Overview and Scope
Refrigeration insulation materials play an important role in controlling heat gains in industrial refrigeration systems. Refrigeration insulation materials are installed in the compressor and evaporator pipes. Insulation is also used to save energy, prevent condensation and ice formation, and reduce corrosion.
Sizing and Forecast
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 in the historic period can be attributed to energy efficiency regulations, refrigeration industry growth, environmental regulations, consumer awareness, commercial and industrial construction, 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 growth in the forecast period can be attributed to globalization of food supply chains, focus on sustainable insulation, rising demand for frozen and chilled foods, government incentives, e-commerce growth.. Major trends in the forecast period include innovations in aerogel insulation, customization and prefabrication, integration of nanotechnology, smart building technologies, technological innovations..
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Segmentation & Regional Insights
The refrigeration insulation materials market covered in this report is segmented –
1) By Type: Elastomeric Foam, PU And PIR, Polystyrene Foam, Fiberglass, Phenolic Foam, Other Types
2) By Applications: Commercial, Industrial, Cryogenic, Refrigerated Transportation
3) By End-Use Industry: Food and Beverage, Chemicals and Pharmaceuticals, Oil and Gas and Petrochemicals, Other End-Use Industries
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
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Major Driver Impacting Market Growth
Increasing sales of refrigeration systems are expected to propel the growth of the refrigeration insulation materials market going forward. The demand for refrigeration systems is increasing as they are essential processes in industry and home applications and perform cooling or maintain the desired room temperature. The purpose of a refrigeration insulation system is to reduce heat flow in cooled spaces or cold devices such as refrigerated pipes, vehicles, warehouses, and HVAC, which is made possible by the use of refrigeration insulation materials. For instance, according to a report published by ANIMA Confindustria Meccanica Varia, an Italy-based industrial organization that represents companies involved in mechanical engineering, in 2021, Italy’s national production value of heating, ventilation, and air conditioning (HVAC) was approximately 825 million euros (USD 858.6 million), an increase of 11% over the previous year and 4% over 2019, while the total market in Italy exceeded 2.260 billion euros (USD 2.35 billion), an increase of 37% over 2020 and 33% over 2019. Heat pumps and air-cooled refrigeration units grew by 120 percent in volume and 130 percent in value in the size segment below 17 kW in 2021, indicating a noticeable increase in the hydronic industry. Therefore, increasing sales of refrigeration systems are driving the growth of the refrigeration insulation materials market.
Key Industry Players
Major companies operating in the refrigeration insulation materials market are advancing in technology such as vacuum-insulated structure technology to address key challenges in the refrigeration industry. Vacuum Isolated Structure (VIS) technology involves creating a vacuum-sealed space within a structure, such as a refrigerator, to enhance insulation. For instance, in November 2023, Whirlpool Corporation, a US-based manufacturer and marketer of home appliances, launched the SlimTech insulation, a vacuum-insulated structure technology for refrigerators. This innovation reduces wall thickness by up to 66%, providing up to 25% more capacity. SlimTech also improves energy efficiency, keeps food fresher longer, and enables quieter refrigeration.
The refrigeration insulation materials market report table of contents includes:
1. Executive Summary
- Refrigeration Insulation Materials Market Characteristics
- Refrigeration Insulation Materials Market Trends And Strategies
- Refrigeration Insulation Materials Market – Macro Economic Scenario
- Global Refrigeration Insulation Materials Market Size and Growth
.
- Global Refrigeration Insulation Materials Market Competitive Benchmarking
- Global Refrigeration Insulation Materials Market Competitive Dashboard
- Key Mergers And Acquisitions In The Refrigeration Insulation Materials Market
- Refrigeration Insulation Materials Market Future Outlook and Potential Analysis
- Appendix
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