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Technavio’s market research analyst predicts the global cold insulation market to grow at a rate of 9% during the forecast period. The rising energy costs is a crucial driver for the growth of this market. Equipment such as refrigerators and air conditioners consume large amounts of energy and use cold insulation materials to minimize the energy loss.
The rise of infrastructural development has also positively contributed to the market growth. Greenfield projects, high rise buildings, residences and commercial spaces are being built all over the globe. These infrastructural developments are focusing on minimizing the use of energy leading to an increased usage of cold insulation materials.
Fiberglass accounted for 56% of the market shares during 2014. A fiberglass is an eco-friendly form of cold insulation material. It is energy-efficient as well as easier and cheaper to produce than other cold insulation materials.
The oil and gas industry led the global market during 2014 with a market share of around 64%. The report predicts this segment to grow at a rate of 8 % during the forecast period. Cold insulation materials are primarily used in the pipelines that run through a number of countries and continents. These pipelines are insulated with cold insulation materials to prevent varied temperatures having an effect on the oils and gases that are transported through these pipelines.
Europe is the largest market for cold insulation materials. The research report predicts the region to grow at a rate of 9% during the forecast period. The substantial investment in infrastructure being made in this region is driving the market growth. Countries such as Germany, France, Spain, and the UK are the market leaders in this region.
The global cold insulation market is fragmented due to the presence of a number of suppliers. Most of the vendors of cold insulation materials are located in developed countries such as the US and Germany.
The leading vendors in the market are –
Other prominent vendors in the market include Arabian Fiberglass Insulation, CertainTeed, Evonik, Fletcher Insulation, and Dow Chemical.
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Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
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DATA ANALYSIS
Data Synthesis
Data Validation
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