Refrigeration Insulation Materials market Overview
According to MRFR analysis, Refrigeration Insulation Materials Market is projected to register a CAGR of over 5% to reach a value of around USD 5 Billion by the end of 2027.
By 2027-end, the global market can reach a valuation close to USD 5 Billion, asserts MRFR. We will provide COVID-19 impact analysis with the report, along with all the extensive key developments in the market post the coronavirus disease outbreak.
Key Drivers and Top Restraints
Growth of refrigeration ultimately results in more demand for insulation materials and since the advent of the novel coronavirus, the applications in industrial processes like plastics, natural gas liquefaction/LNG and chemicals has surged considerably. Without refrigeration, data centers along with the internet can collapse easily, while it is quite essential in nursing homes and hospitals for those that are less immune to COVID-19. The accelerated intake of cold beverages like beer, cold drinks and energy drinks, combined with the rising focus on food safety have also boosted the need for refrigeration insulation materials in the food and beverage industry.
Some of the eminent manufacturers are adopting partnerships, acquisitions and product launches as main strategies to gain a better position in the refrigeration insulation materials market Revenue Share. To cite a reference, in August 2020, Armacell, a market leader, launched ArmaGel DT, which is an advanced aerogel flexible blanket for cryogenic and dual-temperature applications. The new offering is touted to be one of the top quality insulation materials in the market, boasting of incredibly low thermal conductivity, excellent thermal performance as well as lower insulation thickness compared to other materials.
The COVID-19 outbreak and the consequent lockdown slowed down the supply chain; made the stock market fragile and derailed the growth of most of the industries worldwide. The reduced business confidence along with the rising chaos following the SARS-CoV-2 outbreak has had a debilitating effect on the Refrigeration Insulation Materials Market Share . However, the pandemic has led to a higher demand for refrigeration in the healthcare industry, for preservation of medicines as well as pharmaceutical products that include vaccines. Advanced treatments including cryotherapy or cryosurgery have soared in the market post the pandemic, as a result of the extremely-low temperature technologies.
Market Segmentation
Material type, application and end-use industry are the key segments according to which the worldwide market has been covered in the MRFR report.
Application-wise, the market categories can be industrial, commercial, refrigerated transport, cryogenic, and others.
The key end-users covered in the report are pharmaceutical, healthcare, food & beverage, chemicals & petrochemicals, among others. The others category comprises data center, semiconductor, textile, electricity production, district cooling, as well as metallurgical applications, and more. In 2019, the market lead was taken by the food & beverage sector with a share of over 40%. The contributory factor can be the escalating demand for fresh food and the soaring concerns with regard to the security and safety of the food items in light of the expanding worldwide population.
Material types outlined in the market report include elastomeric foam, phenolic foam, PU & PIR, fiberglass, polystyrene foam and more. PU & PIR types enjoy highest demand in the global market since their range of operating temperature facilitates their use in various applications, including cryogenic.
Top Industry Contenders
Top industry contenders studied by MRFR experts are Saint Gobain (France), BASF SE (Germany), Cabot Corporation (US), Zotefoams plc (UK), L'ISOLANTE K-FLEX S.p.A. (Italy), Aspen Aerogels, Inc. (US), Armacell (Luxembourg), Lydall, Inc. (US), Owens Corning (US), Kingspan Group (Ireland), Morgan Advanced Materials (UK), Johns Manville (US), NMC SA (Luxembourg), to name a few.
Regional Study
North American, Latin America, Asia Pacific/APAC, the Middle East & Africa/MEA and Europe are the main markets for refrigeration insulation materials.
Since 2019, Europe has remained the global leader in the refrigeration insulation materials market. The expansive industrial sector including petrochemical, food processing and chemical and the rising demand for refrigeration insulation materials are some of the chief growth enhancers here. The widespread preference for low GWP and ODP materials, considering the rising focus on energy conservation, has been favorable for the European market. Some of the top competitors in the region are Armacell, Kflex, Isover and more, who lead the market in terms of supply contracts and material availability.
North America is one of the strongest contenders in the refrigeration insulation materials market and can observe further profits in the near future. The escalated demand for meats, processed foods and frozen foods and beverages such as beer and sodas in the region can be a prime reason for the market lucrativeness.
As the fastest advancing market, APAC seems to be benefitting from the booming industrial sector in India, Malaysia, Thailand, South Korea, and more. The prominence of Chinese companies in the food & beverages industry in conjunction with the high demand for cold storage of produce has also induced growth in the regional market.
The MEA market growth remains completely dependent on the improving economy and the expanding population with rising food demand. The rising application areas in a number of end-use industries seem to be favoring the market for refrigeration insulation materials in the region.
Latin America is a promising market, given the rapidly thriving food and beverage sector in Mexico and Brazil. The increasing preference for ready-to-eat items, cold beverages, along with frozen foods has led to better growth of refrigeration insulation materials in recent years.
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