(PharmaNewsWire.Com, May 01, 2020 ) The Report "Refrigeration Insulation Materials Market by Material Type (Elastomeric Foam, PU & PIR), Application (Commercial, Industrial), End-Use Industry (Food & Beverage, Chemicals & Pharmaceuticals, Oil & Gas and Petrochemicals) Region - Global Forecast to 2025" The refrigeration insulation materials market is projected to reach USD 4.8 billion by 2025, at a CAGR of 6.0%.
The market is directly linked to the growth of the refrigeration industry. The increased refrigeration application in various major industries has influenced the market for refrigeration insulation. The food and beverage industry has also had a significant impact on the market. The growing demand for processed food and increased consumption of cold beverage products has increased the demand for refrigeration insulation in the industry.
PU & PIR are expected to lead the market during the forecast period.
PU & PIR accounted for the largest share of the refrigeration insulation materials market in 2019. This is mainly due to the high suitability of the material in refrigeration insulation and growing production capacities. PU & PIR has a temperature range of -1800C to 1200C, making the material perfect for all applications. It is widely available due to the presence of a large number of manufactures in all regions.
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.
Browse in-depth TOC on "Refrigeration Insulation Materials Market” 113 - Market Data Tables 52 - Figures 162 - Pages
Food & beverage is projected to be the largest end user of refrigeration insulation materials during the forecast period.
The global demand for food and beverage has significantly increased due to the growing population. According to the United Nations, the global population will reach 8.1 billion in 2025, which means almost 3 billion more mouths to feed. The UN has already stated food security and the environment are the biggest concern for mankind. Both these issues are interlinked as well. With growing environmental concerns, total irrigable land has reduced drastically in the last decade, thereby putting more emphasis on food preservation. Thus, the refrigeration insulation materials market is expected to grow in the food & beverage industry.
Europe is expected to account for largest share of the refrigeration insulation materials market.
Europe dominated the refrigeration insulation materials market with a share of 34%, in terms of value, in 2019. Germany is the largest market in Europe, accounting for a share of 19% of the regional market in 2019. Germany is the most industrialized country in the world. It is one of the leading manufacturers of chemicals, pharmaceuticals, and food & beverage. Germany and other EU countries have signed the Kigali Agreement, which is expected to have a significant impact on the refrigeration insulation materials market.
The key players in this market are Armacell (Germany), Owens Corning (US), Kingspan Group Plc (Ireland), Morgan Advanced Materials (UK), Etex (Belgium), Isover (France), BASF SE (Germany), Kflex (Italy), and Aspen Aerogel (US). The leading players are focusing on both organic and inorganic strategies to maintain their position in the market.
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