The refrigeration insulation material market size is projected to reach USD 4.8 billion by 2025 from USD 3.6 billion in 2020, at a CAGR of 6.0% between 2020 and 2025. Increasing demand for food preservation, growing LNG demand, and increased oil and gas production has positively impacted the refrigeration insulation market. Europe is the largest market for refrigeration insulation materials, followed by APAC and North America.
Commercial construction is projected to be the largest application of refrigeration insulation materials during the forecast period.
People are very much dependent on these commercial establishments for food, especially in Europe and North America. Refrigeration is crucial for food preservation. Almost all supermarkets and hypermarkets have refrigerators, vending machines, and warehouses that require refrigeration insulation for energy efficiency and proper operation. Thus, the commercial refrigeration application is expected to remain the largest market for refrigeration insulation.
The food & beverage industry is expected to dominate the refrigeration insulation materials market and accounted for a share of 46% in 2019. The global demand for food & beverage has significantly increased due to the growing population. Due to growing environmental issues, the total irrigable land area has reduced drastically in the last decade, thereby putting more emphasis on food preservation. Food processing and preservation are likely to boost the demand for refrigeration. Thus, the refrigeration insulation materials market is expected to grow in the food & beverage industry.
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Armacell is the largest player in the refrigeration insulation materials market. The company is developing its business via expansion in countries such as APAC and the Middle East. It mainly focuses on channel selling and expansion to strengthen its position in the market. The company is also focusing on new product developments. It also utilizes partnerships to increase its market share.
Kingspan is one of the major manufacturers of refrigeration insulation materials. The company is focusing on expansion as well as acquisition strategies. It has maintained a very strong global presence through its global acquisition strategy. The company also caters to a wide range of insulation materials and also focuses on material development and innovation. The company acquired four different companies between 2017 and 2019
Johns Manville launched MinWool-1200 in the form of pipe to meet the industry demand for water-resistant insulation pipe. This innovation provides corrosion-free insulation. Kflex has also employed expansion strategies to remain a prominent player in the market. It has opened a new production site in Vietnam to support the growing demand from the Asian market. It also recently enhanced their Polish factory by adding in a new polyethylene plant.
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