PUBLISHER: The Business Research Company | PRODUCT CODE: 1409754
PUBLISHER: The Business Research Company | PRODUCT CODE: 1409754
“Refrigeration Insulation Materials Global Market Report 2024 ” from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on refrigeration insulation materials market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for refrigeration insulation materials? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? “The refrigeration insulation materials market global report ” from The Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
Refrigeration insulation materials play a crucial role in managing heat gains within industrial refrigeration systems. These materials are typically applied to the compressor and evaporator pipes to save energy, prevent condensation and ice formation, and mitigate corrosion.
The primary types of refrigeration insulation materials include elastomeric foam, PU (polyurethane) and PIR (polyisocyanurate), polystyrene foam, fiberglass, phenolic foam, and others. Elastomeric foam, for instance, is a closed-cell synthetic rubber available in pre-manufactured tubes, sheets, or rolls. These materials find various applications in commercial, industrial, cryogenic, and refrigerated transportation settings, serving industries such as food and beverage, chemicals and pharmaceuticals, and oil and gas petrochemicals, among others.
The refrigeration insulation materials market research report is one of a series of new reports from The Business Research Company that provides refrigeration insulation materials market statistics, including refrigeration insulation materials industry global market size, regional shares, competitors with refrigeration insulation materials market share, detailed refrigeration insulation materials market segments, market trends, and opportunities, and any further data you may need to thrive in the refrigeration insulation materials industry. This refrigeration insulation materials market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
The refrigeration insulation materials market size has grown strongly in recent years. It will grow from $4.14 billion in 2023 to $4.43 billion in 2024 at a compound annual growth rate (CAGR) of 7.0%. The growth observed in the historical period can be attributed to energy efficiency regulations, the expansion of the refrigeration industry, compliance with environmental regulations, increased consumer awareness, growth in commercial and industrial construction, and advancements in cold chain logistics.
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 anticipated growth in the forecast period can be attributed to the globalization of food supply chains, an emphasis on sustainable insulation practices, increasing demand for frozen and chilled foods, government incentives, and the continued growth of e-commerce. Key trends expected in the forecast period include innovations in aerogel insulation, customization and prefabrication approaches, the integration of nanotechnology, the adoption of smart building technologies, and ongoing technological innovations.
The anticipated surge in refrigeration system sales is poised to drive the growth of the refrigeration insulation materials market in the future. The increasing demand for refrigeration systems, crucial in both industrial and home applications for cooling and temperature regulation, underscores the importance of refrigeration insulation materials. These materials are employed in systems such as refrigerated pipes, vehicles, warehouses, and HVAC to minimize heat flow in cooled spaces. For example, ANIMA Confindustria Meccanica Varia, an industrial organization in Italy, reported that Italy's national production value for Heating, Ventilation, and Air Conditioning (HVAC) in 2021 reached approximately 825 million euros (USD 858.6 million), marking an 11% increase from the previous year and a 4% rise from 2019. The total market in Italy exceeded 2.260 billion euros (USD 2.35 billion), indicating a 37% increase over 2020 and a 33% increase over 2019. The substantial growth in the hydronic industry, particularly in heat pumps and air-cooled refrigeration units, highlights the rising significance of refrigeration systems. Therefore, the increasing sales of refrigeration systems are fostering the growth of the refrigeration insulation materials market.
The expansion of e-commerce is expected to be a driving force for the refrigeration insulation materials market. E-commerce, involving the online buying and selling of goods and services, relies on refrigeration insulation materials to maintain the desired temperature conditions for transporting perishable goods efficiently. Notably, the U.S. Census Bureau estimated U.S. retail e-commerce sales for the second quarter of 2023 at $277.6 billion, reflecting a 2.1% increase from the first quarter of 2023. This growth underscores the need for effective refrigeration insulation materials in the e-commerce sector, ensuring the proper handling and delivery of temperature-sensitive products. Hence, the surge in e-commerce activities is contributing to the growth of the refrigeration insulation materials market.
A prominent trend in the refrigeration insulation materials market is the emphasis on product innovations by major companies. These companies are actively developing innovative products to maintain a competitive edge in the market. For instance, Honeywell International Inc., a U.S.-based engineering and technology company, introduced Solstice 456A, a hydro fluoro olefin (HFO)-based refrigerant, in May 2022. This new technology, designed for the European automotive aftermarket, has the potential to reduce greenhouse gas emissions by over 50% in existing vehicle air conditioning systems. The Solstice 456A product line contributes to meeting EU climate-related legislation and addresses the needs of vehicle owners and auto repair shops, offering a simple, cost-effective drop-in service solution for vehicles manufactured before 2017. This innovation spans various applications, including refrigerants for supermarkets, air conditioning for vehicles, blowing agents for insulation, propellants for personal and household care, and solvents for cleaning solutions, aligning with efforts to reduce greenhouse gas emissions and enhance energy efficiency.
Major companies in the refrigeration insulation materials market are advancing in technologies such as Vacuum Isolated Structure (VIS) to address industry challenges. VIS technology involves creating a vacuum-sealed space within structures such as refrigerators to enhance insulation. Whirlpool Corporation, a U.S.-based home appliances manufacturer, introduced SlimTech insulation in November 2023, incorporating VIS technology for refrigerators. This innovation reduces wall thickness by up to 66%, providing up to 25% more capacity, while also improving energy efficiency, preserving food freshness, and contributing to quieter refrigeration.
In October 2022, Armacell, a Luxembourg-based manufacturer and supplier of industrial foams and flexible insulation materials, acquired Austroflex Rohr-Isoliersysteme GmbH. This strategic acquisition enhances Armacell's geographic and market exposure in Europe, strengthening its product portfolio, expertise, and manufacturing capabilities, particularly in serving the energy-efficient and rapidly growing pre-insulated pipe market. Austroflex Rohr-Isoliersysteme GmbH, based in Austria, is engaged in technical insulation solutions, thermal solar pipe systems, and flexible pre-insulated pipe systems.
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
Europe was the largest region in the refrigeration insulation materials market in 2023. The regions covered in the refrigeration insulation materials market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
The countries covered in the refrigeration insulation materials market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The refrigeration insulation materials market consists of sales of refrigeration insulation materials of various temperature ranges including low-temperature thermal insulation (-267.8 oC - 156oC), intermediate temperature thermal insulation (16.1 oC - 315.6 oC), and high-temperature thermal insulation (316.1 oC - 815 oC). Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.