Refrigeration Insulation Materials Global Market Report 2024

The refrigeration insulation materials market size has grown strongly in recent years. It will grow from $4.14 billion in 2023 to $4.43 billion in 2024 at a compound annual growth rate (CAGR) of 7.0%. The growth observed in the historical period can be attributed to energy efficiency regulations, the expansion of the refrigeration industry, compliance with environmental regulations, increased consumer awareness, growth in commercial and industrial construction, and advancements in cold chain logistics.

The refrigeration insulation materials market size is expected to see strong growth in the next few years. It will grow to $5.81 billion in 2028 at a compound annual growth rate (CAGR) of 7.0%. The anticipated growth in the forecast period can be attributed to the globalization of food supply chains, an emphasis on sustainable insulation practices, increasing demand for frozen and chilled foods, government incentives, and the continued growth of e-commerce. Key trends expected in the forecast period include innovations in aerogel insulation, customization and prefabrication approaches, the integration of nanotechnology, the adoption of smart building technologies, and ongoing technological innovations.

The anticipated surge in refrigeration system sales is poised to drive the growth of the refrigeration insulation materials market in the future. The increasing demand for refrigeration systems, crucial in both industrial and home applications for cooling and temperature regulation, underscores the importance of refrigeration insulation materials. These materials are employed in systems such as refrigerated pipes, vehicles, warehouses, and HVAC to minimize heat flow in cooled spaces. For example, ANIMA Confindustria Meccanica Varia, an industrial organization in Italy, reported that Italy's national production value for Heating, Ventilation, and Air Conditioning (HVAC) in 2021 reached approximately 825 million euros (USD 858.6 million), marking an 11% increase from the previous year and a 4% rise from 2019. The total market in Italy exceeded 2.260 billion euros (USD 2.35 billion), indicating a 37% increase over 2020 and a 33% increase over 2019. The substantial growth in the hydronic industry, particularly in heat pumps and air-cooled refrigeration units, highlights the rising significance of refrigeration systems. Therefore, the increasing sales of refrigeration systems are fostering the growth of the refrigeration insulation materials market.

The expansion of e-commerce is expected to be a driving force for the refrigeration insulation materials market. E-commerce, involving the online buying and selling of goods and services, relies on refrigeration insulation materials to maintain the desired temperature conditions for transporting perishable goods efficiently. Notably, the U.S. Census Bureau estimated U.S. retail e-commerce sales for the second quarter of 2023 at $277.6 billion, reflecting a 2.1% increase from the first quarter of 2023. This growth underscores the need for effective refrigeration insulation materials in the e-commerce sector, ensuring the proper handling and delivery of temperature-sensitive products. Hence, the surge in e-commerce activities is contributing to the growth of the refrigeration insulation materials market.

A prominent trend in the refrigeration insulation materials market is the emphasis on product innovations by major companies. These companies are actively developing innovative products to maintain a competitive edge in the market. For instance, Honeywell International Inc., a U.S.-based engineering and technology company, introduced Solstice 456A, a hydro fluoro olefin (HFO)-based refrigerant, in May 2022. This new technology, designed for the European automotive aftermarket, has the potential to reduce greenhouse gas emissions by over 50% in existing vehicle air conditioning systems. The Solstice 456A product line contributes to meeting EU climate-related legislation and addresses the needs of vehicle owners and auto repair shops, offering a simple, cost-effective drop-in service solution for vehicles manufactured before 2017. This innovation spans various applications, including refrigerants for supermarkets, air conditioning for vehicles, blowing agents for insulation, propellants for personal and household care, and solvents for cleaning solutions, aligning with efforts to reduce greenhouse gas emissions and enhance energy efficiency.

Major companies in the refrigeration insulation materials market are advancing in technologies such as Vacuum Isolated Structure (VIS) to address industry challenges. VIS technology involves creating a vacuum-sealed space within structures such as refrigerators to enhance insulation. Whirlpool Corporation, a U.S.-based home appliances manufacturer, introduced SlimTech insulation in November 2023, incorporating VIS technology for refrigerators. This innovation reduces wall thickness by up to 66%, providing up to 25% more capacity, while also improving energy efficiency, preserving food freshness, and contributing to quieter refrigeration.

In October 2022, Armacell, a Luxembourg-based manufacturer and supplier of industrial foams and flexible insulation materials, acquired Austroflex Rohr-Isoliersysteme GmbH. This strategic acquisition enhances Armacell's geographic and market exposure in Europe, strengthening its product portfolio, expertise, and manufacturing capabilities, particularly in serving the energy-efficient and rapidly growing pre-insulated pipe market. Austroflex Rohr-Isoliersysteme GmbH, based in Austria, is engaged in technical insulation solutions, thermal solar pipe systems, and flexible pre-insulated pipe systems.

Major companies operating in the refrigeration insulation materials market report are Armacell International GmbH, BASF SE, Johns Manville Corp., Kingspan Group plc, L'Isolante K-Flex S.p.A., Lydall Inc., Morgan Advanced Materials plc, NMC SA, Owens Corning Fiberglass Company, Rinac India Ltd., Zhejiang Zhenshen Thermal Insulation Technology Co. Ltd., Zotefoams plc, GAF Materials Corporation, Cabot Corporation, Saint-Gobain S.A., Dow Chemical Company, Huntsman Corporation, Sekisui Chemical Co. Ltd., Nitto Denko Corporation, Thermaflex International Holding B.V., Knauf Fiber Glass, Etex Building Performance International S.A.S., Isover AB, Kflex India Pvt. Ltd., Aspen Aerogel Inc., Insulated Products Corp., Thermal Products Company Inc., LiteForm Technologies LLC, PPG Industries Inc.

Europe was the largest region in the refrigeration insulation materials market in 2023. The regions covered in the refrigeration insulation materials market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the refrigeration insulation materials market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The primary types of refrigeration insulation materials include elastomeric foam, PU (polyurethane) and PIR (polyisocyanurate), polystyrene foam, fiberglass, phenolic foam, and others. Elastomeric foam, for instance, is a closed-cell synthetic rubber available in pre-manufactured tubes, sheets, or rolls. These materials find various applications in commercial, industrial, cryogenic, and refrigerated transportation settings, serving industries such as food and beverage, chemicals and pharmaceuticals, and oil and gas petrochemicals, among others.

The refrigeration insulation materials market research report is one of a series of new reports that provides refrigeration insulation materials market statistics, including refrigeration insulation materials industry global market size, regional shares, competitors with refrigeration insulation materials market share, detailed refrigeration insulation materials market segments, market trends, and opportunities, and any further data you may need to thrive in the refrigeration insulation materials industry. This refrigeration insulation materials market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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