A recent Fact.MR report projects the global cold insulation material market to reach US$ 7.5 billion in 2024, expanding at a 6.1% CAGR through 2034. Cold insulation materials, essential for controlling heat transfer in low-temperature settings, help maintain a stable environment by reducing thermal energy flow. Growing demand in developing regions for refrigeration and air conditioning is driving the need for materials like fiberglass, polystyrene, phenolic, and polyurethane foams.

The oil and gas sector, in particular, shows increased demand for cryogenic insulation materials, as these cooling solutions improve temperature regulation while reducing energy use, benefiting the environment. In an era of financial constraints, efficient cooling systems are becoming essential investments for budget-conscious businesses

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Key Takeaways from Market Study

The global cold insulation material market is expected to grow at a CAGR of 6.1% over the next decade, reaching US$ 13.6 billion by 2034. In 2024, U.S. sales are anticipated to hit US$ 1 billion, while China is projected to hold a 58.8% market share in East Asia, and Japan's market is estimated at US$ 600 million. North America’s market is set to expand at a 5.6% CAGR from 2024 to 2034.

“Rising demand for cryogenic equipment in the oil and gas sector is poised to drive cold insulation material sales in the coming years,” says a Fact.MR analyst.

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Fiberglass Dominates Cold Insulation Material Market

The cold insulation materials market spans multiple types, with material selection as a primary classification factor. Fiberglass stands out due to its excellent thermal and acoustic insulation properties, making it a popular choice for industrial applications and HVAC systems. The oil and gas sector is a major driver of demand, especially with the growing use of cryogenic insulation equipment across various industrial applications globally.

Competitive Landscape

Leading companies in the cold insulation materials market include Evonik Industries AG, Fletcher Insulation Group, Kingspan Group PLC, Johns Manville Corporation, The Dow Chemical Company, Owens Corning, and Knauf Insulation Inc., all driving innovation and setting industry standards.

In June 2022, Owens Corning announced a joint venture with Pultron Composites to produce fiberglass rebars, strengthening its market position and expanding access to advanced composite materials for sustainable insulation solutions.

Additionally, Toyota Boshoku America, Inc. (TBA), a key player in automotive cold insulation, signed a 12-year agreement to purchase renewable energy certificates (RECs) from the Texas Solar Nova 1 farm. This initiative highlights TBA’s commitment to sustainability and energy efficiency in its operations.

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