According to the new market research report “Refrigeration Insulation Materials Market by Material Type (Elastomeric Foam, PU & PIR), Application (Commercial, Industrial), End-Use Industry (Food & Beverage, Chemicals & Pharmaceuticals, Oil & Gas and Petrochemicals) Region – Global Forecast to 2025″, The refrigeration insulation materials market is projected to reach USD 4.8 billion by 2025, at a CAGR of 6.0%.
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The market is directly linked to the growth of the refrigeration industry. The increased refrigeration application in various major industries has influenced the market for refrigeration insulation. The food and beverage industry has also had a significant impact on the market. The growing demand for processed food and increased consumption of cold beverage products has increased the demand for refrigeration insulation in the industry.
PU & PIR accounted for the largest share of the refrigeration insulation materials market in 2019. This is mainly due to the high suitability of the material in refrigeration insulation and growing production capacities. PU & PIR has a temperature range of -1800C to 1200C, making the material perfect for all applications. It is widely available due to the presence of a large number of manufactures in all regions.
Browse and in-depth TOC on “Refrigeration Insulation Materials Market – Global Forecast to 2025”
113 – Tables
52 – Figures
162 – Pages
The refrigeration insulation material market size is projected to reach USD 4.8 billion by 2025 from USD 3.6 billion in 2020, at a CAGR of 6.0% between 2020 and 2025. Growing demand for both refrigeration equipment for industrial and commercial sectors has put a significant impact on the market. The global population is growing at 1.1% each year, and the industrial activity grew by 3.2% in 2017, as per OECD. These factors have had a significant influence on the global industrial production, which has boosted the market for refrigeration insulation materials. The demand for food is also growing along with growing population. This raises the importance of food preservation and food security, further giving a boost to the refrigeration insulation market.
The players in the refrigeration insulation materials market are mainly concentrating on new product launches, expansions, acquisitions, and joint ventures.
The growth of the refrigeration insulation materials market has been influenced primarily by the increased emphasis on insulation for energy conservation, especially in the EU, and new product launches that took place between 2018 and 2019. Armacell (Germany), Owens Corning (US), Kingspan Group Plc (Ireland), Morgan Advanced Materials (UK), Etex (Belgium), Isover (France), BASF SE (Germany), Kflex (Italy), and Aspen Aerogel (US) have adopted organic as well as inorganic growth strategies. These companies are also highly focused on regional expansions.
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Armacell is the largest player in the refrigeration insulation materials market. The company is developing its business via expansion in countries such as APAC and the Middle East. It mainly focuses on channel selling and expansion to strengthen its position in the market. The company is also focusing on new product developments. It also utilizes partnerships to increase its market share.
Kingspan is one of the major manufacturers of refrigeration insulation materials. The company is focusing on expansion as well as acquisition strategies. It has maintained a very strong global presence through its global acquisition strategy. The company also caters to a wide range of insulation materials and also focuses on material development and innovation. The company acquired four different companies between 2017 and 2019
Johns Manville launched MinWool-1200 in the form of pipe to meet the industry demand for water-resistant insulation pipe. This innovation provides corrosion-free insulation. Kflex has also employed expansion strategies to remain a prominent player in the market. It has opened a new production site in Vietnam to support the growing demand from the Asian market. It also recently enhanced their Polish factory by adding in a new polyethylene plant.
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