Description
Refrigeration Insulation Materials Market
Global Refrigeration Insulation Materials Market to surpass USD 7.1 billion by 2030 from USD 3.9 billion in 2020 at a CAGR of 6.1% in the coming years, i.e., 2021-30.
Product Overview
Refrigeration insulation systems are used to decrease heat movement in cooled rooms or cold devices such refrigerated pipes, cars, warehouses, and HVAC systems. Refrigeration running at full capacity results in increased electricity bills, which is why the refrigerant temperature must be kept below the ambient temperature. Refrigeration insulating materials are commonly employed during manufacturing to reduce heat losses and poor operation of this equipment. The optimum system design, quality, and thickness of refrigeration insulating materials are critical to a good refrigeration system’s economic operation. Different types of refrigerated insulation materials are currently available, and manufacturers often offer intended working temperature ranges for refrigeration insulation materials depending on their thermal capabilities.
Market Highlights
Global Refrigeration Insulation Materials market is expected to project a notable CAGR of 6.1% in 2030.
Because of the increased sales of refrigeration equipment, the market for refrigeration insulation materials has grown significantly. Furthermore, the market for refrigeration insulating materials is expected to grow in the coming years as demand for cryogenic applications grows. For the leading participants in the refrigeration insulating materials market, the increase in demand from the energy industry and specialist applications presents a huge market opportunity.
Global Refrigeration Insulation Materials: Segments
High-Density Polyethylene segment to grow with the highest CAGR during 2020-30
Global Refrigeration Insulation Materials market is segmented by type into Elastomeric foam, PU & PIR, Polystyrene Foam, Fiberglass, Phenolic Foam, and Others. PU & PIR segment held the largest market share in the year 2020. The most common insulation types on the market are PU and PIR. It can be employed in a wide range of applications due to its operational temperature range. It’s also utilized for cryogenic purposes. These foams can be used for a variety of applications, including tanks, walls and roofs, pipes, compressors, and even premade couplings and bends. PU & PIR are predicted to continue to be the most popular insulating materials over the projection period.
PU & PIR segment to grow with the highest CAGR during 2020-30
Global Refrigeration Insulation Materials market is divided by application into Food and Beverages, Chemicals, Pharmaceutical, Petroleum and Lubricants, and Others. Over the forecast period, the Food and Beverages segment is projected to expand at the fastest pace. The global demand for food and beverages has risen dramatically as the world’s population has grown. The overall irrigable land area has decreased dramatically in the recent decade as a result of rising environmental concerns, putting a greater reliance on food storage. Refrigeration demand is expected to rise as a result of food processing and preservation. As a result, the food and beverage industry’s refrigeration insulating materials market is predicted to rise.
Market Dynamics
Drivers
Increased sale of commercial and industrial refrigerators and rising demand for cryogenic insulation
Increased sales of commercial and industrial refrigerators are among the primary factors driving the refrigeration insulating materials market. There has been an increase in the demand for cryogenic insulation. The demand for refrigerator insulating materials is skyrocketing as a result of these factors. Furthermore, rising demand for refrigerator insulating materials is being driven by increased use of cold beverages such as energy drinks, beer, and cold drinks, as well as an increased focus on food safety.
Useful for storing food and drinks as well as reduced energy usage
Refrigeration systems are useful for storing food and drinks in the food sector, as well as for other cooling applications. Heat loss prevention is a serious concern for both industrial and commercial businesses. Refrigeration insulating materials prolong the life and performance of cooling systems by preventing system degradation. The use of refrigerated insulation materials has also lowered energy use for cooling, resulting in an increase in global refrigeration insulation material consumption. Furthermore, in the refrigeration insulating material market, manufacturers have been pursuing acquisition and collaboration as major strategies.
Restraint
Variations in prices of raw materials and COVID-19 lockdown
During the study period, raw material price variations, as well as strict regulations on insulating materials, are expected to stifle market expansion. The ongoing lockdown brought on by the Covid-19 outbreak is expected to have a detrimental influence on the global refrigeration industry and, as a result, the global refrigeration insulation materials market.
Global Refrigeration Insulation Materials: Key Players
BASF SE
Company Overview, Business Strategy, Key Product Offerings, Financial Performance, Key Performance Indicators, Risk Analysis, Recent Development, Regional Presence, SWOT Analysis
Armacell International S.A.
Aspen Aerogels
Morgan Advanced Materials
Johns Manville
Zotefoams
NMC SA
Cabot Corporation
Lydall Inc.
Other Prominent Players
Global Refrigeration Insulation Materials: Regions
Global Refrigeration Insulation Materials market is segmented based on regional analysis into five major regions: North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. Refrigeration insulation materials are growing in popularity in the European region, thanks to a growing emphasis on low ODP and GWP materials and energy conservation. In terms of material availability and supply contracts in the regional market, top companies in the refrigeration insulating materials industry, primarily from Europe, have a relatively high dominance.
Global Refrigeration Insulation Materials is further segmented by region into:
North America Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – United States and Canada
Latin America Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – Mexico, Argentina, Brazil, and Rest of Latin America
Europe Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – United Kingdom, France, Germany, Italy, Spain, Belgium, Hungary, Luxembourg, Netherlands, Poland, NORDIC, Russia, Turkey, and Rest of Europe
Asia Pacific Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – India, China, South Korea, Japan, Malaysia, Indonesia, New Zealand, Australia, and Rest of APAC
Middle East and Africa Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – North Africa, Israel, GCC, South Africa, and Rest of MENA
Global Refrigeration Insulation Materials report also contains analysis on:
Refrigeration Insulation Materials Segments:
By Type
Elastomeric foam
PU & PIR
Polystyrene Foam
Fiberglass
Phenolic Foam
Others
By Application
Food and Beverages
Chemicals
Pharmaceutical
Petroleum and Lubricants
Others
Refrigeration Insulation Materials Dynamics
Refrigeration Insulation Materials Size
Supply & Demand
Current Trends/Issues/Challenges
Competition & Companies Involved in the Market
Value Chain of the Market
Market Drivers and Restraints
Refrigeration Insulation Materials Market
Report Scope and Segmentation
Report Attribute Details
Market size value in 2020 USD 3.9 billion
Revenue forecast in 2030 USD 7.1 billion
Growth Rate CAGR of 6.1% from 2021 to 2030
Base year for estimation 2020
Quantitative units Revenue in USD million and CAGR from 2021 to 2030
Report coverage Revenue forecast, company ranking, competitive landscape, growth factors, and trends
Segments covered Type, end-user and Region
Regional scope North America, Europe, Asia Pacific, Latin America, Middle East & Africa (MEA)
Key companies profiled BASF SE, Armacell International S.A., Aspen Aerogels, Morgan Advanced Materials, Johns Manville, Zotefoams, NMC SA, Cabot Corporation, Lydall Inc. and Other Prominent Players.
