Refrigeration Insulation Materials Market Size, Share, Industry, Forecast and outlook (2024-2031)

Global Refrigeration Insulation Materials Market is Segmented By Type (Elastomeric foam (NBR and EPDM), PU and PIR, Polystyrene Foam (XPS and EPS), Fiberglass, Phenolic Foam, Others), By Application (Commercial, Industrial, Cryogenic, Refrigerated Transportation, Others), By End-User (Industrial, Food and Beverage, Chemicals, Pharmaceuticals, Oil and Gas, Petrochemicals, Others), and By Region (North America, Europe, South America, Asia Pacific, Middle East, and Africa) – Share, Size, Outlook, and Opportunity Analysis, 2023-2030

Market Overview

The global refrigeration insulation materials market is projected to growing at a CAGR of 6.1% during the forecast period (2023-2030).

Refrigeration insulation materials help in reducing the energy consumption of refrigeration systems by preventing heat transfer between the environment and the refrigeration units. The respective fact not only results in energy savings but also helps in reducing the carbon footprint of the industry. The global refrigeration insulation materials market is expected to witness significant growth due to the growing demand for refrigeration systems in various industries, including food and beverage, pharmaceutical, and chemical industries. The food and beverage industry is the largest end-user of refrigeration insulation materials, followed by the pharmaceutical and chemical industries. 

Market Scope

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Refrigeration Insulation Materials Market Dynamics and Trends

Increasing demand for polyurethane in the refrigeration industry as insulation material

Polyurethane (PU) is a type of insulation material that is widely used in the refrigeration industry. It is known for its high thermal insulation properties and low thermal conductivity, which make it an ideal insulation material for refrigeration systems. Its properties help to reduce energy consumption by reducing heat transfer between the refrigerated space and the surrounding environment. It helps to keep food products at the desired temperature while reducing operating costs for the industry. Due to the aforementioned properties, the demand for PU from various end-use verticals, where refrigeration is required, is icnreasing. Therefore, the rising demand for PU in the refrigeration industry to induce refrigeration while reducing energy consumption act as a major market driver for the global refrigeration insulation materials market.

Rapid fluctuations in raw material prices

The high cost of refrigeration insulation materials is a major factor restraining growth of the global market. The materials are typically made from synthetic polymers or natural fibers and their production processes can be complex and expensive. Moreover, the cost of raw materials used to produce refrigeration insulation materials, such as polyurethane and polystyrene, has been increasing in recent years, further driving up the cost of these materials. As a result, many businesses, particularly small and medium-sized enterprises, are unable to afford the cost of refrigeration insulation materials, limiting their use and market growth.

Refrigeration Insulation Materials Market Segment Analysis

The global refrigeration insulation materials market is segmented based on type, application, end-user and region.

Growing application of refrigeration insulation materials in food and beverage sectors to preserve food products and maintain their quality, safety, and freshness

On the basis of end-user, the refrigeration insulation materials market is segmented into food and beverage, chemicals, pharmaceuticals, oil and gas, and petrochemicals. Food and beverages are the largest end-user of refrigeration insulation materials. The dairy and food industries extensively employ refrigeration insulation materials, thereby acting as a major catalyst that boosts the demand and sales of the respective market. In these industries, refrigeration is used to preserve food products and maintain their quality, safety, and freshness.

Refrigeration Insulation Materials Market Geographical Share

High population density and associated growth for refrigeration of food and beverages

The Asia-Pacific region is dominating the refrigeration insulation materials market due to the high population density in the region. This results in high demand for food and dairy products, and in turn,  a high demand for refrigeration insulation materials. It is particularly true in countries such as China, India, and Japan, which have large population and rapidly growing economies. As the population in the region, particulalry, in the aforementioned countries increase, the requirement for food and beverages to prevent food scarcity rises. Since refrigeration insulation materials are widely used to preserve food and beverages by preventing moisture and the effects of temperature, the demand for respective materials grows along with increasing food preservation to satisfy the need of growing population.

Refrigeration Insulation Materials Companies

The major global players include Aspen Aerogel, BASF SE, Etex, Isover, Kingspan Group Plc, Morgan Advanced Material, Owens Corning, Zetofoam, and Keflex.

Key Developments

• On January 11, 2022, The Ministry of Economy, Trade and Industry of Japan announced the publication of a new industrial standard for flexible elastomeric foam thermal insulation materials. Armacell, a global leader in flexible foam for equipment insulation and a leading provider of engineered foams, played an important role in developing the JIS A9516 standard. The new standard will objectively assess the quality of flexible elastomeric foam insulation for air-conditioning and refrigeration (HVAC&R) applications, which gives the product a larger development.
• BASF SE and FMS Korea, leaders in cold chain systems, partnered on September 7, 2020, to develop a pilot project run by the Ministry of Environment and local authorities aimed at reducing packaging waste for fresh foods. The FMS Korea cold chain delivery platform is built on a share-and-recovery system that employs reusable packaging and shared storage containers manufactured with BASF's SLENTEX, a high-performance refrigeration insulation material.
• Owens Corning introduced next-generation fiberglass refrigeration insulation materials for buildings on January 15, 2020, using their patented PureFiber Technology.

Why Purchase the Report?

• To visualize the global refrigeration insulation materials- market segmentation based on type, application, end-user and region, as well as understand key commercial assets and players.
• Identify commercial opportunities by analyzing trends and co-development. 
• Excel data sheet with numerous refrigeration insulation materials market-level data points with all segments.
• PDF report consists of a comprehensive analysis after exhaustive qualitative interviews and an in-depth study.
• Product mapping available as Excel consisting of key products of all the major players.

The global refrigeration insulation materials market report would provide approximately 61 tables, 65 figures and 195 Pages.

Target Audience 2023

• Manufacturers/ Buyers
• Industry Investors/Investment Bankers
• Research Professionals
• Emerging Companies