Press release
Refrigeration Insulation Materials Market Size, Scope, Growth Insights, Analysis, Statistics To 2033
Refrigeration Insulation Materials Market
The refrigeration insulation materials market size is expected to see strong growth in the next few years. It will grow to $5.81 billion in 2028 at a compound annual growth rate (CAGR) of 7.0%. The growth in the forecast period can be attributed to globalization of food supply chains, focus on sustainable insulation, rising demand for frozen and chilled foods, government incentives, e-commerce growth. Major trends in the forecast period include innovations in aerogel insulation, customization and prefabrication, integration of nanotechnology, smart building technologies, technological innovations.
Market Overview -
Refrigeration insulation materials play an important role in controlling heat gains in industrial refrigeration systems. Refrigeration insulation materials are installed in the compressor and evaporator pipes. Insulation is also used to save energy, prevent condensation and ice formation, and reduce corrosion.
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Rising Sales Of Refrigeration Systems Propel Growth In The Refrigeration Insulation Materials Market
Increasing sales of refrigeration systems are expected to propel the growth of the refrigeration insulation materials market going forward. The demand for refrigeration systems is increasing as they are essential processes in industry and home applications and perform cooling or maintain the desired room temperature. The purpose of a refrigeration insulation system is to reduce heat flow in cooled spaces or cold devices such as refrigerated pipes, vehicles, warehouses, and HVAC, which is made possible by the use of refrigeration insulation materials. For instance, according to a report published by ANIMA Confindustria Meccanica Varia, an Italy-based industrial organization that represents companies involved in mechanical engineering, in 2021, Italy's national production value of heating, ventilation, and air conditioning (HVAC) was approximately 825 million euros (USD 858.6 million), an increase of 11% over the previous year and 4% over 2019, while the total market in Italy exceeded 2.260 billion euros (USD 2.35 billion), an increase of 37% over 2020 and 33% over 2019. Heat pumps and air-cooled refrigeration units grew by 120 percent in volume and 130 percent in value in the size segment below 17 kW in 2021, indicating a noticeable increase in the hydronic industry. Therefore, increasing sales of refrigeration systems are driving the growth of the refrigeration insulation materials market.
Competitive Landscape -
Major companies operating in the refrigeration insulation materials market report are Armacell International GmbH, BASF SE, Johns Manville Corp., Kingspan Group plc, L'Isolante K-Flex S.p.A., Lydall Inc., Morgan Advanced Materials plc, NMC SA, Owens Corning Fiberglass Company, Rinac India Ltd., Zhejiang Zhenshen Thermal Insulation Technology Co. Ltd., Zotefoams plc, GAF Materials Corporation, Cabot Corporation, Saint-Gobain S.A., Dow Chemical Company, Huntsman Corporation, Sekisui Chemical Co. Ltd., Nitto Denko Corporation, Thermaflex International Holding B.V., Knauf Fiber Glass, Etex Building Performance International S.A.S., Isover AB, Kflex India Pvt. Ltd., Aspen Aerogel Inc., Insulated Products Corp., Thermal Products Company Inc., LiteForm Technologies LLC, PPG Industries Inc. .
Innovative Solutions Drive Growth In The Refrigeration Insulation Materials Market
Product innovations are a key trend gaining popularity in the refrigeration insulation materials market. Major companies operating in the market are developing innovative products to sustain their position in the market. For instance, in May 2022, Honeywell International Inc., a US-based engineering and technology company launched a hydro fluoro olefin (HFO)-based refrigerant, Solstice 456A for the European automotive aftermarket. The new technology has the potential to reduce the greenhouse gas (GHG) emissions footprint of existing vehicle air conditioning systems by more than 50%. Solstice 456A is a simple, cost-effective drop-in service solution for vehicles manufactured before 2017. It contributes to meeting the needs of vehicle owners and auto repair shops in the face of ongoing EU climate-related legislation. The product line includes refrigerants for supermarkets, air conditioning for cars and trucks, blowing agents for insulation, propellants for personal and household care, and solvents for cleaning solutions, which help customers reduce greenhouse gas emissions and improve energy efficiency without sacrificing end-product performance.
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Key Segments -
The refrigeration insulation materials market covered in this report is segmented -
1) By Type: Elastomeric Foam, PU And PIR, Polystyrene Foam, Fiberglass, Phenolic Foam, Other Types
2) By Applications: Commercial, Industrial, Cryogenic, Refrigerated Transportation
3) By End-Use Industry: Food and Beverage, Chemicals and Pharmaceuticals, Oil and Gas and Petrochemicals, Other End-Use Industries
Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics
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