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Technavio’s market research analyst predicts the global cold insulation market to grow at a rate of 9% during the forecast period. The rising energy costs is a crucial driver for the growth of this market. Equipment such as refrigerators and air conditioners consume large amounts of energy and use cold insulation materials to minimize the energy loss.
The rise of infrastructural development has also positively contributed to the market growth. Greenfield projects, high rise buildings, residences and commercial spaces are being built all over the globe. These infrastructural developments are focusing on minimizing the use of energy leading to an increased usage of cold insulation materials.
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