Cold insulation market is hot

Growing annually by 7.8% up to 2020, the global cold insulation market is projected to reach $5.7 billion by 2020 with Asia Pacific region as fastest growing region, according to the recent report published by MarketsandMarkets.

The rapid growth of end-use industries, such as chemicals, refrigeration, HVAC, chemicals, and oil & gas in Asia-Pacific accounts for the dramatic rise of the cold insulation market recently.

Also, the availability of steady supply of feedstock and low costs to set up manufacturing facilities is driving the growth of cold insulation market in the region. Other factors include skilled workforce and relatively lower wages, as well as lower costs of electricity and water.  On the other hand, government regulations, such as Clean Air Act and Clean Power Plan are helping boost the cold insulation market.

In Asia, China is the fastest-growing country for cold insulation products.  Emerging industries such as, oil & gas, refrigeration, and chemicals are making way for growth of the cold insulation market in China. The current market trend in China is strong enough to sustain more efficient manufacturing and holds an attractive market for cold insulation products.

As the next five to ten years will see chemical manufacturing in China shift toward the manufacturing of specialty chemicals, the report expects the cold insulation market to benefit and record strong performance in the coming years.