Refrigeration Insulation Materials Market Expanding at a Healthy 5% CAGR, To Reach a Value of $5 Billion by 2027

According to MRFR analysis, Refrigeration Insulation Materials Market is projected to register a CAGR of over 5% to reach a value of around USD 5 Billion by the end of 2027.

In addition, the ever-increasing demand for groceries, food preservation, refrigerated vending machines, warehouses, and so on has significantly boosted the demand for refrigeration insulation domestically and commercially. 

The ever-increasing sale of refrigerators on a commercial and industrial scale is a primary factor in the industry’s rapid growth. Another major contributing factor is the demand for cryogenic insulation. Moreover, there has been a steady rise in the demand for cold drinks, beer, energy drinks, etc. The food preservation sector is another important factor behind the growing need for refrigeration and its insulation materials. This is due to the increase in population and, consequently, demands.

Further, refrigeration insulation materials lead to optimized performance of heating and cooling systems. It also results in prolonged life for the machines and significantly decreases their energy consumption. These factors have led this market to grow into several billion-dollar industries today.

The outbreak of the Covid-19 pandemic has led to a massive negative impact on almost all sectors. This period of recession brought upon the world has been speculated to last even till the first half of the upcoming year. Therefore, all the affected businesses must imply strategic yet cost-effective methods to recover from the decreased demand. Therefore, industry experts have constantly been helping different companies to recover from the forced recession brought upon by the pandemic.

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Market Segmentation

The market segmentation of refrigeration insulation materials is based on material type, application, and end-use industry. Based on the materials used, the main classifications are PU and PIR, Elastomeric foams, phenolic foam, Fiberglass and others.

According to recent reports, PU & PIR and phenolic foam are expected to dominate the market by the forecast period. This is because these two types have been proven to be the most effective among all the other types. Furthermore, based on application, this market can be classified into Commercial, Industrial, Cryogenic, and Refrigerated transport.

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Regional analysis

The refrigeration-insulating materials market will likely dominate Europe during the projected timeframe. Along with an increase in energy-saving and the usage of materials with low GWP and ODP, refrigeration insulation market companies Armacell, Isover, Keflex, and Kingspan are all impacting the region’s development of refrigeration insulation materials. Furthermore, the developing industrial sector in nations like India, South Korea, Thailand, Malaysia, and others makes the Asia-Pacific area the fastest-growing regional market.

An increase in demand for different end-use goods due to economic growth and a growing population is expected to fuel demand for refrigeration-insulating materials in the Middle East and Africa during this assessment period.

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Industry News

A new manufacturing facility was established in Vietnam in 2019 to meet the increasing demand from Asia.

In March of 2018, Kingspan invested in a manufacturing plant in Sweden to produce a phenolic insulating material called Kooltherm. The plant’s location is advantageous for the company’s future expansion.

Key Players

Some of the key market players 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
• BASF SE (Germany)
• Morgan Advanced Materials (UK)
• Johns Manville (US)
• NMC SA (Luxembourg)
• Zotefoams plc (UK)
• Lydall

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