Refrigeration Insulation Materials Market worth $4.8 billion by 2025 | Key players Armacell (Germany), Owens Corning (US), Kingspan Group Plc (Ireland), Morgan Advanced Materials (UK).

According to recent market research the "Refrigeration Insulation Materials Market by Material Type (Elastomeric Foam, PU & PIR), Application (Commercial, Industrial), End-Use Industry (Food & Beverage, Chemicals & Pharmaceuticals, Oil & Gas and Petrochemicals) Region - Global Forecast to 2025" The refrigeration insulation materials market is projected to reach USD 4.8 billion by 2025, at a CAGR of 6.0%. The market is directly linked to the growth of the refrigeration industry. The increased refrigeration application in various major industries has influenced the market for refrigeration insulation. The food and beverage industry has also had a significant impact on the market. The growing demand for processed food and increased consumption of cold beverage products has increased the demand for refrigeration insulation in the industry.

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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 many manufactures in all regions.

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 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 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.

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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Kingspan is one of the major manufacturers of refrigeration insulation materials. The company is focusing on expansion as well as acquisition strategies. It has maintained a very strong global presence through its global acquisition strategy. The company also caters to a wide range of insulation materials and focuses on material development and innovation. The company acquired four different companies between 2017 and 2019.

Johns Manville launched MinWool-1200 in the form of pipe to meet the industry demand for water-resistant insulation pipe. This innovation provides corrosion-free insulation. Kflex has also employed expansion strategies to remain a prominent player in the market. It has opened a new production site in Vietnam to support the growing demand from the Asian market. It also recently enhanced their Polish factory by adding in a new polyethylene plant.

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