Refrigeration Insulation Materials Market

Refrigeration Insulation Materials Market Size 2023-2028

The refrigeration insulation materials market is supposed to be expanding in a notable way during the forecast period. It is predicted that the market is likely to extend from USD 4.9 billion in 2022 to USD 6.12 billion by 2028, registering a CAGR of 8.10%.

Insulation is a process that performs a vital role in insulating the heat gains in the refrigeration system of various industries to ensure that the compressor load does not become excessive. This Insulation is also employed for energy conservation, preventing condensation or ice formation, and minimizing corrosion. The materials that are used in manufacturing or the processes of manufacturing these refrigerator insulation systems are the refrigerator insulation materials. These refrigeration insulation materials play a crucial role in efficient cooling operations. The factors that are propelling the global refrigeration insulation materials market are the increasing market of commercial and industrial refrigerators in considerable way for some time now and the rising requirement for insulation applications in cryogenic operations.

Drivers and Restraints of the Refrigeration Insulation Materials Market:

Rising trades of refrigeration equipment and growing demand for applications of cryogenic are the major drivers for the growth of the Global Refrigeration Insulation Materials Market. Also, the rising demand for food, the growing emphasis on food security, and the growth in consumption of cold beverages and beer are the factors that are fuelling the growth of the target market in the food industry.But, the fluctuations in the availability & prices of raw materials and the stringent regulations by governments on Insulation Materials are resulting in the restraints of the target market. Besides, the lack of awareness & skilled labor for installation, regulations that are non-compliance in emerging economies, and the high capital involved in the installation are the major challenges that are hampering the Global Refrigeration Insulation Materials Market.

Furthermore, advancements in these materials in terms of a more effective and environmentally friendly way are creating opportunities for the expansion of the Global Refrigeration Insulation Materials Market over the forecast period. Also, the growth in infrastructural spending in the growing countries and the rising demand for these materials from the energy industry & niche applications are moreover pushing the market growth.

REFRIGERATION INSULATION MATERIALS MARKET REPORT COVERAGE:

Market Segmentation:

Refrigeration Insulation Materials Market – By End-User:

• Food & Beverage

• Chemicals & Pharmaceuticals

• Oil & Gas

• Petrochemicals

• Energy & Utilities

• Healthcare

• Semiconductor

• Textile

Among all of these industries, the food & beverage industry segment is dominating the market in the terms of revenue aspect with a share of 46% and is also expected to continue its dominance during the forecast period. The growth in the population, globally, is propelling the demand for food & beverage. The land area that is irrigable has reduced drastically all around the world in the last decade owing to the growing environmental issues, which is resulting in putting more emphasis on the preservation of food. This progress in food processing and preservation is boosting the demand for refrigeration insulation in this industry.

Refrigeration Insulation Materials Market – By Material

• Elastomeric foam/NBR & EPDM

• PU & PIR

• Polystyrene Foam/XPS & EPS

• Fiberglass

• Phenolic Foam

• Aerogel

• Cellular Glass

• Perlite

• Plastic Foams

Among these, all segments, PU & PIR segment held the major share of the global refrigeration insulation materials market. The growth of this segment is attributed to its preference by the manufacturers of refrigeration insulation systems. It is one of the favorable choices for the manufacturers in the target market owing to its operational temperature range which can be used in a wide range of applications, like cryogenic applications. Also, these foams are eligible for usage for any kind of equipment like tanks, compressors, walls, roofs, & pipes and are also performed for joints & bents. It is also estimated that the segment is foreseen to continue its dominion over the outlook period.

The elastomeric foam segment is predicted to hold a substantial share of the global market during the forecast period. 

Refrigeration Insulation Materials Market – By Application:

• Commercial

• Industrial

• Cryogenic

• Refrigerated Transportation

The commercial refrigeration application is the most dominant segment in the global market with a share of over 37% and is also expected that it is also going to be the dominant segment over the forecast period. The factors that are impacting the commercial application segment, in a positive way, are the rising demand for retail groceries, commercial refrigerators, refrigerated vending machines, and chillers.

Refrigeration Insulation Materials Market – By Outlook:

• −160C to −50C

• − 49C to 0C

• 1C to 100C

• 101C to 650C

Refrigeration Insulation Materials Market – By Region:

• North America

• Europe

• Asia-Pacific

• Latin America

• Middle East & Africa

In the regional analysis of the Global Refrigeration Insulation Materials Market, Europe's market value is the key contributor in terms of revenue and is also estimated to continue its dominance over the forecast period owing to its most industrialized countries in this area. Europe's industrial infrastructure is vast, majorly in petrochemical, chemical, and food processing. Among the industrial policies in these areas are the most stringent policies. Also, the European Union has regulated the insulation products used for the efficiency of energy, which is also specifying the type of materials to get used in refrigeration insulation. Further, factors like the Agreement of Kigali in force coupled with the European Union's low emission and high energy efficiency policy are pushing the expansion of the Refrigeration Insulation Materials Market in Europe.

Recent Developments

• Cabot Corporation has declared the completion of its purchase of Shenzhen Sanshun Nano New Materials Co., Ltd with a business value of around $115 million to integrate it into their Performance Chemicals Segment.

• Saint-Gobain Isover, a fiberglass insulation manufacturer around the world, has selected Poland’s For glass for completing a batch plant expansion project on a behalf of glass wool production specialist.

Key Players of the Refrigeration Insulation Materials Market:

1. Kingspan Group Plc

2. Armacell International S.A.

3. Saint-Gobain Isover

4. L'isolante K-Flex S.P.A.

5. Aspen Aerogels,

6. BASF SE

7. Morgan Advanced Materials,

8. Etex,

9. Zhejiang Zhenshen Insulation Technology Corp. Ltd.,

10. Johns Manville,

11. NMC Sa,

12. Zotefoams,

13. Cabot Corporation,

14. Lydall Inc.