The Asia-Pacific cold insulation material market is directly influenced by the growth in the end-use industries such as construction, automotive, oil & gas, and chemicals among several others. Stringent regulations imposed by the government due to the health hazards caused by cold insulation material and high prices of these materials can affect the market. Owing to the increasing demand for energy, chemicals, and refrigeration from both mature and emerging economies, are expected to increase the demand for cold insulation materials in the next few years. the development of eco-friendly cold insulation materials at competitive prices is expected to be a major opportunity for the producers.
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Oil & gas application is estimated to lead the Asia-Pacific cold insulation material market with the largest market size in terms of value by application in 2013. The trend is expected to remain the same in the future due to an increased demand for oil & gas, and their derivatives from multiple industries. This is expected to lead to the growth in segment at 7.6% from 2014 to 2019. The Asia-Pacific countries are the major importers of oil & gas and the imports are expected to increase in the near future, with increasing industrialization and modernization.
Phenolic foam cold insulation materials are growing at the highest rate of 11.1%. Rigid phenolic insulation products offer very good thermal insulating properties due to very low thermal conductivity of phenolic foam, compared with rigid polyurethane or extruded polystyrene. It can actually be 50% more effective than other common insulation materials. Its low thermal conductivity allows specified thermal performance targets to be achieved with minimal thickness of insulation. This is particularly significant where saving space is important.
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The cold insulation material manufacturers are also coming up with eco-friendly products, such as cellulose which is a plant-based cold insulation material. Due to stringent government regulations regarding the use of hazardous cold insulation material, the demand for these bio-based cold insulation materials is also expected to increase in the near future.
Along with these innovations in cold insulation material, another revenue generating area for the cold insulation material market is the growing economies in Asia-Pacific such as China, Japan, and India. These regions are expected to have the highest growth rates in the next five years. These countries in Asia-Pacific, being the most significant market, is expected to attract new players to enter and start operations. This can be a huge opportunity for the Asia-Pacific cold insulation material manufacturers in the region.
