Commercial construction is projected to be the largest application of refrigeration insulation materials market by 2025

CITY, Country, 2021-Nov-19 — /EPR Network/ —

The refrigeration insulation materials market size is projected to reach USD 4.8 billion by 2025, at a CAGR of 6.0% between 2020 and 2025. Refrigeration insulation materials are used in refrigeration systems to minimize heat gain to the internal fluids, control surface condensation, and prevent ice accumulation in the equipment and piping. According to ASHARE refrigeration handbook, closed-cell insulation materials are the best suited for this application. Refrigeration is one of the most important supporting industries, especially for food & beverage, oil & gas, chemical, and pharmaceutical industries. Based on material type, the refrigeration insulation materials market is segmented into elastomeric foam (NBR & EPDM), PU & PIR, polystyrene foam (XPS & EPS), fiberglass, phenolic foam, and others. 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.

Based on application, the refrigeration insulation materials market is segmented into commercial, industrial, cryogenic, and refrigerated transport. The commercial refrigeration application is expected to dominate the refrigeration insulation materials market and accounted for a share of 37% in 2019. However, the fastest-growing application of refrigeration insulation materials is industrial refrigeration. This is due to the growing demand for these materials in various industrial processes, especially in food processing, beverage production, and oil & gas industry. The food & beverage industry has also triggered the growth of retail groceries and supermarket & hypermarket establishments. People are very much dependent on these commercial establishments for food, especially in Europe and North America. Thus, the commercial refrigeration application is expected to remain the largest market for refrigeration insulation.

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Based on end-use industry, the market is segmented into food & beverage, chemicals & pharmaceuticals, oil & gas and petrochemicals, and others. The food & beverage industry is further segmented into fresh fruits & vegetables, meat, poultry, & fish processing, dairy & ice cream processing, and beverages. Growing emphasis on food security has driven the demand for food preservation. Refrigeration systems are quintessential for food preservation. Thus, the growing demand for food products such as meat, poultry, vegetables, and fruits that require refrigeration will have a significant impact on the market for refrigeration insulation materials in the food & beverage industry.

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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. The industrial infrastructure is vast, especially chemical, petrochemical, and food processing. With the Kigali Agreement already in force, along with EU’s low emission and high energy efficiency policy, the market for refrigeration insulation in the country is expected to grow steadily.  APAC is the fastest-growing refrigeration insulation materials market. China is the largest refrigeration insulation materials market in APAC. Increasing domestic industrial processes and other commercial units are expected to continue driving the demand for refrigeration insulation materials in the APAC region. Increasing population and increasing demand for processed food, along with growing demand for LNG as fuel, are projected to make this region an ideal destination for the growth of the refrigeration insulation materials market. APAC is home to half of the world’s population. The growing population will definitely have a significant impact on food demand. APAC will see the most number of LNG terminals in the next five years, which is expected to increase the demand for refrigeration insulation.

The refrigeration insulation materials market has a high degree of competition. The market is fragmented with the presence of many big and small players. Many players in the market that are providing refrigeration insulation materials to various end-use industries. 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 various strategic initiatives such as new product launches and expansions to retain their position in the market.

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