Refrigeration Insulation Materials Market Size, Share, Growth, Analysis, Demand by Region and Forecast to 2027

Posted August 2, 2021 by Marketresearchfuture

Refrigeration Insulation Materials Market Size, Share, Growth, Analysis, Demand by Region and Forecast to 2027
Market Forecast
Global Refrigeration Insulation Materials Market is expected to exhibit a CAGR of around 5% during the forecast period and cross USD 5 Billion by 2027.
Refrigeration insulation materials are extremely important for efficient cooling operations. They reduce energy costs for operating chillers and refrigeration equipment as well as help in limiting heat gains in an industrial refrigeration system.
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Regulatory Framework
A large number of regulatory norms have been imposed on the production of refrigeration insulation materials.
By Type
Refrigeration insulation materials, by type, have been segmented into PU & PIR, elastomeric foam polystyrene, fiberglass, phenolic foams, and others.
• The PU & PIR type segment is highly effective, lightweight, and can bond to most materials. Owing to such benefits, it emerged as the leading segment in 2019. PU & PIR have extremely low thermal conductivity and high strength to weight ratio. They provide a wide range of products, in combination with excellent manufacturing versatility. The high demand for PU & PIR foams can be attributed to their highest R-value and are mostly used in freezers, coolers, and commercial and household refrigeration systems.
• Elastomeric foam insulation is fiber free, prevents condensation, and resists mold without a separate, fragile vapor retarder. It provides long-term durability and protection. The demand for elastomeric foam has increased sharply over the last two decades due to heightened awareness regarding indoor air quality (IAQ). These foams do not contain formaldehyde or fibers and have very low volatile organic compounds (VOCs), and therefore are widely used.
• Lightweight polystyrene foam provides efficient thermal insulation in numerous applications, such as building walls and roofing, refrigerators and freezers, and industrial cold storage facilities. Polystyrene insulation is inert, durable, and resistant to water damage. Polystyrene foam is available in two types, namely, expanded and extruded. This foam is also used in packaging peanuts for shipping, food packaging, meat/poultry trays, and egg cartons.
• Fiberglass is durable, safe, and offers high thermal insulation; it finds uses in the beverage industry, chemicals industry, cooling towers, food processing, manufacturing, pulp & paper, metals & mining, and automotive industries, among others.
• Phenolic foams are projected to witness significant growth during the assessment period, owing to better insulation capabilities and a higher R-value at a cheaper cost as compared to PU & PIR.
• The others segment includes cellulose, mineral wool, and aerogel.
By Application

Refrigeration insulation materials, by application, have been segmented into commercial, industrial, cryogenic, and refrigerated transportation.

• The commercial segment accounted for the largest market share in 2019. Growing demand for retail groceries, refrigerated vending machines, commercial refrigerators, and chillers has had a positive impact on the commercial segment. Freezing food helps extend shelf life and prevents deterioration of flavor, texture, color, and nutritional content, which drives the demand for commercial refrigeration systems.

• In industrial applications, refrigeration systems are used in places like cold food storage, dairy processing, beverage production, ice rinks and heavy industry, and others. Other industrial applications for refrigeration systems include pharmaceuticals, chemicals, healthcare, data centers, etc.

• Cryogenic refrigeration is a process of cooling equipment and components below -150⁰C using refrigerants such as helium, hydrogen, and nitrogen.

• Refrigerated transportation for shipping freight requires special, temperature-controlled vehicles. Refrigerated transportation is used for shipping perishable food products such as meat and dairy as well as temperature-sensitive items such as medical products and pharmaceuticals.
By End-Use Industry
Refrigeration insulation materials, by end-use industry, have been segmented into food & beverage, chemicals & petrochemicals, pharmaceutical, healthcare, and others.
• The food & beverage industry dominated the global Refrigeration Insulation Materials Market in 2019, accounting for more than 40% of the market share. This is attributed to the rising food demand and concerns regarding food safety & security on the backdrop of the growing global population. A wide range of refrigeration equipment is used in food processing such as central built-up refrigeration plants, pumping systems, cold storage, spiral freezers, cooling tunnels, industrial ice makers, chilling systems, and others.
• The use of refrigeration systems in distillation, crystallization, or condensation, among other processes in the chemicals & petrochemical industries is projected to fuel the demand for refrigeration insulation materials during the review period.
• Refrigeration systems are used in the pharmaceutical industry for preserving drugs, vaccines, and serum, thus ensuring the best conditions for treatments and preventive activities in the medical field.
• Medical devices used in dialysis as well as disinfectants and sterilants, skin substitutes and burn products, organ preservation, and dental products, among others, are advised by FDA to be refrigerated, driving the demand for refrigeration insulation materials.
• The others segment includes district cooling, data centers, electricity production, semiconductor, textile, and metallurgical applications, to name a few.
By Region
• North America: The market in this region is primarily driven by the significant demand for dairy and meat products. The presence of large-scale food processing industries in the US, coupled with favorable eating habits of the consumers drives the regional market.
• Europe: The presence of key players such as Armacell, K-flex, and Kingspan, along with the growing emphasis on energy conservation and use of low GWP materials, are influencing the growth of the Refrigeration Insulation Materials Market in the region.
• Asia-Pacific: It is the fastest-growing regional market. The presence of growing economies such as Thailand, India, Malaysia, and others fuels market growth.
• Latin America: Rising demand for ready-to-eat products, beverages, and frozen foods is increasing in Latin America, which is further propelling the demand for commercial refrigeration equipment.
• Middle East & Africa: Economic development coupled with rising population promotes the demand for wide range of end-use products, which in turn, drive the demand for refrigeration insulation materials in the region.
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Tags refrigeration insulation materials market
Last Updated August 2, 2021