Description
Europe Refrigeration Insulation Materials Market Research Report Forecast to 2028
Market Overview
The Europe refrigeration insulation materials market was valued at USD 1,614.65 million in 2020 and is expected to register a CAGR of 4.88% to reach USD 2,362.16 million by the end of 2028. In terms of volume, the market was pegged at 369.10 kilotons in 2020 and the demand is projected to reach 495.96 kilotons by the end of 2028. Insulation is a material or a blend of two or more materials that can be used to avoid heat loss or heat gain to save valuable energy.
The material is available in any size or shapes for different applications. Refrigeration insulation materials lower refrigeration equipment operating costs. Insulation in an industrial refrigeration system helps to limit heat gains, ensuring that the compressor load does not become excessive.
It connects the evaporator, accompanying vessels, compressor, and auxiliary equipment through piping. Insulation is also used to prevent condensation and ice formation, save energy, and prevent corrosion. As a result, refrigeration insulation materials are critical for effective cooling.
The key factor driving the growth of the Europe refrigeration insulation materials market is the growing demand from key end-users such as aerospace & defense, wind energy, and automotive industries. The demand for cryogenic applications and the growing demand for commercial refrigeration is driving the Europe refrigeration insulation materials market.
Nevertheless, the robust demand for eco-friendly insulation material and new product launches from key manufacturers are likely to create extensive market growth opportunities.
Market Segmentation
The Europe refrigeration insulation materials market has been segmented by type, application, and region. Based on type, the market has been segmented into extruded polystyrene, cellular glass, polyisocyanurate (PIR), polyurethane (PU), elastomeric foam, and others
Based on end-use, the market has been segmented into aerospace & defense, automotive & transportation, electrical & electronics, building & construction, wind energy, and others.
Regional Analysis
The increase in demand for refrigeration insulation in Europe will be driven by measures for greenhouse gas emissions reduction, cost efficiency, expanding food & beverage industry, high demand from commercial refrigeration, and government regulations on energy-efficient buildings. Europe is the largest market for refrigeration material globally, followed by North America.
The implementation of the revised EU legislation on insulation material is expected to boost the penetration of refrigeration insulation in the region and will increase the amount of insulation needed as per end-user requirements. Further, there are many companies and SMEs in Europe that manufacture and supply insulation materials.
For example, the polyurethane insulation industry in Europe involves about 61,800 companies. The expanded polystyrene industry is most fragmented, with around 20 raw material producers and around 1000 converting companies.
Major Players
Kingspan Groups PLC (Ireland), Armacell International Holding Gmbh (Germany), JOHNS MANVILLE (US), L’ISOLANTE K-FLEX S.p.A (Italy), BASF SE(Germany), ETEX (Belgium), Knauf Insulation (US), Rockwool International (Denmark), Zotefoams Plc (United Kingdom), Huntsman Corporation (US), Owens Corning (US), Liebherr Group (Germany), and NMC International SA (Luxembourg) are the key players operating in the Europe refrigeration insulation material market.
COVID 19 Impacts
We are continuously tracking the impact of the COVID-19 pandemic on various industries and verticals within all domains. Our research reports include the same and help you understand the drop and rise, owing to the impact of COVID-19 on the industries. Also, we help you to identify the gap between the demand and supply of your interested market.
Moreover, the report helps you with the analysis, amended government regulations, and many other useful insights.
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