Cold Insulation Market Size & Share Analysis - Growth Trends & Forecasts (2025 - 2030)

The Cold Insulation Market Report is Segmented by Material Type (Polyurethane Foam, Fiberglass, Polystyrene Foam, and Phenolic Foam), Application (Oil and Gas, Chemicals, Heating, Ventilation, and Air Conditioning (HVAC), and Refrigeration), and Geography (Asia-Pacific, North America, Europe, South America, and Middle East and Africa). The Market Forecasts are Provided in Terms of Value (USD).

Cold Insulation Market Size and Share

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Cold Insulation Market Analysis by Mordor Intelligence

The Cold Insulation Market size is estimated at USD 7.26 billion in 2025, and is expected to reach USD 9.22 billion by 2030, at a CAGR of 4.89% during the forecast period (2025-2030). Demand is propelled by liquefied natural gas (LNG) build-outs, stricter energy-efficiency mandates for building retrofits, and wider adoption of temperature-controlled logistics. Technology improvements, particularly phenolic foam’s enhanced fire resistance and aerogel-based composites, allow suppliers to meet tougher performance specifications while easing installation constraints. Regulatory pressure to decarbonize industrial assets keeps R-value requirements moving upward, expanding the addressable scope for high-performance products. Meanwhile, the installer talent gap for advanced systems and volatile diisocyanate costs create periodic margin swings even for leading manufacturers. As capital requirements rise, larger players rely on vertical integration and regional manufacturing footprints to secure feedstocks and shorten delivery cycles, reinforcing high entry barriers across the cold insulation market.

Key Report Takeaways

  • By material, polyurethane foam held 44.21% of the cold insulation market share in 2024; phenolic foam is growing fastest at a 5.05% CAGR through 2030. 
  • By application, HVAC accounted for 30.56% of the cold insulation market size in 2024, while oil and gas is expanding at a 5.25% CAGR to 2030. 
  • By geography, Asia Pacific led with 37.98% revenue in 2024 and posts the highest regional CAGR of 5.65% over the forecast period. 

Segment Analysis

By Material Type: Polyurethane Dominance Faces Phenolic Challenge

The polyurethane segment captured 44.21% of the cold insulation market size in 2024, buoyed by mature supply chains and favourable spray-foam economics. Phenolic foam is expanding at a 5.05% CAGR on the strength of LNG and hydrogen projects demanding low flame-spread and robust cryogenic performance. Bio-based polyurethane variants containing 25% recycled or plant-derived polyols lower embodied-carbon footprints by 43% and help manufacturers win public-sector bids.

Competitive intensity inside polyurethane tightens as producers backward-integrate into diisocyanate synthesis to manage price risk. Owens Corning’s 2025 feedstock sourcing program stabilizes margins while enabling bulk purchasing economies. Meanwhile, Kingspan’s Ukraine campus injects new regional capacity, reducing freight emissions and enhancing supply security for Eastern Europe. These moves reinforce the high threshold for new entrants seeking scale inside the cold insulation market.

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Note: Segment shares of all individual segments available upon report purchase

By Application: Heating, Ventilation, and Cooling (HVAC) Leadership Challenged by Energy-Sector Growth

Heating, Ventilation, and Cooling (HVAC) held 30.56% the cold insulation market share in 2024, lifted by aggressive renovation targets that specify higher R-values for ducting, chilled-water lines, and rooftop units. Oil and gas is the fastest-rising application at 5.25% CAGR, reflecting LNG liquefaction trains, bunkering modules, and hydrogen storage tanks that require multi-layer cryogenic systems. Cold-chain refrigeration follows closely; demand from e-grocery dark stores and vaccine freezers keeps panel volumes high even when construction cycles soften. Chemical processing plants favour phenolic and cellular-glass solutions where chemical resistance trumps price.

Emerging sub-applications, such as phase-change panels integrated inside HVAC plenum cavities, spawn niche demand for hybrid insulation-plus-energy-storage assemblies. Building owners accept modest cost premiums because load-shifting cuts chiller runtime and peak-demand charges. Taken together, these trends diversify growth vectors beyond traditional building shells, ensuring the cold insulation market remains resilient through macroeconomic swings.

