Refrigeration Insulation Materials - Global Market Outlook (2018-2027)
According to Stratistics MRC, the Global Refrigeration Insulation Materials Market is accounted for $3.12 billion in 2018 and is expected to reach $5.97 billion by 2027 growing at a CAGR of 7.5% during the forecast period. Some of the key factors propelling the market growth include growing demand for food preservation, increasing LNG demand, and increased oil and gas production, rising demand for cryogenic applications, and rise in consumption of cold beverages and beer. However, fluctuating availability and prices of raw materials is restraining the market growth.
Refrigeration insulation performs a vital role in limiting heat gains in an industrial refrigeration system, ensuring that the compressor load does not become excessive. It can typically be found on piping between the evaporator, the compressor, accompanying vessels and auxiliary equipment. Refrigeration insulation is also used to conserve energy, prevent condensation or ice formation and minimize corrosion.
By material type, polyurethane & polyisocyanurate (PU & PIR) segment is anticipated to grow at the significant rate during the forecast period. PU & PIR is the most produced insulation type in the market. Its operational temperature range allows it to be used in a wide range of applications. It is also used in cryogenic applications. These foams are suitable for all types of equipment, such as tanks, walls & roofs, pipes, compressors, and are even preformed for joints and bents.
On the basis of geography, Europe is expected to have considerable market growth during the forecast period, owing to the presence of various key refrigeration insulation market players, such as Armacell (Germany), Isover (France), Kflex (Italy), and Kingspan (Ireland), along with the growing emphasis on energy conservation and use of low GWP and ODP materials, are influencing the growth of refrigeration insulation materials in the region.
Some of the key players in refrigeration insulation materials market include Morgan Advanced Materials, Owens Corning, BASF SE, Isover, Armacell International S.A., Aspen Aerogel, Etex, Kingspan Group Plc, Zhejiang Zhenshen Insulation Technology Corp. Ltd., Saint Gobain, L'isolante K-flex S.P.A., Johns Manville, ZoteFoams, NMC SA, Cabot Corporation, and Lyndall Inc.
Material Types Covered:
• Elastomeric Foam
• Polyurethane & Polyisocyanurate (PU & PIR)
• Polystyrene Foam
• Phenolic Foam
• Other Material Types
• Refrigerated Transportation
End Users Covered:
• Oil & Gas and Petrochemicals
• Food & Beverage
• Chemicals & Pharmaceuticals
• Other End Users
• North America
o Rest of Europe
• Asia Pacific
o New Zealand
o Rest of Asia Pacific
• South America
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o South Africa
o Rest of Middle East & Africa
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