Cryogenic Insulation Market Overview
Cryogenic Insulation Market is projected to be worth USD 6.42 billion by 2028, registering a CAGR of 8.11% during the forecast period (2021 - 2030), The market was valued at USD 3.65 billion in 2020.
The cryogenic insulation market comprises several market stakeholders such as raw material suppliers, end-product manufacturers, and regulatory organizations in the supply and demand chain mechanism. The demand side of this market during the ongoing forecast period is characterized by the development of energy and power, chemicals, metallurgical, electronics, and others like shipping industries. The supply side of the market is characterized by advancements in technology and diverse application industries.
The novel coronavirus was reported in late 2019 in some provinces of the Chinese region and subsequently took a toll on the lives of people in the global premises. The rise in cases has been because of the multi-country population located in different parts of the world who fled back to their hometown after the rise in cases. This resulted in a global spread of the disease and posed major challenges for the healthcare services and departments across the globe. There have been functional problems because of which the cryogenic insulation market has faced various kinds of losses, as well. Due to the virus, the people feared stepping out of their houses and transforming their way of living. The production and manufacturing units have been facing difficulty in meeting the market’s demand and supply owing to the absence of raw materials and reliable inputs like resources that will be impacting the global market during the forecast period ending in 2028.
The manufacturing units and production companies are understanding the need to return to normalcy and hence, are lifting the lockdown and restrictions that are barring the cryogenic insulation market to produce as per the general market standards. The market has good fortune for the upcoming years.
The cryogenic insulation market analysis shows that the market is witnessing a surge in global competition because of the developments of the following market players:
Cryogenic insulation is known to be high-performance materials that are being used to reduce the energy level leaks and further, help to provide a high level of thermal isolation for applications that are operating below −75°C. The Cryogenic insulation market products are widely used in the storage conditions like cryogenic tanks and for the transportation of cryogenic gases such as liquid natural gas (LNG), and others like liquid nitrogen, LPG, and ethylene. Cryogenic insulation products are also known for providing and promising efficient and reliable transportation along with a safe degree of storage of these gases. There has been an array of insulation materials including polyurethane, polyisocyanurate, expanded foams, and others like cellular glass, fiberglass, and polystyrene are known for their use for cryogenic insulation applications. Some of the market trade names for cryogenic insulation are inclusive of Durolight, Armaflex, CRYO-SHIELD, FOAMNERT Board-TN, FOAMGLAS, NP500CR, and Cryogel.
One of the key trends that are being observed in the cryogenic insulation market trends is the increasing investments in the development of innovative initiatives and high-performance materials. Some of the newly developed materials that are available in the market include aerogel like Pyrogel, Cryogel, and Nanogel, along with Inspec Foams (SOLIMIDE), and polyimide foams (SOLREX).
With the increasing application and use of cryogenic refrigeration in the food and beverage, along with others like the transportation, medical, and energy industries, the demand for cryogenic insulation is set to witness a significant amount of growth during the forecast period that will be ending in 2028. Additionally, the growth of the global cryogenic insulation market is driven by the increased amount of demand for LNG both across developed as well as developing countries.
The cryogenic insulation market share is likely to be functioning in market segments at their maximum potential. They are as follows:
Based on the type
The cryogenic insulation market has been segmented and includes PU & PIR, Cellular Glass, Polystyrene, Fiberglass, Perlite, and others like aerogel and elastomer foams.
Based on the market form
The cryogenic insulation market includes the market forms like Bulk-fill, Foam, and Multi-layer.
Based on the cryogenic equipment
The cryogenic insulation market has equipment like Tanks, Valves, Vaporizers, Pumps, and others like dewar vessels, tunnel freezers, gauges, and flanges among others.
Based on the end-use Industry
The cryogenic insulation market includes industries like Energy & Power, Chemicals, Metallurgical, Electronics, Shipping, and others like food and beverage, healthcare, transportation of perishable items, and space applications, among others.
The Asian Pacific region is accounted for the largest share of the global market premises. The regional market is expected to witness robust growth during the ongoing forecast period that is driven by the increasing investment in industries like the energy and power and food & beverage industries. Furthermore, there has been rapid industrialization and an increased degree of demand for LNG are factors that are expected to drive the growth of the regional APAC market. The region includes countries like China, India, Japan, and Indonesia. These regions are expected to contribute significantly towards the global growth of the market.
The cryogenic insulation market report discusses the potential of the market during the forecast period that will help the market attain good global growth during the ongoing forecast period of 2021-2028. The report discusses the market segmentation that will help in the market unfolding followed by the potential to meet the rising needs of the target audience spread in an array of global locations.
|Market Size||2030: USD 6.42 Billion|
|CAGR||(2021 - 2030)|
|Forecast Period||2021 - 2030|
|Forecast Units||Value (USD Billion)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Material Type, End-Use Industry and Region|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||KAEFER (Germany), Cabot Corporation (US) – Nanogel, BASF SE (Germany), Lydall, Inc (US), Armacell Enterprise GmbH & Co. KG (Germany) – Armaflex, Owens Corning (US) – FOAMGLAS, Aspen Aerogels (US) – Pyrogel, Cryogel, Röchling (France) – Durolight, DUNMORE (US) – CRYO-SHIELD Multilayer, NICHIAS Corporation (Japan) – FOAMNERT Board-TN, Norplex Micarta (US) – NP500CR|
|Key Market Opportunities||The increasing investments in the development of LNG pipeline infrastructure, particularly in developing countries|
|Key Market Drivers||
Cryogenic Insulation Market is expected to reach a valuation of USD 6.42 billion by 2028.
Cryogenic Insulation Market is expected to exhibit a strong 8.11% CAGR over the forecast period from 2019 to 2025.
The growing demand for Cryogenic Insulation from the food and beverage, automotive, medical, and energy industries is the major driver for the market
Asia Pacific accounts for the largest share in the Global Cryogenic Insulation Market.
Leading players in the Cryogenic Insulation Market include KAEFER, Lydall, and BASF, among others.