Refrigeration Insulation Materials Market Analysis Research, Competitor Strategy, Industry Trends and Forecast to 2030
Market Scope
Market Research Future (MRFR) expects the Refrigeration Insulation Materials Market 2020 to accrue a CAGR of more than 5% between
2022 and 2030 (evaluation period). By 2030 end, the global market can reach a
valuation close to USD 5 Billion, asserts MRFR. We will provide COVID-19 impact
analysis with the report, along with all the extensive key developments in the
market post the coronavirus disease outbreak.
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Top Industry Contenders
Top industry contenders studied by MRFR experts
are Saint Gobain (France), BASF SE (Germany), Cabot Corporation (US),
Zotefoams plc (UK), L'ISOLANTE K-FLEX S.p.A. (Italy), Aspen Aerogels, Inc.
(US), Armacell (Luxembourg), Lydall, Inc. (US), Owens Corning (US), Kingspan
Group (Ireland), Morgan Advanced Materials (UK), Johns Manville (US), NMC SA
(Luxembourg), to name a few.
Key Drivers and Top
Restraints
The COVID-19 outbreak and the consequent
lockdown slowed down the supply chain; made the stock market fragile and
derailed the growth of most of the industries worldwide. The reduced business
confidence along with the rising chaos following the SARS-CoV-2 outbreak has
had a debilitating effect on the refrigeration insulation materials market.
However, the pandemic has led to a higher demand for refrigeration in the healthcare
industry, for preservation of medicines as well as pharmaceutical products that
include vaccines. Advanced treatments including cryotherapy or cryosurgery have
soared in the market post the pandemic, as a result of the extremely-low
temperature technologies.
Growth of refrigeration ultimately results in
more demand for insulation materials and since the advent of the novel
coronavirus, the applications in industrial processes like plastics, natural
gas liquefaction/LNG and chemicals has surged considerably. Without refrigeration,
data centers along with the internet can collapse easily, while it is quite essential
in nursing homes and hospitals for those that are less immune to COVID-19. The
accelerated intake of cold beverages like beer, cold drinks and energy drinks, combined
with the rising focus on food safety have also boosted the need for refrigeration
insulation materials in the food and beverage industry.
Some of the eminent manufacturers are adopting
partnerships, acquisitions and product launches as main strategies to gain a
better position in the refrigeration insulation materials market. To cite a reference, in August 2020,
Armacell, a market leader, launched ArmaGel DT, which is an advanced aerogel
flexible blanket for cryogenic and dual-temperature applications. The new
offering is touted to be one of the top quality insulation materials in the
market, boasting of incredibly low thermal conductivity, excellent thermal
performance as well as lower insulation thickness compared to other materials.
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Market Segmentation
Material type, application and end-use industry
are the key segments according to which the worldwide market has been covered in
the MRFR report.
Material types outlined in the market report
include elastomeric foam, phenolic foam, PU & PIR, fiberglass, polystyrene foam
and more. PU & PIR types enjoy highest demand in the global market since
their range of operating temperature facilitates their use in various applications,
including cryogenic.
Application-wise, the market categories can be
industrial, commercial, refrigerated transport, cryogenic, and others.
The key end-users covered in the report are pharmaceutical,
healthcare, food & beverage, chemicals & petrochemicals, among others.
The others category comprises data center, semiconductor, textile, electricity
production, district cooling, as well as metallurgical applications, and more. In 2019, the market lead was taken by
the food & beverage sector with a share of over 40%. The contributory
factor can be the escalating demand for fresh food and the soaring concerns with
regard to the security and safety of the food items in light of the expanding
worldwide population.
Regional Study
North American, Latin America, Asia
Pacific/APAC, the Middle East & Africa/MEA and Europe are the main markets
for refrigeration insulation materials.
Since 2019, Europe has remained the global
leader in the refrigeration insulation materials market. The expansive industrial
sector including petrochemical, food processing and chemical and the rising
demand for refrigeration insulation materials are some of the chief growth
enhancers here. The widespread preference for low GWP and ODP materials,
considering the rising focus on energy conservation, has been favorable for the
European market. Some of the top competitors in the region are Armacell, Kflex,
Isover and more, who lead the market in terms of supply contracts and material
availability.
North America is one of the strongest
contenders in the refrigeration insulation materials market and can observe
further profits in the near future. The escalated demand for meats, processed
foods and frozen foods and beverages such as beer and sodas in the region can
be a prime reason for the market lucrativeness.
As the fastest advancing market, APAC seems to
be benefitting from the booming industrial sector in India, Malaysia, Thailand,
South Korea, and more. The prominence of Chinese companies in the food &
beverages industry in conjunction with the high demand for cold storage of
produce has also induced growth in the regional market.
The MEA market growth remains completely
dependent on the improving economy and the expanding population with rising
food demand. The rising application areas in a number of end-use industries
seem to be favoring the market for refrigeration insulation materials in the
region.
Latin America is a promising market, given the
rapidly thriving food and beverage sector in Mexico and Brazil. The increasing
preference for ready-to-eat items, cold beverages, along with frozen foods has
led to better growth of refrigeration insulation materials in recent years.
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