Refrigeration Insulation Materials Market – Global Market Size, Strategic Growth Drivers, Risk Assessment Framework, Regulatory Landscape Review, Competitive Intensity Mapping & Long-Term Industry Outlook to 2030
Overview
The Refrigeration Insulation Materials Market size was valued at USD 4.25 Billion in 2023 and the total Refrigeration Insulation Materials revenue is expected to grow at a CAGR of 6.0% from 2024 to 2030, reaching nearly USD 6.43 Billion.
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Refrigeration Insulation Materials Market Overview:
Refrigeration insulation materials play an important role in efficient cooling operations. Increasing demand for commercial and industrial refrigerators are the major factors that propel the refrigeration insulation materials market size.
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Refrigeration Insulation Materials Market Dynamics:
Rising demand from food & Beverage Industry
Rising trades of refrigeration equipment and growing demand for applications of cryogenic and the rising demand for food with growing emphasis on food security, and the growth in consumption of cold beverages & beer. These are the major factors that drive the global refrigeration insulation materials market.
Volatile Raw Material Prices
Volatile raw material prices and stringent government regulations on insulation materials, these factors act as major restraints for the refrigeration insulation materials market growth.
Refrigeration Insulation Materials Market Segment Analysis:
By Material Type, the technical foam market is bifurcated into Elastomeric Foam, PU & PIR. PU & PIR held the largest share of the market in 2023. PU & PIR is the maximum produced insulation type in the market. Its operational temperature range allows it to use in a wide range of applications. PU & PIR also used in cryogenic applications.
These foams are suitable for all types of equipment, includes tanks, walls & roofs, pipes, compressors, and are even performed for joints and bents. PU & PIR are expected to remain the largest insulation material type during the forecast period.
By End-Use Industry, the market is bifurcated into Food & Beverage, Chemicals & Pharmaceuticals, Oil & Gas and Petrochemicals. The food & beverage industry accounts for the highest share around 46% of the market in 2023 thanks to increasing demand for food & beverage due to the growing population. Food processing and preservation are likely to propel the demand for refrigeration. Hence, the market is expected to grow in the food & beverage industry.
Recent Developments
In August 2018, Armacell launched the aerogel blanket ArmaGel HT. It is lightweight, easy-to-handle, and suitable for a wide range of applications. This innovation helped the company provide customers with products having higher performance.
In 2019, KFLEX opened a new production site in Vietnam to support the growing demand from the Asian market.
In March 2018, Kingspan invested in the manufacturing facility of Kooltherm, a phenolic insulation material, in Sweden. The strategic location of the plant is beneficial for the future growth of the firm.
Refrigeration Insulation Materials Market Regional Insights:
Europe is expected to dominate the Market
Europe is expected to dominate the largest share of the global market during the forecast period, in terms of value. The presence of major players in the region, including Armacell, Isover, Kflex, and Kingspan, with the growing emphasis on energy conservation and the use of low GWP and ODP materials. These are the major factors fueling the global market growth during the forecast period.
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Refrigeration Insulation Materials Market Scope:Inquire before buying
| Global Refrigeration Insulation Materials Market | |||
|---|---|---|---|
| Report Coverage | Details | ||
| Base Year: | 2023 | Forecast Period: | 2024-2030 |
| Historical Data: | 2018 to 2023 | Market Size in 2023: | USD 4.28 Bn. |
| Forecast Period 2024 to 2030 CAGR: | 6% | Market Size in 2030: | USD 6.43 Bn. |
| Segments Covered: | by Material Type | Elastomeric Foam PU & PIR |
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| by End Use Industry | Food & Beverage Chemicals & Pharmaceuticals Oil & Gas Petrochemicals |
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| by Application | Commercial Industrial |
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Refrigeration Insulation Materials Market, by Region
North America (United States, Canada and Mexico)
Europe (UK, France, Germany, Italy, Spain, Sweden, Austria and Rest of Europe)
Asia Pacific (China, South Korea, Japan, India, Australia, Indonesia, Malaysia, Vietnam, Taiwan, Bangladesh, Pakistan and Rest of APAC)
Middle East and Africa (South Africa, GCC, Egypt, Nigeria and Rest of ME&A)
South America (Brazil, Argentina Rest of South America)
Refrigeration Insulation Materials Market Key Players
1. Armacell (Luxembourg)
2. Owens Corning (US)
3. Kingspan Group (Ireland)
4.L'ISOLANTE K-FLEX S.p.A. (Italy)
5.Saint Gobain (France)
6.Cabot Corporation (US)
7.Aspen Aerogels, Inc. (US)
8.BASF SE (Germany)
9.Morgan Advanced Materials (UK)
10.Johns Manville (US)
11.NMC SA (Luxembourg)
12.Zotefoams plc (UK)
13.Lydall, Inc. (US)
14.Others
Frequently Asked Questions:
1. Which region has the largest share in Global Refrigeration Insulation Materials Market?
Ans: Europe region held the highest share in 2023.
2. What was the Global Refrigeration Insulation Materials Market size in 2023?
Ans: The Global Refrigeration Insulation Materials Market size was USD 4.28 Billion in 2023.
3. What is scope of the Global Refrigeration Insulation Materials market report?
Ans: Global Refrigeration Insulation Materials Market report helps with the PESTEL, PORTER, COVID-19 Impact analysis, Recommendations for Investors & Leaders, and market estimation of the forecast period.
4. Who are the key players in Global Refrigeration Insulation Materials market?
Ans: The important key players in the Global Refrigeration Insulation Materials Market are – Armacell (Luxembourg), Owens Corning (US), Kingspan Group (Ireland), L'ISOLANTE K-FLEX S.p.A. (Italy), Saint Gobain (France), Cabot Corporation (US), Aspen Aerogels, Inc. (US), BASF SE (Germany), Morgan Advanced Materials (UK), Johns Manville (US), NMC SA (Luxembourg), Zotefoams plc (UK), Lydall, Inc. (US), and Others.
5. What is the study period of this market?
Ans: The Global Market is studied from 2023 to 2030.