Cold Insulation Market: Market Share by Application
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Note: Segment shares of all individual segments available upon report purchase

Geography Analysis

Asia Pacific dominated with 37.98% revenue in 2024 and is projected to add a further 5.65% CAGR to 2030, making it both the largest and fastest region. China’s automation-driven cold-chain overhaul, which deploys autonomous forklifts inside –30 °C warehouses, calls for ultra-low-permeability panel joints to maintain humidity control. India’s policy push for a 25% manufacturing GDP share, coupled with fiscal incentives for cold-store construction, attracts polyurethane suppliers setting up local rigid-foam board lines.

North America commands a sizeable slice, supported by federal retrofit tax credits and record LNG export terminal builds along the Gulf Coast. Owens Corning’s new Ohio fiberglass line, slated for 2027, underpins regional supply, while DOE grants accelerate aerogel VIP commercialization that could unlock deeper building retrofits.

Europe, though facing sluggish construction output, maintains healthy insulation demand thanks to legally mandated deep-renovation rates. Kingspan and Knauf Insulation expand regional capacity even as energy-price volatility challenges operating margins.

Middle East mega-projects such as Qatar’s LNG expansion and Saudi hydrogen hubs apply stringent cryogenic specs that invite aerogel players, while Latin America benefits from refrigeration investments connected to agrifood exports. Collectively, these regional vectors guarantee broad-based opportunity for the cold insulation market.

Cold Insulation Market CAGR (%), Growth Rate by Region
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Competitive Landscape

The cold insulation market is moderately fragmented, yet capital-intensive. Owens Corning, Kingspan, Armacell, and Knauf Insulation headline the tier-one group, combining global brands with vertically integrated feedstock positions. Technology differentiation dominates market-share battles. Aerogel VIPs, non-isocyanate foams, and phase-change-enhanced boards allow suppliers to secure LEED and BREEAM credits for projects chasing tax incentives. Installer certification programs, pioneered by Armacell, further lock in customers by guaranteeing field performance, a competitive moat when contractor scarcity persists.

Cold Insulation Industry Leaders

  1. Owens Corning

  2. Armacell

  3. Aspen Aerogels Inc.

  4. BASF

  5. ROCKWOOL A/S

  6. *Disclaimer: Major Players sorted in no particular order
Cold Insulation Market - Market Concentration
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Recent Industry Developments

  • April 2025: Kingspan Group announced a EUR 280 million (~USD 328.6 million) investment in a Ukrainian manufacturing campus to meet growing regional demand for high-performance insulation materials including cold insulation.
  • October 2024: Carlisle Companies acquired Plasti-Fab for USD 259.5 million, expanding its polystyrene insulation platform across North America.

Table of Contents for Cold Insulation Industry Report

1. Introduction

  • 1.1 Study Assumptions and Market Definition
  • 1.2 Scope of the Study

2. Research Methodology

3. Executive Summary

4. Market Landscape

  • 4.1 Market Overview
  • 4.2 Market Drivers
    • 4.2.1 Rising Demand for Cryogenic Insulation (LNG And LH₂ Projects)
    • 4.2.2 Growing Need for Energy-Efficiency and Net-Zero Retrofits
    • 4.2.3 Expansion of Global Cold-Chain Logistics and E-Grocery
    • 4.2.4 Surge in Small-Scale LNG Bunkering Infrastructure
    • 4.2.5 Industrial And Infrastructure Growth in Emerging Markets
  • 4.3 Market Restraints
    • 4.3.1 Volatile Petrochemical Raw-Material Pricing
    • 4.3.2 Lack of Awareness about Cold Insulation Materials
    • 4.3.3 Shortage of Certified Installers for Aerogel/VIP Systems
  • 4.4 Value Chain Analysis
  • 4.5 Porter's Five Forces
    • 4.5.1 Bargaining Power of Suppliers
    • 4.5.2 Bargaining Power of Buyers
    • 4.5.3 Threat of New Entrants
    • 4.5.4 Threat of Substitutes
    • 4.5.5 Degree of Competition

