Cryogenic Insulation Market Overview:
According to a comprehensive research report by Market Research Future (MRFR), “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 2028” the market size is projected to be worth USD 6.42 billion by 2028, registering a CAGR of 8.11% during the forecast period (2021 - 2028), The market was valued at USD 3.65 billion in 2020.
Market Competitive Landscape:
List of the renowned Companies of the cryogenic insulation market profiled are:
- KAEFER (Germany)
- BASF SE (Germany)
- Armacell Enterprise GmbH & Co. KG (Germany) – Armaflex
- Aspen Aerogels (US) – Pyrogel, Cryogel
- DUNMORE (US) – CRYO-SHIELD Multilayer
- Norplex Micarta (US) – NP500CR
- Cabot Corporation (US) – Nanogel
- Lydall, Inc (US)
- Owens Corning (US) – FOAMGLAS
- Röchling (France) – Durolight
- NICHIAS Corporation (Japan) – FOAMNERT Board-TN
Market USP Covered:
Market Drivers:
The market for cryogenic insulation is expected to expand significantly over the forecast period, thanks to the growing use of cryogenic refrigeration in the food & beverage, transportation, medical, and energy industries. Furthermore, rising LNG consumption in both developed and emerging countries are propelling the worldwide cryogenic insulation market forward. Increased investment in LNG pipeline infrastructure, particularly in emerging nations such as China, is likely to feed demand for cryogenic insulation for the LNG value chain's efficient functioning.
Market Restraints:
Obstacles such as fluctuating raw material prices, safety concerns, and product durability issues are expected to inhibit overall market expansion. A technical development expected to stimulate industrial demand over the projection period is the increased usage of advanced technology to improve performance attributes.
COVID-19 Analysis:
COVID-19 is an unprecedented global public health crisis that has impacted practically every business, with long-term consequences that are expected to stifle industrial growth during the forecast period. The cryogenic insulation market has had a negative influence because of the pandemic too. Due to the impact of the pandemic on the supply chain, the cost of raw material was soaring, resulting in an increase in the overall costing of the product.
Market Segmentation:
The segmentation of the global insulation material is done by material type and end-use industry.
By material type, the PU sector had the highest value share, owing to its low heat conductivity, moisture resistance, fire resistance, and structural performance. Lightweight polymers with exceptional insulating qualities, polyurethane (PU) and polyisocyanurate (PIR) foam can be utilised to insulate cold-temperature applications down to –180°C.
By end-use, the energy and power segment of the global cryogenic insulation market is predicted to be the largest and fastest-growing. The strong growth rate can be attributable to the growing demand for LNG around the world.
Regional Insights:
Due to the increased gas exploration and production activities, the North American market was valued at USD 432.8 million in 2018 and is expected to be the fastest expanding regional market from 2019 to 2025. Furthermore, throughout the projection period, significant penetration of cryogenic insulation in the LNG industry in the region is expected to fuel regional market growth. Growth in the manufacturing sector, increasing energy consumption, and growing environmental concerns are all driving factors in the North American market. However, the cryogenic insulation market in this region is very saturated, which creates significant challenges for new competitors.
Due to the region's rapidly rising economies, such as China, India, and South Korea, Asia-Pacific represents the good potential for cryogenic insulation product makers. These countries are the largest consumers of cryogenic insulation and the driving force behind the region's industrial development. Over the forecast period, increased industrialization and urbanization are expected to support market growth.
Market Scope:
Cryogenic insulation is a type of high-performance material used in applications that operate below 75°C to prevent energy losses and give a high level of thermal isolation. Cryogenic insulation is commonly employed in cryogenic gas storage (cryogenic tanks) and transportation (LNG, liquid nitrogen, LPG, and ethylene). Cryogenic insulation is used to ensure that these gases are transported and stored safely. For cryogenic insulation, a variety of materials are utilized, including polyurethane, polyisocyanurate, expanded foams, cellular glass, fiberglass, and polystyrene. Increased investment in developing new and high-performance materials is one of the important trends in the global cryogenic insulation market.
The market for cryogenic insulation is expected to expand significantly over the forecast period, thanks to the growing use of cryogenic refrigeration in the food & beverage, transportation, medical, and energy industries. Furthermore, rising LNG consumption in developed and emerging countries is propelling the worldwide cryogenic insulation market. Increased investment in the LNG pipeline networks, particularly in emerging nations such as China, is likely to feed demand for cryogenic insulation for the LNG value chain's efficient functioning.
Cryogenic insulation is expected to become more popular as global demand for energy and power rises as a result of increased industrialization and urbanization. Furthermore, the expansion of the aerospace and space exploration sectors is expected to boost demand for cryogenic insulation throughout the forecast period.
Segmentation of Market covered in the research:
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 2028
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