Cryogenic Insulation Market is predicted to reach USD 7.67 Billion at a CAGR of 8.12% during the forecast period

Pune, India, August 2023, MRFR Press Release/- Market Research Future has published a Half-Cooked Research Report on the Global Cryogenic Insulation Market.


Market Research Future (MRFR) has published a cooked research report on the “Global Cryogenic Insulation Market” that contains information from 2018 to 2032. The Cryogenic Insulation market is estimated to register a CAGR of 8.12% during the forecast period of 2023 to 2032.


MRFR recognizes the following companies as the key players in the global Cryogenic Insulation market— Aspen Aerogels (US), KAEFER (Germany), Aspen Aerogels (US), BASF SE (Germany), Armacell Enterprise GmbH & Co. KG (Germany), Lydall Inc (US), Cabot Corporation (US), DUNMORE (US), Owens Corning (US) and Röchling (France).


Market Highlights


The global Cryogenic Insulation Market is accounted to register a CAGR of 8.12% during the forecast period and is estimated to reach USD 7.67 Billion by 2032.


The Cryogenic Insulation Market encompasses the production and distribution of specialized materials and systems designed to provide effective insulation for extremely low-temperature environments, typically below -150°C (-238°F). These insulation solutions are crucial for safely storing and transporting liquefied gases and maintaining the cryogenic conditions required in industries like aerospace, healthcare, and energy.


Segment Analysis


The global Cryogenic Insulation market has been segmented based on End-Use Industry and Material Type.


On the basis of the End-Use Industry, the market is segmented into energy & power, food & beverages, chemical and medical. The market was dominated by the energy and electricity sectors. The need for energy and electricity is forecast to rise in developing countries as a result of the expansion of the industrial and residential sectors, which is also anticipated to enhance product demand.


Based on Material Type, the global Cryogenic Insulation market has been segmented into PU/PIR, polystyrene and cellular glass. The growing demand for liquefaction and regasification led to the PU/PIR category producing the most revenue. Cryogenic insulation made of PUR and PIR is frequently used to maintain gases at extremely low temperatures.


Regional Analysis


The global Cryogenic Insulation market, based on region, has been divided into the North America, Europe, Asia-Pacific, and Rest of the World. North America consists of US and Canada. The Europe Cryogenic Insulation market comprises of Germany, France, the UK, Italy, Spain, and the rest of Europe. The Cryogenic Insulation market in Asia-Pacific has been segmented into China, India, Japan, Australia, South Korea, and the rest of Asia-Pacific. The Rest of the World Cryogenic Insulation market comprises of Middle East, Africa, and Latin America.


The North American Cryogenic Insulation Market dominated this market in 2022. The extensive usage of cryogenic insulation in the liquefied natural gas industry will increase demand in the future years. A driving driver in the industry is also the increased level of environmental concern. Multiple industries' growing need for LNG will increase demand for storage and transportation, which will subsequently increase demand throughout the local economy.


Additionally, the second-largest market share for Cryogenic Insulation is held by Europe. because more gas is being produced and explored. Additionally, it is anticipated that during the projected time, the region's LNG industry's high level of cryogenic insulation will support market growth. In addition, the region's high level of environmental concern is a significant factor affecting the demand for LNG.


Due to various advancements in medicine, chemistry, and space exploration as well as the steady rise in energy demand, the Asia-Pacific Cryogenic Insulation Market is anticipated to expand at the quickest CAGR between 2023 and 2032. The need for gas-based power plants is driven by an enormous rise in energy demand and a better understanding of renewable energy generation, which increases demand for the item. APAC market expansion is also anticipated to be aided by increased industrialization and LNG usage. The cryogenic insulation market in China had the biggest market share, and the market in India had the quickest rate of growth in the Asia-Pacific region.


Key Findings of the Study



  • The global Cryogenic Insulation market is expected to reach USD 7.67 Billion by 2032, at a CAGR of 8.12% during the forecast period.

  • The North American Cryogenic Insulation Market dominated this market in 2022. The extensive usage of cryogenic insulation in the liquefied natural gas industry will increase demand in the future years.

  • Based on End-Use Industry, The market was dominated by the energy and electricity sector.

  • Aspen Aerogels (US), KAEFER (Germany), Aspen Aerogels (US), BASF SE (Germany), Armacell Enterprise GmbH & Co. KG (Germany), Lydall Inc (US), Cabot Corporation (US), DUNMORE (US), Owens Corning (US) and Röchling (France).


Read More About This Report: Cryogenic Insulation Market Share

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Report details
Base Year 2023
Companies Covered 15
Pages 185
Certified Global Research Member
Isomar fd.webp Wcrc 57.webp
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