Cryogenic Insulation Market Size was valued at USD 3.8 Billion in 2022. The cryogenic insulation market industry is projected to grow from USD 4.108 Billion in 2023 to USD 7.6731 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 8.12% during the forecast period (2023 - 2032). The need for liquified gas transport is rising, and the energy and power industries in developed and emerging nations are expanding quickly. These market drivers have led to a large increase in the market for cryogenic insulation.
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
The demand for clean and environmentally friendly energy sources is one of the major factors fueling growth in the cryogenic insulation industry. An increase in CO2 emissions has accompanied a rise in economic activity. CO2 emissions have been reduced due to efforts to switch to renewable energy and decarbonize the power system. Natural gas provides a cheap, clean option in place of fossil fuels like diesel, petrol and fuel oil. Compressed or liquefied versions are utilized in automobiles. To control the output of air pollutants like CO2 from internal combustion engines and spark-ignition engines, the Indian government created the Bharat Stage Emission Standards 6 (BS6) in 2019. All vehicle manufacturers in India are required to abide by the BS6 standards. Natural gas is used more frequently in the transportation industry due to its lower pollutant output, which is what is propelling the market CAGR for cryogenic insulation.
Furthermore, living in an urban region is linked to better health, access to social services, social and cultural possibilities, and career and educational opportunities. For a greater level of living, people go to towns and cities. 4.46 billion people called urban areas home as of 2021. 6.68 billion people will live in cities ly by 2050, an increase of 2.22 billion from today. As a result, the demand for energy and the market it services will increase as urbanization and quality of life increase.
Additionally, the increased demand for electric power generated from renewable energy sources will cause a rise in LNG consumption during the upcoming years. A greater emphasis on distributed electricity and utility projects will support the growth. Liquefied natural gas (LNG) demand will rise due to the anticipated increase in natural gas usage in the power-generating sector in a number of different nations. In the world, coal is the main energy source used to produce electricity, but as coal supplies are depleted and coal use negatively impacts the environment, natural gas and other renewable energy sources are being used more frequently, increasing the number of renewable energy plants. Cryogenic insulation between the pipes, tanks, and plant structure is required in plants to efficiently limit heat exchange. For the LNG value chain facilities to operate efficiently, this is essential. Additionally, excessive temperature swings are avoided by cryogenic insulation, limiting accidental plant component expansion and the tension that would follow for connecting parts. Thus, driving the cryogenic insulation market revenue.
The cryogenic insulation market segmentation, based on end-use industry includes energy & power, food & beverages, chemical and medical. The energy & power segment dominated the market. Due to the expansion of the industrial and residential sectors, there is expected to be an increase in the demand for energy and electricity in developing economies, which is further anticipated to lead to an increase in product demand.
The cryogenic insulation market segmentation, based on material type, includes PU/PIR, polystyrene and cellular glass. The PU/PIR category generated the most income due to the expanding need for liquefaction and regasification. Gases are routinely kept at extremely low temperatures in cryogenic insulation consisting of PUR and PIR. Additionally, it is projected that as the transportation of these liquefied gases develops, there will be a greater need for insulating pipelines, storage tanks, and valves. There will likely be more LNG facilities, LNG transport ships, and storage tanks, which will enhance the demand for PUR and PIR cryogenic insulation.
Figure 1: Cryogenic Insulation Market, by Distribution channel, 2022 & 2032 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
By region, the study provides the market insights into North America, Europe, Asia-Pacific and Rest of the World. The North American cryogenic insulation market area will dominate this market. In the upcoming years, market demand will be further fueled by the extensive use of cryogenic insulation in the liquefied natural gas sector. Additionally, the elevated level of environmental consciousness is a driving force in the sector. The escalating need for LNG across several industries will fuel demand for storage and transportation, which will then fuel demand across the local economy.
Further, the major countries studied in the market report are The US, Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Figure 2: CRYOGENIC INSULATION MARKET SHARE BY REGION 2022 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Europe cryogenic insulation market accounts for the second-largest market share due to increased gas exploration and production activity. Furthermore, during the projected period, a high level of cryogenic insulation in the region's LNG industry is anticipated to fuel market expansion. In addition, a key element influencing the demand for LNG is the area's high degree of environmental consciousness. Further, the German cryogenic insulation market held the largest market share, and the UK cryogenic insulation market was the fastest growing market in the European region
The Asia-Pacific Cryogenic insulation Market is expected to grow at the fastest CAGR from 2023 to 2032 due to numerous innovations in healthcare, chemistry, and space exploration and the constant increase in energy demand. A significant increase in energy demand and a growing understanding of renewable energy generation, which stimulates demand for the good, drive the need for gas-based power plants. Additionally, it is projected that rising LNG consumption and industrialization will support the regional APAC market's growth. Moreover, China’s cryogenic insulation market held the largest market share, and the Indian cryogenic insulation market was the fastest growing market in the Asia-Pacific region.
