Increasing demand for Material and Chemicals to reach USD 1,522.78 million at a CAGR of 6.70% during the forecast period :

Pune, India, Jan 2022, MRFR Press Release/Market Research Future has published a Half- Cooked Research Report on the Global Multi-Layer Cryogenic Insulation Market.


Market Synopsis


According to the MRFR analysis, the global Multi-layer Cryogenic Insulation market size was valued at USD 924.43 million in 2020 and is projected to reach USD 1,522.78 million by 2028 at a CAGR of 6.70%.


Multi-layer cryogenic insulation is a high-performance material used to reduce energy leaks and provide a high level of thermal isolation for applications operating below −75°C. Multi-layer cryogenic insulation is widely used in the storage (cryogenic tanks) and transportation of cryogenic gases such as liquid natural gas (LNG), liquid nitrogen, LPG, and ethylene. Multi-layer cryogenic insulation is provided for the efficient transportation and safe storage of these gases. An array of insulation materials, including polyurethane, polyisocyanurate, expanded foams, cellular glass, fiberglass, and polystyrene, are used for multi-layer cryogenic insulation applications. Some of the trade names for multi-layer cryogenic insulation are Durolight, Armaflex, CRYO-SHIELD, FOAMNERT Board-TN, FOAMGLAS, NP500CR, and Cryogel.


The global multi-layer cryogenic insulation market is projected to register a significant growth rate during the review period. This is mainly due to the growing demand for LNG as a fuel in the transportation and shipping industries, as it is a clean source of energy. The rising demand for LNG requires more storage and transportation, increasing the usage of multi-layer cryogenic insulation, which prevents heat loss and can hold a huge volume of gas. Another driving force is the use of this insulation in the storage and transportation of liquified oxygen, nitrogen, methane, and hydrogen. The usage of LNG as a fuel in the maritime industry is a positive factor boosting the global market due to reduced sulfur and greenhouse emissions. However, volatile raw material prices are expected to hamper the growth of the global market during the forecast period. Nevertheless, the increasing use of multi-layer cryogenic insulation in space applications is a potential opportunity for the players engaged in this market.


Access full report @ https://www.marketresearchfuture.com/reports/multi-layer-cryogenic-insulation-market-10792


Competitive Landscape


The global Multi-layer Cryogenic Insulation market is highly fragmented and consists of many organized and unorganized industry players. Manufacturers focuses mainly on expansion of production capacities, continuous product launch, and collaborations with key stakeholders to gain a competitive advantage over other players. Key players include Armacell International Holding GmbH (Germany), Lydall Inc. (US), Cabot Corporation (US), Technifab Products (US), Dunmore Corporation (US), NICHIAS Corporation (Japan), Aspen Aerogels (US), Owens Corning (US), Isolatie Combinatie Beverwijk B.V. (Netherland), and Abhijit Enterprises (India).


Segmentation


By Type



  • PU & PIR: This segment accounted for the largest market share in the global Multi-layer Cryogenic Insulation market. Polyisocyanurate is a rigid, closed-cell foam board insulation bonded to both sides by facers made of various organic and inorganic materials. PU & PIR insulation are the material of choice for a wide range of end-use applications, including space and shipping applications.

  • Cellular Glass: Cellular glass insulation comprises completely sealed glass cells and is lightweight, rigid, and long-lasting. It is widely used in insulating chilled water pipes and equipment, cold process pipes and equipment, ethylene plant pipes and equipment, hot oil piping and equipment, LNG piping and tank bases, stainless steel hot water lines, and underground steam distribution.

  • Polystyrene: Polystyrene is a foamed plastic polystyrene-insulation made up of hydrogen and carbon atoms that is closed-cell, extremely lightweight, and resilient. For most construction applications, XPS has a compressive strength of 10-60 psi. XPS can be molded to meet specific application requirements within that range.

  • Fiberglass: Fiberglass is a form of fiber-reinforced plastic where glass fiber is reinforced plastic; it is also known as glass-reinforced plastic or glass-fiber-reinforced plastic. It is widely used in bathtubs, boats, aircraft, roofing, and other applications.

  • Perlite: Perlite insulation is also known as waterproof perlite insulation board insulation. Perlite insulation is a type of multi-layer insulation made up of volcanic rock. Hence, the perlite segment is expected to provide an optimistic opportunity for multi-layer cryogenic insulation during the foreseeable period.

  • Others: The other segment includes mineral wool, aerogel, and elastomer foam.


By End-use



  • Energy & Power: The energy & power segment is estimated to be the largest end-use industry of the cryogenic insulation market, in terms of value, during the forecast period. The increasing demand for LNG as a fuel drives the energy & power industry and, thus, multi-layer cryogenic insulation materials.

  • Chemicals: Multi-layer insulation or super insulation has become essential for many chemical and processing industries to improve manufacturing processes' standard, quality, precision, and efficiency. These insulations are used for insulating tanks and handling industrial gases such as nitrogen and hydrogen.

  • Metallurgical: In metallurgical applications, multi-layer cryogenic insulation is used for fire safety in the metal industry. High-performance insulation materials such as ceramic fibers, calcium silicate mineral wool, insulating firebricks are used in the powder metallurgy industry.

  • Electronics: Multilayer insulation materials are majorly used in HVAC application in the electronic industry, heating, ventilation, and cooling, or air-conditioning equipment are the three main types of HVAC equipment.

  • Shipping: Multi-layer insulation (MLI) is a unique non-metallic central support beam and a vacuum between the inner and outer tanks. The MLI is used in LNG fuel tanks, which are used in heavy-duty truck fleets.

  • Others: Other end-use includes food & beverages, healthcare, and aerospace.


By Region



  • North America: This is the largest market share in the global market. The growth in the North American power industry, increase in the number of LNG projects are a few factors leading to the growth of the multi-layer cryogenic insulation market in this region.

  • Europe: Implementing the revised EU legislation on insulation material is expected to boost the penetration of multi-layer cryogenic insulation in the region and increase the amount of insulation needed per end user requirements.

  • Asia-Pacific: Asia-Pacific is expected to emerge as the fastest-growing regional market due to various factors such as shifting manufacturing base from western countries to Asia-Pacific; strong economic development; and expansion of end-use industries including energy & power, electronics, chemical, and others. China and India are anticipated to dominate the Asia-Pacific market over the forthcoming years.

  • Latin America: The growing demand is due to the rise in industrialization and urbanization in major countries.

  • Middle East & Africa: High availability of raw material and increase in government investments is fueling the demand for Multi-layer Cryogenic Insulation in the region.