5. Market Size and Growth Forecasts

  • 5.1 By Material Type
    • 5.1.1 Polyurethane Foam
    • 5.1.2 Fiberglass
    • 5.1.3 Polystyrene Foam
    • 5.1.4 Phenolic Foam
  • 5.2 By Application
    • 5.2.1 Oil and Gas
    • 5.2.2 Chemicals
    • 5.2.3 Heating, Ventilation, and Cooling (HVAC)
    • 5.2.4 Refrigeration
  • 5.3 By Geography
    • 5.3.1 Asia-Pacific
    • 5.3.1.1 China
    • 5.3.1.2 India
    • 5.3.1.3 Japan
    • 5.3.1.4 South Korea
    • 5.3.1.5 Australia
    • 5.3.1.6 New Zealand
    • 5.3.1.7 Rest of Asia-Pacific
    • 5.3.2 North America
    • 5.3.2.1 United States
    • 5.3.2.2 Canada
    • 5.3.2.3 Mexico
    • 5.3.3 Europe
    • 5.3.3.1 Germany
    • 5.3.3.2 United Kingdom
    • 5.3.3.3 France
    • 5.3.3.4 Italy
    • 5.3.3.5 Russia
    • 5.3.3.6 Rest of Europe
    • 5.3.4 South America
    • 5.3.4.1 Brazil
    • 5.3.4.2 Argentina
    • 5.3.4.3 Rest of South America
    • 5.3.5 Middle-East and Africa
    • 5.3.5.1 Saudi Arabia
    • 5.3.5.2 United Arab Emirates
    • 5.3.5.3 Qatar
    • 5.3.5.4 South Africa
    • 5.3.5.5 Egypt
    • 5.3.5.6 Rest of Middle-East and Africa

6. Competitive Landscape

  • 6.1 Market Concentration
  • 6.2 Strategic Moves
  • 6.3 Market Share(%)/Ranking Analysis
  • 6.4 Company Profiles (includes Global level Overview, Market level overview, Core Segments, Financials as available, Strategic Information, Market Rank/Share, Products and Services, Recent Developments)
    • 6.4.1 Armacell
    • 6.4.2 Aspen Aerogels Inc.
    • 6.4.3 BASF
    • 6.4.4 Carlisle Companies Inc.
    • 6.4.5 Covestro AG
    • 6.4.6 Dongsung Finetec
    • 6.4.7 Dow
    • 6.4.8 Huntsman International LLC
    • 6.4.9 International Corrosion Services LLC
    • 6.4.10 Kingspan Group
    • 6.4.11 Knauf Insulation
    • 6.4.12 Owens Corning
    • 6.4.13 ROCKWOOL A/S
    • 6.4.14 Saint-Gobain

7. Market Opportunities and Future Outlook

  • 7.1 White-space and Unmet-Need Assessment
  • 7.2 Increasing Research and Development through Sustainable Raw Material Sources
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Global Cold Insulation Market Report Scope

The Cold Insulation Market report includes:

By Material Type Polyurethane Foam
Fiberglass
Polystyrene Foam
Phenolic Foam
By Application Oil and Gas
Chemicals
Heating, Ventilation, and Cooling (HVAC)
Refrigeration
By Geography Asia-Pacific China
India
Japan
South Korea
Australia
New Zealand
Rest of Asia-Pacific
North America United States
Canada
Mexico
Europe Germany
United Kingdom
France
Italy
Russia
Rest of Europe
South America Brazil
Argentina
Rest of South America
Middle-East and Africa Saudi Arabia
United Arab Emirates
Qatar
South Africa
Egypt
Rest of Middle-East and Africa
By Material Type
Polyurethane Foam
Fiberglass
Polystyrene Foam
Phenolic Foam
By Application
Oil and Gas
Chemicals
Heating, Ventilation, and Cooling (HVAC)
Refrigeration
By Geography
Asia-Pacific China
India
Japan
South Korea
Australia
New Zealand
Rest of Asia-Pacific
North America United States
Canada
Mexico
Europe Germany
United Kingdom
France
Italy
Russia
Rest of Europe
South America Brazil
Argentina
Rest of South America
Middle-East and Africa Saudi Arabia
United Arab Emirates
Qatar
South Africa
Egypt
Rest of Middle-East and Africa
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Key Questions Answered in the Report

What is the projected value of the cold insulation market by 2030?

It is expected to reach USD 9.22 billion, growing at a 4.89% CAGR.

Which region leads the cold insulation market?

Asia Pacific holds 37.98% of revenue and also records the fastest 5.65% CAGR.

Why is phenolic foam gaining share in cold insulation applications?

Superior fire resistance and cryogenic stability make it the preferred choice for LNG and hydrogen projects.

How do volatile diisocyanate prices influence insulation suppliers?

Price swings compress polyurethane margins by up to 25%, pushing producers toward vertical integration and bio-based feedstocks.

What hinders faster adoption of aerogel and vacuum insulation panels?

A shortage of certified installers raises field failure risks, delaying project schedules and limiting uptake.

Page last updated on: July 23, 2025

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