Refrigeration Insulation Materials Market By Material Type (PU & PIR, Elastomeric Foam, Polystyrene Foam, Fiberglass, Phenolic Foam, Others), By Application (Commercial, Industrial, Cryogenic, Refrigerated Transport) and By End-Use (Food & Beverage, Chemicals & Petrochemicals, Pharmaceutical, Healthcare, Others) – Forecast to 2030

Refrigeration Insulation Materials Market Overview

According to MRFR analysis, Refrigeration Insulation Materials Market is projected to register a CAGR of over 5% to reach a value of around USD 5 Billion by the end of 2027.

Refrigeration insulation materials reduce energy costs for operating chillers and refrigeration equipment. Insulation helps in limiting heat gains in an industrial refrigeration system, which ensures that the compressor load does not become excessive. It is used in the piping between the evaporator, accompanying vessels, the compressor, and auxiliary equipment. Insulation is also used to prevent condensation or ice formation, conserve energy, and minimize corrosion. Therefore, refrigeration insulation materials are crucial for efficient cooling operations.

As per the International Institute of Refrigeration, the key factors driving the refrigeration insulation materials market include the increased sales of commercial and industrial refrigerators. The requirements for insulation in cryogenic operations has seen an upsurge. Such factors are greatly increasing the demand for refrigeration insulation materials. Moreover, the rising consumption of cold beverages such as energy drinks, beer, and cold drinks, coupled with an increased emphasis on food safety, are driving the demand for refrigeration insulation materials.

However, the fluctuations in the raw material prices, along with the stringent regulations on insulation materials are projected to hamper the market growth during the review period.

The first vacuum insulated structure (VIS) refrigerator in the North American market, the SlimTechTM insulation from Whirlpool Corporation, will be unveiled at CES 2024. When it comes to future design evolutions, greater performance, and higher capacity—all while opening up more sustainable options for when it comes time to replace the appliance—SlimTechTM insulation is a major step forward.

Key Players

• Armacell (Luxembourg)


• Owens Corning (US)


• Kingspan Group (Ireland)


• L'ISOLANTE K-FLEX S.p.A. (Italy)


• Saint Gobain (France)


• Cabot Corporation (US)


• Aspen Aerogels, Inc. (US)


• BASF SE (Germany)


• Morgan Advanced Materials (UK)


• Johns Manville (US)


• NMC SA (Luxembourg)


• Zotefoams plc (UK)


• Lydall, Inc. (US)

Regulatory Framework

As per the various relevant regulations, refrigeration insulation materials should be manufactured under the ISO 9001 and ISO 14001 management systems and should have low chemical emissions of both Total Volatile Organic Compounds (TVOCs) and formaldehyde. Also, these insulation materials should be produced without the use of HFCS, CFCs, and HCFCs and should be fiber-free and dust-free, as well as mold and mildew resistant.

Market USP

Increasing demand for food and concerns regarding food security

Market Drivers

• Increased sales of refrigeration systems


• Rising demand for food due to increasing population


• A rise in the consumption of cold beverages and beer

Market Restraints

• Fluctuating raw material prices


• Stringent regulations on insulation materials

Segmentation

By Material Type

• PU & PIR: PU & PIR are the most produced types of insulation materials in the market as their operating temperature range allows them to be used in a wide range of applications. They are also used in cryogenic applications.

• Elastomeric Foam: Elastomeric foam insulation is fiber-free, prevents condensation, and resists mold without a separate, fragile vapor retarder. It provides long-term durability and protection and is widely used for insulating chilled water, plumbing and ductwork.

• Polystyrene Foam: Polystyrene foam comes into two types, namely, expanded polystyrene and extruded polystyrene. It is widely used to make home and appliance insulation, lightweight protective packaging, surfboards, foodservice and food packaging, automobile parts, roadway and road bank stabilization systems, and more.

• Fiberglass: Fiberglass is a form of fiber-reinforced plastic. It is used in the food processing and beverage industries as well as in cooling towers.

• Phenolic Foam: Phenolic foam exhibits good thermal insulation properties, low resistance to water vapor transmission, as well as fire-retardant properties, and a low smoke level. It is used as a core material for refrigerated trucks and chill stores.

• Others: The others segment includes cellulose, mineral wool, and aerogel.

By Application

• Commercial: Commercial applications of refrigeration insulation materials include their use in refrigeration systems in hypermarkets, supermarkets, convenience stores, specialty stores, and others. The rising requirements for packaged food products, frozen food, and bakery products are driving the demand for commercial refrigeration equipment.

• Industrial: Industrial refrigeration applications include use in places like cold food storage, dairy processing, beverage production, ice rinks, heavy industry, and others.

• Cryogenic: Cryogenic freezing is used in the transportation and storage of large quantities of food for longer periods.

• Refrigerated Transport: Refrigerated transportation, also known as reefer freight, is a method for shipping freight that requires special, temperature-controlled vehicles. The vehicle transporting the products being shipped has a built-in refrigeration system that keeps products at a desired temperature throughout the transportation process.

By End-Use Industry

• Food & Beverage: Use of refrigeration systems in processing, preservation, and nourishment of food by storing them in places where the temperature is lower than that of the surroundings is driving the demand for refrigeration systems in the food & beverage industry. The commercial shelf life of fresh foods is mainly controlled by either preventing or limiting microbial growth through refrigeration.

• Chemicals & Petrochemicals: In chemical and petrochemical industries, large scale cooling plants are used in various processes. Distillation, crystallization, or condensation are operations requiring the removal of heat and hence need refrigeration systems. Refrigeration is crucial for the improvement of standard, quality, precision, and efficiency of many manufacturing processes in various chemical and processing industries.

• Pharmaceutical: Given the extremely high value of pharmaceutical raw materials, intermediates, and finished products, refrigeration systems are essential for process control and environmental management in the manufacturing and storage of pharmaceuticals. Refrigeration systems operating with very precise temperature control and very high reliability play a vital role in the pharmaceutical industry.

• Healthcare: Preservation of drugs, vaccines, serums, organs for transplant, tissue, blood, and many other items is essential to ensure the best conditions for preventive measures and treatments in the field of medicine. Refrigeration and climate control systems and equipment play a crucial role in this task, thereby driving the demand for refrigeration systems.

• Others: The others segment includes district cooling, data center, electricity production, semiconductor, textile, and metallurgical applications, to name a few.

By Region

• North America: The North American market for refrigeration insulation materials is likely to witness significant growth during the review period. This is attributed to the rising demand for processed foods as well as meats among the working population.

• Europe: Europe dominated the refrigeration insulation materials market, in terms of value, in 2019. The presence of vast industrial infrastructure such as chemical, petrochemical, and food processing industries drive the demand for refrigeration insulation materials.

• Asia-Pacific: Asia-Pacific is the fastest-growing regional market on account of the expanding industrial sector in countries such as India, South Korea, Thailand, Malaysia, and others.

• Middle East & Africa: Economic development and rising population in the region are the key factors resulting in high demand for various end-use products, which will drive the demand for refrigeration insulation materials during the review period.

• Latin America: The growth of the Latin American market can be attributed to the growing food and beverage industry, predominantly in countries such as Brazil and Mexico. The popularity of ready-to-eat products, beverages, and frozen foods is increasing in Latin America, which is further propelling the demand for commercial refrigeration equipment.