The refrigeration insulation material market size is projected to reach USD 4.8 billion by 2025 from USD 3.6 billion in 2020, at a CAGR of 6.0% between 2020 and 2025. Growing demand for both refrigeration equipment for industrial and commercial sectors has put a significant impact on the market. The global population is growing at 1.1% each year, and the industrial activity grew by 3.2% in 2017, as per OECD. These factors have had a significant influence on the global industrial production, which has boosted the market for refrigeration insulation materials. The demand for food is also growing along with growing population. This raises the importance of food preservation and food security, further giving a boost to the refrigeration insulation market
The players in the
refrigeration insulation materials market are mainly concentrating on new
product launches, expansions, acquisitions, and joint ventures.
The growth of the refrigeration insulation materials market has been influenced primarily by the increased emphasis on insulation for energy conservation, especially in the EU, and new product launches that took place between 2018 and 2019. Armacell (Germany), Owens Corning (US), Kingspan Group Plc (Ireland), Morgan Advanced Materials (UK), Etex (Belgium), Isover (France), BASF SE (Germany), Kflex (Italy), and Aspen Aerogel (US) have adopted organic as well as inorganic growth strategies. These companies are also highly focused on regional expansions.
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PU & PIR are expected to
lead the market during the forecast period.
PU & PIR accounted for the largest share of the
refrigeration insulation materials market in 2019. This is mainly due to the
high suitability of the material in refrigeration insulation and growing
production capacities. PU & PIR has a temperature range of -1800C to 1200C,
making the material perfect for all applications. It is widely available due to
the presence of a large number of manufactures in all regions.
Commercial
construction is projected to be the largest application of refrigeration insulation
materials during the forecast period.
People are very much dependent on these commercial
establishments for food, especially in Europe and North America. Refrigeration
is crucial for food preservation. Almost all supermarkets and hypermarkets have
refrigerators, vending machines, and warehouses that require refrigeration
insulation for energy efficiency and proper operation. Thus, the commercial
refrigeration application is expected to remain the largest market for
refrigeration insulation.
Food &
beverage is projected to be the largest end user of refrigeration insulation
materials during the forecast period.
The global demand for food and beverage has significantly
increased due to the growing population. According to the United Nations, the
global population will reach 8.1 billion in 2025, which means almost 3 billion
more mouths to feed. The UN has already stated food security and the
environment are the biggest concern for mankind. Both these issues are
interlinked as well. With growing environmental concerns, total irrigable land
has reduced drastically in the last decade, thereby putting more emphasis on
food preservation. Thus, the refrigeration insulation materials market is
expected to grow in the food & beverage industry.
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Europe
is expected to account for largest share of the refrigeration insulation
materials market.
Europe dominated the refrigeration insulation materials market
with a share of 34%, in terms of value, in 2019. Germany is the largest market
in Europe, accounting for a share of 19% of the regional market in 2019.
Germany is the most industrialized country in the world. It is one of the
leading manufacturers of chemicals, pharmaceuticals, and food & beverage.
Germany and other EU countries have signed the Kigali Agreement, which is
expected to have a significant impact on the refrigeration insulation materials
market.
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