conglomerates involved in this field are centering their attention towards developing cutting-edge products to cement their standing in the market. For instance, in March 2022, ACC Limited, a renowned India-originated cement manufacturer, unveiled ACC Airium, an innovative climate control concrete system with thermal insulating properties. This mineral foam-based insulating technology offers peerless thermal insulation qualities, making it the perfect choice for houses, workplaces, and architectural constructions throughout India. ACC Airium, a distinctive concrete system, transforms into a durable roofing solution that provides insulation along with thermal comfort. It boasts several benefits, encompassing curtailed energy usage, better air quality, and diminished environmental footprint.

Comparative Analysis Of Leading Cold Insulation Market Segments
The cold insulation market covered in this report is segmented –

1) By Material Type: Fiber Glass, Polyurethane Foam, Polystyrene Foam, Phenolic Foam, Other Materials
2) By Insulation Type: Fibrous, Cellular, Granular
3) By End-Use Industry Type: Heating, Ventilation, and Air Conditioning, Refrigeration, Oil & Gas, Chemicals, Other End-Use Industry

Subsegments:
1) By Fiber Glass: Blanket Insulation, Board Insulation, Pipe Insulation
2) By Polyurethane Foam: Rigid Polyurethane Foam, Flexible Polyurethane Foam, Spray Foam Insulation
3) By Polystyrene Foam: Expanded Polystyrene (EPS) Foam, Extruded Polystyrene (XPS) Foam
4) By Phenolic Foam: Rigid Phenolic Foam Boards, Phenolic Foam Pipe Insulation
5) By Other Materials: Cellular Glass, Aerogel, Mineral Wool Insulation

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Which Regions Are Dominating The Cold Insulation Market Landscape?
In 2024, the Asia-Pacific region held the leading position in the cold insulation market. The growth status of this market is projected in the report which covers numerous regions including but not limited to Asia-Pacific, Western Europe, Eastern Europe, North America, South America, as well as the Middle East and Africa.

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