Cold Insulation Market Size, Share, and Industry Analysis, By Material Type (Polyurethane Foam, Phenolic Foam, Fiberglass, Polystyrene Foam, and Others), By Application (Oil & Gas Chemicals, HVAC, Refrigeration, and Others), and by Regional Forecast, 2024-2032

Cold Insulation is the material that is utilized in various applications to avoid condensation. Like the other thermally insulating material, the cold condition offers low thermal conductivity, massive resistance to fungi, and prevents air leakage. For instance, end-use industries such as chemicals, oil & gas, and others use multilayer cold insulation to avoid destructive ice formation as the product offers extreme cold conservation properties. These cold insulation materials also offer a specific role in extreme weather conditions.

The market growth of cold insulation material is associated with the rise in utilization in the end-use industries. For instance, high industrial investment growth has created a massive space for the food industry, further propelling the refrigeration market. Cold insulation, such as polyurethane and polystyrene foam, is widely utilized in these applications as the material is suitable for handling low smoke emission, condensation control, and high resistance to moisture vapor. According to the Global Cold Chain Alliance (GCCA), the refrigerated capacity of the warehouse has increased by 616 Mn m3 from 2016 to 2018. Thus, these factors are anticipated to boost the cold insulation market growth.

Rising health concerns about the usage of cold insulation material may hamper the cold insulation industry growth. For instance, when exposed, such fiberglass may irritate human organs, including the eyes, throat, and respiratory system. Additionally, the rise in green production has increased over the past years. This has resulted in the hindrance to producing the extruded and expanded polystyrene foam as the material emits styrene, which is expected to be a carcinogen. Thus, all these health and environmental-related issues are expected to decrease product adoption in the end-use industries.                      

The government of these countries imposed a lockdown on the movement of men and transportation. This has resulted in a shortage of raw materials and labor; therefore, manufacturers worldwide must impose a temporary lockdown on their business operations. Halted business operations and interruptions in the supply chain impacted almost every industry. The cold insulation market was also impacted, but its use in the food & beverage industry positively boosted its supply.  Despite the uncertainties, the market has been moderately profitable as the fermentation chemicals utilized in the essential consumer goods which were operational surged the demand for packaging material.

Key Insights

The cold Insulation report will cover the following key insights:

• Key Emerging Trends – For Major Regions


• Key Developments: Mergers, Acquisitions, Partnerships, and Others


• Latest Technological Advancement


• Regulatory Landscape


• Porters Five Forces Analysis


• Impact of COVID-19 on the Market

Analysis by Material Type

The cold Insulation market can be segmented into polyurethane foam, phenolic foam, fiberglass, polystyrene foam, and others. The market growth of polyurethane foam is expected to contribute the highest share in the market as the product is light in weight, durable, and has remarkable resistance against extreme weather conditions, which makes them suitable for the application including Oil & Gas, Chemicals, HVAC, Refrigeration, and Others. Moreover, polyurethane foam is the key material for the insulation pipe, metal-faced sandwich panels, blocks, and sheets. Additionally, the rise in the utilization of the superinsulation of cryogenic instruments is anticipated to boost the cold insulation market.

Analysis by Application

Based on the type, the cold Insulation market can be segmented into oil & gas, chemicals, HVAC, refrigeration, and others. In the oil and gas industry, offshore requirements, safety, and thermal protection are expected to boost the cold insulation material demand in the market as the material has high cold conservation, high resistance against fire, low smoke level, remarkable performance against alkaline environments, and doesn’t show any aging when exposed to the sunlight. Thus, all these factors are expected to grow the product demand in the market.

Regional Cold Insulation Market Analysis

Market growth in the Asia Pacific is highly associated with developing economies. Asian Countries such as China and India are the economic powerhouse that influences the rapid increase in industrialization and standard of living. The governments of these countries are encouraging the manufacturers of consumer goods and different industrial products. This has increased in the different sectors producing food, energy, and others. The rise in the food industry is expected to surge the material demand as cold insulation is highly utilized in refrigeration.

In North America, market growth is associated with high disposable income and the busy lifestyle of the consumer. Additionally, the demand for HVAC is high in the region, which further propels the material demand as cold insulation is the key raw material for pipe insulation. Thus, the market is expected to grow in the forecast period.

The market growth in Europe is associated with the rapid increase in the food & beverage industry, which puts pressure on different markets such as cold storage equipment. Cold insulation is highly utilized in this equipment to preserve the temperature. This has resulted in higher demand for cold insulation material. Thus, all these factors are supposed to boost the market in the region. At the same time, Latin America and the Middle East are expected to grow moderately.

Key Players Covered

• BASF SE


• Owens Corning


• DOW


• Huntsman


• Armacell


• Envoi Industries


• Aspen Aerogels


• CertainTeed


• Kingspan Group


• SHETH INSULATIONS PVT. LTD.


• Others

Segmentation Analysis

Cold Insulation Industry Developments

• In December 2019, Huntsman announced the acquisition of the polyurethane spray foam manufacturer lcynene-Lapolla. The purpose of the acquisition is to establish the company’s foot print in the spray polyurethane foam insulation segment and maximize the revenue.

• In December 2019- Huntsman acquired Demiec, who is involved in the manufacturing and distributing of the spray polyurethane foam insulation system for commercial and residential applications.


• In December 2019- Armacell announced to the acquisition of the manufacturer of pre-insulated pipe systems named Austroflex Rohr-Isoliersysteme GmbH. The purpose of the acquisition is to maximize revenue.