DUBLIN, Nov. 26, 2015 /PRNewswire/ — Research and Markets (http://www.researchandmarkets.com/research/gksrkb/cold_insulation) has announced the addition of the “Cold Insulation Market by Material (Fiber Glass, Phenolic Foams, Polystyrene Foams, Polyurethane Foams, and Others), by End-Use Industry (Chemicals, HVAC, Oil & Gas, Refrigeration, and Others) – Trends & Forecasts to 2020” report to their offering.
The cold insulation market size is projected to reach USD 5.7 Billion by 2020, signifying a firm annualized growth rate of 7.8% between 2015 and 2020.
Global cold insulation market has been segmented on the basis of material (Fiber glass, Phenolic foam, Polyurethane foam, Polystyrene foam, and others), end-use industries (Oil & gas, Chemicals, Refrigeration, HVAC, and others), and regions (North America, Asia-Pacific, Europe, and RoW).
Among the aforesaid end-use industries, oil & gas is the leading as well as the fastest-growing segment during the forecast period. In the oil & gas industry, cold insulation materials are used for insulation of storage tanks, where LNG is stored and in the liquefaction plant, where conversion of natural gas into liquid state is undertaken. The oil & gas segment is closely followed by chemicals segment in terms of growth rate. Chemical segment is the second fastest-growing end-use industry during the forecast period. Cold insulation materials are mainly used in petrochemical and industrial gases.
These materials provide excellent insulation and reduce risk of damage or corrosion. Furthermore, they improve the process control and improve the energy efficiency of the chemical process. One of the major chemical application of cold insulation materials is industrial gas processing. The demand for cold insulation materials from this application is likely to grow at a very fast pace.
The leading players of the market include BASF SE (Germany), Armacell International Holding Gmbh (Germany), The DOW Chemical Company (U.S.), Owens Corning (U.S.) Bayer MaterialScience (Germany), and Huntsman Corporation (U.S.).