Refrigeration Insulation Materials Market Growth Analysis | 2023-2028

Market Highlights

The Refrigeration Insulation Materials Market was estimated at US$ 3.64 billion in 2022 and is expected to grow at a CAGR of 6% during 2023-2028 to reach US$ 5.18 billion in 2028.

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What are Refrigeration Insulation Materials?

Refrigeration insulation materials are specialized materials that minimize heat transfer in refrigeration systems. These materials are essential for maintaining low temperatures within refrigerators, freezers, and other cooling systems. Common insulation materials used in refrigeration include polyurethane foam, extruded polystyrene (XPS), fiberglass, polyisocyanurate (PIR) foam, and vacuum insulation panels (VIPs). Selecting the appropriate refrigeration insulation material is vital for maintaining temperature stability, energy efficiency, and preventing condensation in cooling systems.

Market Drivers

The surge in demand for food preservation, increasing LNG demand, and increased oil and gas production have positively impacted the refrigeration insulation market.

Segments Analysis

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 By Application Type

The refrigeration insulation materials market is segmented as commercial, industrial, cryogenic, and refrigerated transport. The commercial segment held the largest share of the market and is expected to remain dominant during the forecast period. The significant share of the commercial segment is attributed to the growing demand for refrigerated vending machines, retail groceries, commercial refrigerators, chillers, and refrigerated warehouses.

By Material Type

The market is segmented as polyurethane and polyisocyanurate, elastomeric foam, polystyrene foam, fiberglass, phenolic foam, and others. The polyurethane & polyisocyanurate segment accounted for the largest market share and is expected to maintain its dominance, over the forecast period, owing to its growing cryogenic applications in compressors, tanks, and pipes.

By End-Use Industry Type

The market is segmented as food & beverage; chemicals & pharmaceuticals; oil & gas and petrochemicals; and others. The food & beverages segment accounted for the largest share of the market and is likely to maintain its leading position, during the forecast period, supported by its growing emphasis on food preservation.

Regional Analysis

In terms of regions, Europe is projected to be the largest market. The European market is expected to grow with a lucrative CAGR due to the presence of dominant refrigeration insulation material market players such as Isover (France), Armacell (Germany), Kflex (Italy), and Kingspan (Ireland). A high emphasis on food and energy preservation will further augment the market growth over the forecast period. North America and Asia-Pacific are also expected to offer substantial growth opportunities during the forecast period.

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Key Players

Some of the major players in the refrigeration insulation materials market are-

• Armacell International S.A.
• Owens Corning
• Kingspan Group Plc
• Saint-Gobain
• L'isolante K-Flex S.P.A.
• Aspen Aerogels
• BASF SE
• Morgan Advanced Materials
• Etex.

Research Methodology

This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools. More than 1,000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles have been leveraged to gather the data. We conducted more than 10 detailed primary interviews with the market players across the value chain in all four regions and with industry experts to obtain both qualitative and quantitative insights.

Report Features

This report provides market intelligence most comprehensively. The report structure has been kept such that it offers maximum business value. It provides critical insights into the market dynamics and will enable strategic decision-making for the existing market players and those willing to enter the market.

What Deliverables Will You Get in this Report?

Customization Options

With this detailed report, Stratview Research offers one of the following free customization options to our respectable clients:

Company Profiling

• Detailed profiling of additional market players (up to 3 players).
• SWOT analysis of key players (up to 3 players).

Market Segmentation

• Current market segmentation of any one of the product types by application type.  

Competitive Benchmarking

• Benchmarking of key players on the following parameters: Product portfolio, geographical reach, regional presence, and strategic alliances.

Custom Research: Stratview Research offers custom research services across sectors. In case of any custom research requirement related to market assessment, competitive benchmarking, sourcing and procurement, target screening, and others, please send your inquiry to sales@stratviewresearch.com.