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Cryogenic Insulation Market Research Report - Global Forecast till 2030

Cryogenic Insulation Market: Information by Material Type (PU/PIR, Polystyrene, Cellular Glass, and Others), End-Use Industry (Energy & Power, Food & Beverages, Chemical, Medical and others) and Region (Asia-Pacific, Europe, North America, Latin America and the Middle East & Africa) - Forecast till 2030

ID: MRFR/CnM/7022-HCR | December 2022 | Region: Global | 185 Pages         

Cryogenic Insulation Market

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)

Segmentation

By Material Type PU/PIR Polystyrene Cellular Glass
By End-Use Industry Energy & Power Food & Beverages Chemical Medical

Key Players

  • 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)
  • Röchling (France)

Drivers

  • Increasing demand for LNG as a fuel across developed and developing.
  • Growing significance of cryogenic insulation across the food & beverage and medical industries
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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.


COVID 19 Analysis


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.


Competitive Landscape


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:



  • Aspen Aerogels (US) – Pyrogel, Cryogel

  • KAEFER (Germany)

  • Aspen Aerogels (US) – Pyrogel, Cryogel

  • BASF SE (Germany)

  • Armacell Enterprise GmbH & Co. KG (Germany) – Armaflex

  • Lydall, Inc (US)

  • Cabot Corporation (US) – Nanogel

  • DUNMORE (US) – CRYO-SHIELD Multilayer

  • Owens Corning (US) – FOAMGLAS

  • Röchling (France) – Durolight


Market Dynamics


Drivers


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. 


Opportunities


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).


Technology Analysis


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.


Study Objectives



  • The market report means to help the interested consumer groups have a thought regarding the advancements and innovative items that the market has in store during the conjecture time frame. The report further intends to lead a subjective market examination that will help in settling on better speculation choices and further, help the market experts to foresee the CAGR and the normal market esteem before the finish of the period.

  • The report helps in understanding the development elements that will lead the market towards extended development for the period. The market report further aids in understanding the developing market difficulties and the premise of the worldwide market division. The report assists with understanding the capability of these portions to stay at a decent rate during the ongoing forecast period.

  • The report likewise helps the crowd and financial backers comprehend the cutthroat marketing edge by having a thought regarding the new improvements that are being attempted by the conspicuous market players around the world and during the ongoing forecast period that will be ending in 2028.


Segment Overview


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.  


Regional Analysis


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.


Recent Developments


April 2021: Airbus has announced the ASCEND program, which combines liquid hydrogen and superconductive technology to showcase electric or hybrid-electric propulsion. UpNext (Ottobrunn, Germany), an Airbus company, will build a ground demonstrator with a minimum of 50% decrease in powertrain weight and electrical losses while enhancing efficiency by 5-6 percent over traditional technology. Cryogenic insulation will reportedly be considered using composite materials.

March 2021: Qatar Petroleum established a multi-party agreement with LNT Marine, the American Bureau of Shipping (ABS), and Shanghai Waigaoqiao Shipbuilding (SWS) to participate on the development of new medium and large LNG carrier designs with other prominent worldwide LNG companies. LNT Marine develops LNG carriers and cryogenic insulation systems for marine applications, and is a technology provider and developer in the LNG market. The agreement paves the door for the formation of a joint industrial initiative (JIP) to develop new LNG carrier designs that use the LNT A-BOX LNG cargo containment system. LNG cargo containment systems are highly specialized and have seen little advancement in recent decades.

The North American market that consists of the US and Canadian markets is expected to witness a significant amount of growth. This fact is primarily driven by the prominent and increasing demand for LNG in the US regional market. Furthermore, there has been an increased amount of spending on healthcare facilities and service providers in the US that is expected to support regional market growth in the ongoing forecast period that will be ending in 2028.


The cryogenic insulation market is witnessing the advent of an increasing degree of investments in the development of LNG pipeline infrastructure for sturdy services, particularly in the developing countries such as China, as a part of the APAC region, is expected to fuel the demand for cryogenic insulation followed by its expansion for the efficient operations of the LNG value chain for the ongoing forecast period that will be ending in 2028.


There is no globally harmonized standard regarding the thermal data for cryogenic insulation materials, or regarding the standard test methods or instrumentation exists. However, the market participants generally are following the ASTM International standards for conducting the processes related to designing and testing cryogenic insulation materials and systems.


The price of the cryogenic insulation in the market varies based on material type and includes polyisocyanurate, polyurethane, expanded foams, fiberglass cellular glass, polystyrene, and others like aerogel. The fiberglass component of the market is one of the least expensive and aerogel is recognized as the most expensive material.


Report Overview


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.



Report Scope:

Report Attribute/Metric Details
  Market Size   2030: USD 6.42 Billion
  CAGR   (2021 - 2030)
  Base Year   2020
  Forecast Period   2021 - 2030
  Historical Data   2019
  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

  • Increasing demand for LNG as a fuel across developed and developing.
  • Growing significance of cryogenic insulation across the food & beverage and medical industries


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    Frequently Asked Questions (FAQ) :

    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.