Refrigeration Insulation Materials Market: Segmented by Type (Elastomeric foam, PU & PIR, Polystyrene Foam, Fiberglass, Phenolic Foam and Others), By Application (Food and Beverages, Chemicals, Pharmaceutical, Petroleum and Lubricants and Others), and Region - Global Analysis of Market Size, Share & Trends for 2019-2020 and Forecasts to 2030
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.
Refrigeration insulation systems are used to decrease heat movement in cooled rooms or cold devices such as 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.
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 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.
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.
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, the 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, increasing global refrigeration insulation material consumption. Furthermore, in the refrigeration insulating material market, manufacturers have been pursuing acquisition and collaboration as a major strategy.
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.
Company Overview, Business Strategy, Key Product Offerings, Financial Performance, Key Performance Indicators, Risk Analysis, Recent Development, Regional Presence, SWOT Analysis
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.
North America Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – United States and Canada
|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.|
The Refrigeration Insulation Materials Market size was estimated at USD 3.9 billion in 2020 and is expected to reach 7.1 billion by 2030.
Key players: BASF SE, Armacell International S.A., Aspen Aerogels, Morgan Advanced Materials, Johns Manville, Zotefoams, NMC SA, Cabot Corporation, Lydall Inc. and Other Prominent Players
High Density Polyethylene segment and PU & PIR segment are anticipated to hold the largest Refrigeration Insulation Materials Market.
Drivers: Increased sale of commercial and industrial refrigerators and rising demand for cryogenic insulation and Useful for storing food and drinks as well as reduced energy usage
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.
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