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PU & PIR to be the largest segment of Refrigeration Insulation Materials Market

 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. Increasing demand for food preservation, growing LNG demand, and increased oil and gas production has positively impacted the refrigeration insulation market. Europe is the largest market for refrigeration insulation materials, followed by APAC and North America.

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.

The food & beverage industry is expected to dominate the refrigeration insulation materials market and accounted for a share of 46% in 2019. The global demand for food & beverage has significantly increased due to the growing population. Due to growing environmental issues, the total irrigable land area has reduced drastically in the last decade, thereby putting more emphasis on food preservation. Food processing and preservation are likely to boost the demand for refrigeration. Thus, the refrigeration insulation materials market is expected to grow in the food & beverage industry.


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Armacell is the largest player in the refrigeration insulation materials market. The company is developing its business via expansion in countries such as APAC and the Middle East. It mainly focuses on channel selling and expansion to strengthen its position in the market. The company is also focusing on new product developments. It also utilizes partnerships to increase its market share.

The key players in this market are 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). The leading players are focusing on both organic and inorganic strategies to maintain their position in the market.

 

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