Cold Insulation Market Set to Reach $11.12 Billion by 2029 with a CAGR of 10.4%
28 Jan, 2025
How Has The Cold Insulation Market Size Evolved In Recent Years?
The cold insulation market has experienced significant growth in the recent past.
• The market shot up from $6.79 billion in 2024 to $7.47 billion in 2025, with a compound annual growth rate (CAGR) of 10.1%.
The robust growth in the historical period can largely be ascribed to elevated demand for industrial refrigeration, increased construction projects, burgeoning oil and gas industry, the augmenting need for food and beverage storage, and stringent energy efficiency regulations.
What Is The Projected Market Size And Growth Rate For The Global Cold Insulation Market?
The global cold insulation market size is forecasted to witness a rapid expansion in the forthcoming years.
• The market size is predicted to grow to a whopping $11.12 billion in 2029 at a compound annual growth rate (CAGR) of 10.4%.
The forecasted growth can be attributed to increased demand for green insulation materials, an expansion in cold chain logistics, a surge in the need for biopharmaceuticals and vaccines, a growing requirement for renewable energy cold storage, and infrastructure development.
What Factors Are Expected To Drive The Cold Insulation Market Growth?
The escalating demand for refrigeration and air-conditioning devices will likely fuel the growth of the cold insulation market. Cold insulation aids these devices by reducing energy loss and avoiding condensation in the unit ensuring its cool and dry state. For instance, according to Statistics Canada, Canadians spent $1.2 billion on heating and cooling systems, including air vents, central air conditioners, and other cooling equipment in 2022, evidencing the increased demand and consequent market growth.
How Is The Cold Insulation Market Segmented?
The cold insulation market surveyed for 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
What Trends Are Shaping The Cold Insulation Market?
Product innovations are significantly shaping the cold insulation market. For instance, in March 2022, ACC Limited launched ACC Airium, a mineral foam-based insulating technology proffering superior thermal insulation, consequently slashing energy consumption and reducing environmental impact.
Who Are The Key Players In The Cold Insulation Market?
Prominent players in the cold insulation market 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
Which Region Dominates In The Cold Insulation Market?
Asia-Pacific was the largest region in the cold insulation market in 2024. The various regions surveyed in the report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.