Asia-Pacific Cold Insulation Material Market worth $1,585.5 Million by 2019
06/06/2019
Expansion and new product launch are the major strategies followed by the key companies with BASF SE as the market leader
The Asia-Pacific cold insulation material market is expected to witness a CAGR of 8.0% from 2014 to 2019. China represents the largest market for cold insulation material market during this period, followed by India, Japan, and Australia & New Zealand. In terms of end-use industry, oil & gas, chemicals, and refrigeration are leading the Asia-Pacific cold insulation material market. These industries are booming in the Asia-Pacific region on account of industrialization and modernization. The major end-user industries of cold insulation material are construction, automotive, and electronics.
The cold insulation material market includes a few dominant global players and several small regional players. A few of the key players include BASF SE (Germany), Huntsman Corporation (U.S.), Kingspan plc (Ireland), Rockwool International A/S (Denmark), and Armacell International Holding (Luxembourg). The Top-5 players above were the most active players in terms of developments in 2013.
BASF SE (Germany) is the most active player and has a strong presence in the Asia-Pacific region. BASF recently launched an upgraded WALLTITE insulation solution in Korea, which has been successfully tested for wintertime construction. The other products provided by the company include Elastopor, Styrodur, Elastocool, and Basotect.
BASF is one of the leading providers of various kinds of cold insulation materials which cater to various segments. The company, through expansions and new product launch, strives to enhance its market competitiveness as well as regional presence. The company has plans to expand its polyurethane business in western China, which will help it to cater to the increasing demand of cold insulation material in the region. It is also focusing on new product developments to enhance its product portfolio and to fulfill the needs of various end-user industries.