Asia-Pacific Cold Insulation Market was valued at $1,912,720 thousand in 2016, and is estimated to reach $3,251,903 thousand by 2023, growing at a CAGR of 7.7% from 2017 to 2023. Growth in oil & gas industry, increase in environmental awareness, and rapid development in building & construction drive the Asia-Pacific cold insulation market.
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Asia-Pacific Cold Insulation Market Overview:
Asia-Pacific Cold Insulation Market was valued at $1,912,720 thousand in 2016, and is estimated to reach $3,251,903 thousand by 2023, growing at a CAGR of 7.7% from 2017 to 2023. Cold insulation involves blending of two or more materials used to avoid heat loss or heat gain to conserve the valuable energy.
These materials can protect the environment from greenhouse gasses. Cold insulation is used on cold surface for cold conservation or to avoid surface condensation, and maintain low temperatures for process control.
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This process is widely applicable in sectors such as chemicals, oil & gas, and refrigeration.
Growth in oil & gas industry, increase in environmental awareness, and rapid development in building & construction drive the Asia-Pacific cold insulation market. However, the market is restricted by the volatile nature of raw material prices.
Nevertheless, the development of bio-based insulation materials presents numerous growth opportunities.
The Asia-Pacific cold insulation market is segmented based on type, application, and country. Based on type, it is divided into fiber glass, polyurethane foam, polystyrene foam, phenolic foam, rubber, polyethylene foam, and others.
Based on application, it is categorized into HVAC, chemicals, oil & gas, refrigeration, and others. Based on country, it is analyzed across China, Japan, India, Australia, South Korea, Indonesia, Malaysia, Singapore, Vietnam, Thailand, Philippines, Myanmar, and rest of Asia-Pacific.
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The Singapore cold insulation market is expected to exhibit a CAGR of 8.5% during the forecasted period. This is attributed to its emergence as a hub for central laboratories in the Asia-Pacific region.
Several global biomedical science players, such as Abbott, Amgen Inc., and GlaxoSmithKline are using the nation as their base. The emergence of the hub is attributed to its well-developed infrastructure, transparent regulations, and excellent connectivity.
Polystyrene foam is projected to be the most lucrative segment in the market, as polystyrene is a waterproof thermoplastic foam, which acts as an excellent temperature insulation material. In addition, its superior compressive and tensile strength make it the most suitable material in packaging and consumer goods industry.
The oil & gas segment is estimated to dominate the Asia-Pacific cold insulation market during the forecast period. This is attributed to the growth in demand for oil & gas.
Increase in consumption of oil from the transportation sector in the developing countries and explosive population growth are expected to generate high demand for oil, which will also boost the demand for insulation materials.
The key players profiled in the report are Kingspan Groups PLC., BASF SE, Huntsman Corporation, ITW Insulation Systems, Rockwool International A/S, Covestro Ag (Bayer Material Science), DowDuPont, Inc., Dongsung FineTec Co., Ltd., Armacell International Holding Inc. and Nichias Corporation.
The other major players (not profiled in report) in the market include KAEFER Isoliertechnik GmbH & Co. KG, Owens Corning, Maghard Insulators Pvt.
Ltd., Fletcher Insulation Pty Ltd. and Arabian Fiberglass Insulation Company Ltd.
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- This report provides an extensive analysis of the current & emerging market trends and dynamics of the Asia-Pacific cold insulation market.
- In-depth analysis of all regions is conducted by constructing market estimations for key segments between 2016 and 2023, which assist to identify the prevailing opportunities.
- The report assists to understand the strategies adopted by the companies for market expansion.
- This study evaluates the competitive landscape to understand the competitive environment across various regions.
- Extensive analysis is conducted by following product benchmarking, positioning, and monitoring the top competitors within the Asia-Pacific market.
- Fiber Glass
- Polyurethane Foam
- Polystyrene Foam
- Phenolic Foam
- Polyethylene Foam
- Oil & Gas
- South Korea
- Rest of Asia-Pacific
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