The global cold insulation market is forecast to grow to a value of around $4.8 billion by the end of 2018, and is suggested to grow at a CAGR of between 5% and 9% between 2013 and 2018. The key drivers in the industry include the rising need for energy efficiency, reduction in Green House emissions, sustainable developments and growing infrastructure. The U.S. leads the world in terms of usage of advanced materials to increase the efficiency and reliability of operations that makes it the biggest market. The market here is expected to experience highest revenue growth during the next five years followed by Asia-Pacific.
The factors driving growth in the global market are high demand from current & emerging applications, increase in LNG, LPG, and other cryogenic gases, development & modernization of infrastructure, and increased demand for energy efficiency. The factors hindering the growth of the market are fluctuating cost of raw materials, lack of quality control across developing countries, and huge investment in R&D.
The market is growing slowly in European countries, but it will continue to grow at significant rate in the Asia-Pacific region. This region is driven by countries such as China, the fastest growing country in global market. The cold insulation market is still in infancy stage in African markets. But, this region is experiencing high growth on account of increased infrastructure spending. On the whole, it is evident that Europe and Rest of the World are the most lucrative low temperature thermal insulation market.
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