Leading market players are investing heavily in research and development in order to expand their product lines, which will help the cryogenic insulation market, grow even more. Market participants are also undertaking a variety of strategic activities to expand their footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, cryogenic insulation industry must offer cost-effective items.
Manufacturing locally to minimize operational costs is one of the key business tactics used by manufacturers in the cryogenic insulation industry to benefit clients and increase the market sector. In recent years, the cryogenic insulation industry has offered some of the most significant advantages to market. Major players in the cryogenic insulation market attempting to increase market demand by investing in research and development operations include 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).
Lydall Inc. is an engineering product manufacturer that creates and manufactures engineered solutions for the thermal/acoustic and filtration/separation sectors. Other specialized goods for air and liquid life science applications include medical filtrations, food and drinks, filtration media solutions, thermal insulation solutions, and technical nonwoven needle punch material. It sells via an internal sales force and distributes via a common carrier.
Owens Corning is a maker of composite and building materials solutions. The company manufactures and sells fiberglass composites. Its product offering comprises thermal and acoustical batts, loose-fill insulation, foam sheathing, and accessories. The company also provides roofing components, laminate and strip roofing shingles, oxidized asphalt, and synthetic packaging materials. Owens Corning supports various industries, including residential, commercial, automotive, industrial, defense, transportation, power, and energy.
April 2022: BASF developed a cryogenic insulation system for transporting cryogenic liquid cargo such as liquefied natural gas (LNG) using its patented Elastopor Cryo (Elastopor) technology. Shanghai Harvest Insulation Engineering Co., Ltd (Harvest) created the system, which was put into the first VLEC (Very Large Ethane Carrier) supplied to Jiangnan Shipyard, one of China's major shipbuilding enterprises.
March 2021: Qatar Petroleum entered into a multi-party agreement with LNT Marine, the American Bureau of Shipping (ABS), and Shanghai Waigaoqiao Shipbuilding (SWS) to collaborate on the development of new medium and large LNG carrier designs with other notable LNG firms across the world. LNT Marine is a technology provider and developer in the LNG sector, developing LNG carriers and cryogenic insulation systems for marine applications.
| Report Attribute/Metric | Details |
| Market Size 2022 | USD 3.8 Billion |
| Market Size 2023 | USD 4.108 Billion |
| Market Size 2032 | USD 7.6731 Billion |
| Compound Annual Growth Rate (CAGR) | 8.12% (2023-2032) |
| Base Year | 2022 |
| Market Forecast Period | 2023-2032 |
| Historical Data | 2018- 2022 |
| Market Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | End-Use Industry, Material Type and Region |
| Geographies Covered | North America, Europe, Asia Pacific, and the Rest of the World |
| Countries Covered | The US, Canada, German, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil |
| Key Companies Profiled | 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) |
| Key Market Opportunities | Increasing demand for LNG as a fuel across developed and developing. |
| Key Market Dynamics | Growing significance of cryogenic insulation across the food & beverage and medical industries ·Top of Form ·Bottom of Form |
Cryogenic Insulation Market Highlights:
Frequently Asked Questions (FAQ) :
The cryogenic insulation market size was valued at USD 3.8 Billion in 2022.
The cryogenic insulation market is projected to grow at a CAGR of 8.12% during the forecast period, 2023-2032.
North America had the largest share in the cryogenic insulation market
The key players in the cryogenic insulation market are 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).
The energy & power category dominated the cryogenic insulation market in 2022.
The PU/PIR category had the largest share in the cryogenic insulation market.
Team Lead - Research Anshula mandaokar holds an academic degree in chemical engineering and has been contributing to the field for more than 5 years. she has expertise in market research and business consulting and serves as a team lead for a reputed market research firm under the chemicals and materials domain spectrum. she has worked on multiple projects, generating explicit results in a quick turnaround time. her understanding of data interpretation justifies her role as a leader.
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