Market Forecast
Global Refrigeration Insulation Materials Industry is
expected to exhibit a CAGR of around 5% during the forecast period and cross
USD 5 Billion by 2027.
Refrigeration insulation materials are extremely important
for efficient cooling operations. They reduce energy costs for operating
chillers and refrigeration equipment as well as help in limiting heat gains in
an industrial refrigeration system.
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Regulatory Framework
A large number of regulatory norms have been imposed on the
production of refrigeration insulation materials.
Segmentation
By Type
Refrigeration insulation materials, by type, have been
segmented into PU & PIR, elastomeric foam polystyrene, fiberglass, phenolic
foams, and others.
- The PU
& PIR type segment is highly effective, lightweight, and can bond to
most materials. Owing to such benefits, it emerged as the leading segment
in 2019. PU & PIR have extremely low thermal conductivity and high
strength to weight ratio. They provide a wide range of products, in
combination with excellent manufacturing versatility. The high demand for
PU & PIR foams can be attributed to their highest R-value and are
mostly used in freezers, coolers, and commercial and household
refrigeration systems.
- Elastomeric
foam insulation is fiber free, prevents condensation, and resists mold
without a separate, fragile vapor retarder. It provides long-term
durability and protection. The demand for elastomeric foam has increased sharply
over the last two decades due to heightened awareness regarding indoor air
quality (IAQ). These foams do not contain formaldehyde or fibers and have
very low volatile organic compounds (VOCs), and therefore are widely used.
- Lightweight
polystyrene foam provides efficient thermal insulation in numerous
applications, such as building walls and roofing, refrigerators and
freezers, and industrial cold storage facilities. Polystyrene insulation
is inert, durable, and resistant to water damage. Polystyrene foam is
available in two types, namely, expanded and extruded. This foam is also
used in packaging peanuts for shipping, food packaging, meat/poultry
trays, and egg cartons.
- Fiberglass
is durable, safe, and offers high thermal insulation; it finds uses in the
beverage industry, chemicals industry, cooling towers, food processing,
manufacturing, pulp & paper, metals & mining, and automotive
industries, among others.
- Phenolic
foams are projected to witness significant growth during the assessment
period, owing to better insulation capabilities and a higher R-value at a
cheaper cost as compared to PU & PIR.
- The
others segment includes cellulose, mineral wool, and aerogel.
By Application
Refrigeration insulation materials, by application, have
been segmented into commercial, industrial, cryogenic, and refrigerated
transportation.
- The
commercial segment accounted for the largest market share in 2019. Growing
demand for retail groceries, refrigerated vending machines, commercial
refrigerators, and chillers has had a positive impact on the commercial
segment. Freezing food helps extend shelf life and prevents deterioration
of flavor, texture, color, and nutritional content, which drives the
demand for commercial refrigeration systems.
- In
industrial applications, refrigeration systems are used in places like
cold food storage, dairy processing, beverage production, ice rinks and
heavy industry, and others. Other industrial applications for
refrigeration systems include pharmaceuticals, chemicals, healthcare, data
centers, etc.
- Cryogenic
refrigeration is a process of cooling equipment and components below
-150⁰C using refrigerants such as helium, hydrogen, and nitrogen.
- Refrigerated
transportation for shipping freight requires special, temperature-controlled
vehicles. Refrigerated transportation is used for shipping perishable food
products such as meat and dairy as well as temperature-sensitive items
such as medical products and pharmaceuticals.
By End-Use Industry
Refrigeration insulation materials, by end-use industry,
have been segmented into food & beverage, chemicals & petrochemicals,
pharmaceutical, healthcare, and others.
- The
food & beverage industry dominated the global Refrigeration
Insulation Materials Industry in 2019, accounting for more than
40% of the market share. This is attributed to the rising food demand and
concerns regarding food safety & security on the backdrop of the growing
global population. A wide range of refrigeration equipment is used in food
processing such as central built-up refrigeration plants, pumping systems,
cold storage, spiral freezers, cooling tunnels, industrial ice makers,
chilling systems, and others.
- The
use of refrigeration systems in distillation, crystallization, or
condensation, among other processes in the chemicals & petrochemical
industries is projected to fuel the demand for refrigeration insulation
materials during the review period.
- Refrigeration
systems are used in the pharmaceutical industry for preserving drugs,
vaccines, and serum, thus ensuring the best conditions for treatments and
preventive activities in the medical field.
- Medical
devices used in dialysis as well as disinfectants and sterilants, skin
substitutes and burn products, organ preservation, and dental products,
among others, are advised by FDA to be refrigerated, driving the demand
for refrigeration insulation materials.
- The
others segment includes district cooling, data centers, electricity
production, semiconductor, textile, and metallurgical applications, to
name a few.
By Region
- North
America: The market in this region is primarily driven by the significant
demand for dairy and meat products. The presence of large-scale food
processing industries in the US, coupled with favorable eating habits of
the consumers drives the regional market.
- Europe:
The presence of key players such as Armacell, K-flex, and Kingspan, along
with the growing emphasis on energy conservation and use of low GWP
materials, are influencing the growth of the Refrigeration Insulation
Materials Industry in the region.
- Asia-Pacific:
It is the fastest-growing regional market. The presence of growing
economies such as Thailand, India, Malaysia, and others fuels market
growth.
- Latin
America: Rising demand for ready-to-eat products, beverages, and frozen
foods is increasing in Latin America, which is further propelling the
demand for commercial refrigeration equipment.
- Middle
East & Africa: Economic development coupled with rising population
promotes the demand for wide range of end-use products, which in turn,
drive the demand for refrigeration insulation materials in the region.
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