Analysis of Refrigeration Insulation Materials market covering 30 + countries including analysis of US, Canada, UK, Germany, France, Nordics, GCC countries, Japan, Korea and many more
Role of refrigeration insulation system is aimed to reduce heat flow in cooled spaces or cold devices such as refrigerated pipes, vehicles, warehouses and HVAC. Refrigeration working overtime result in higher electricity bills, which is why it is necessary to maintain a refrigerant temperature below ambient temperature.
To avoid heat losses and improper functioning of this equipment, refrigeration insulating materials are widely used during fabrication. The economic operation of a successful refrigeration system heavily relies on the correct system design, quality, and thickness of refrigeration insulation materials. There are currently different types of refrigeration insulation materials, manufacturers usually specify proposed working temperature ranges for refrigeration insulation materials based on thermal ability.
The global refrigeration insulation materials market is forecast to witness absolute growth at a higher digit CAGR between 2020 and 2030. Ever rising need for food preservation, LNG demand, and industrial HVAC has positively impacted the refrigeration insulation materials market.
Refrigeration system comes in handy for the storage of food & beverages in the food industry and for other cooling purposes. Preventing losses due to heat losses is a major concern for industrial and commercial companies. Refrigeration insulation materials prevent system degradation and improve the service life and performance of cooling systems.
The use of refrigeration insulation materials has also significantly reduced energy consumption for cooling which has enhanced the consumption of refrigeration insulation materials, globally. Furthermore, manufacturers operating in the business have been engaged in acquisitions and partnerships as key strategies in refrigeration insulation materials market.
In the year 2019, key players such as Saint-Gobain-Isover acquired Kaimann to strengthen reach in Europe. Likewise, Aspen Aerogel has initiated a joint venture to supply refrigeration insulation materials to chemical giant BASF. Planned investment of such players has been a key supply-side driver in the global refrigeration insulation materials market.
However, refrigeration insulation materials must meet the functional property requirements as specified by ASTM specific to product and end-use, which has added a burden to manufacturers for maintaining the quality of products.
From regional perspective, Europe holds for largest market share in global refrigeration insulation materials market. Growing prominence on consumption of low ODP and GWP materials and energy conservation are accelerating the growth of refrigeration insulation materials in the region.
Top players in refrigeration insulation materials market such as Armacell, Isover and Kflex operates mainly from Europe and have relatively high dominance in terms of material availability and supply contracts in regional market. Next to Europe, East Asia is anticipated to hold second largest demand share in global refrigeration insulation market.
High dominance of Chinese players in food & beverages industries requiring cold storage have been raising demand for refrigeration insulation materials in the regions. This region is also expected to be fastest growing in terms of demand, also prices of refrigeration insulation materials manufactured in East Asia are bit lesser than other regions. Demand in North America has been stable for last half decade and is growing at moderate rate throughout the forecast period.
Key players in global refrigeration insulation materials market are
Global refrigeration insulation materials market is highly fragmented in nature with presence of numerous local & international players. Key players in market are focused towards expansions through partnerships and acquisitions. These players aim to provide a scattering range of refrigeration insulation materials suited for different commercial and industrial purposes.
The research report presents a comprehensive assessment of the refrigeration insulation materials market and contains thoughtful insights, facts, historical data, and statistically supported and industry-validated market data. It also contains projections using a suitable set of assumptions and methodologies.
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The refrigeration insulation materials report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts, and industry participants across the value chain. The refrigeration insulation materials report provides an in-depth analysis of parent market trends, macroeconomic indicators, and governing factors along with market attractiveness as per segments. The refrigeration insulation materials report also maps the qualitative impact of various market factors on market segments and geographies.
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The global refrigeration insulation materials market is bifurcated into four major segments: type, application, end-use, and region.
On the basis of type, the Refrigeration Insulation Materials market has been segmented as follows:
On the basis of application, the Refrigeration Insulation Materials market has been segmented as follows:
On the basis of end-use, the Refrigeration Insulation Materials market is segmented as
On the basis of geographic regions, the Refrigeration Insulation Materials market is segmented as
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Ever rising need for food preservation, LNG demand, and industrial HVAC has positively impacted the refrigeration insulation materials market.
Europe is expected to witness the highest growth over the forecast period.
The major key players are Lydall Inc., Owens corning, Kingspan Group PLC, Armacell International S.A., and Saint-Gobain Isover.
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