Refrigeration Insulation Materials Market Set to Garner Staggering Revenues by 2025

The refrigeration insulation material market size is projected to reach USD 4.8 billion by 2025 from USD 3.6 billion in 2020, at a CAGR of 6.0% between 2020 and 2025. Increasing demand for food preservation, growing LNG demand, and increased oil and gas production has positively impacted the refrigeration insulation market. Europe is the largest market for refrigeration insulation materials, followed by APAC and North America.

Browse 113 market data Tables and 52 Figures spread through 162 Pages and in-depth TOC on “Refrigeration Insulation Materials Market by Material Type (Elastomeric Foam, PU & PIR), Application (Commercial, Industrial), End-Use Industry (Food & Beverage, Chemicals & Pharmaceuticals, Oil & Gas and Petrochemicals) Region – Global Forecast to 2025”

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Food & beverage is projected to be the largest end user of refrigeration insulation materials during the forecast period.

The global demand for food and beverage has significantly increased due to the growing population. According to the United Nations, the global population will reach 8.1 billion in 2025, which means almost 3 billion more mouths to feed. The UN has already stated food security and the environment are the biggest concern for mankind. Both these issues are interlinked as well. With growing environmental concerns, total irrigable land has reduced drastically in the last decade, thereby putting more emphasis on food preservation. Thus, the refrigeration insulation materials market is expected to grow in the food & beverage industry.

Europe is expected to account for largest share of the refrigeration insulation materials market.

Europe dominated the refrigeration insulation materials market with a share of 34%, in terms of value, in 2019. Germany is the largest market in Europe, accounting for a share of 19% of the regional market in 2019. Germany is the most industrialized country in the world. It is one of the leading manufacturers of chemicals, pharmaceuticals, and food & beverage. Germany and other EU countries have signed the Kigali Agreement, which is expected to have a significant impact on the refrigeration insulation materials market.

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Armacell is the largest player in the refrigeration insulation materials market. The company is developing its business via expansion in countries such as APAC and the Middle East. It mainly focuses on channel selling and expansion to strengthen its position in the market. The company is also focusing on new product developments. It also utilizes partnerships to increase its market share.

Kingspan is one of the major manufacturers of refrigeration insulation materials. The company is focusing on expansion as well as acquisition strategies. It has maintained a very strong global presence through its global acquisition strategy. The company also caters to a wide range of insulation materials and also focuses on material development and innovation. The company acquired four different companies between 2017 and 2019

Johns Manville launched MinWool-1200 in the form of pipe to meet the industry demand for water-resistant insulation pipe. This innovation provides corrosion-free insulation. Kflex has also employed expansion strategies to remain a prominent player in the market. It has opened a new production site in Vietnam to support the growing demand from the Asian market. It also recently enhanced their Polish factory by adding in a new polyethylene plant.

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The refrigeration insulation material market size is projected to reach USD 4.8 billion by 2025 from USD 3.6 billion in 2020, at a CAGR of 6.0% between 2020 and 2025. Increasing demand for food preservation, growing LNG demand, and increased oil and gas production has positively impacted the refrigeration insulation market. Europe is the largest…

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