The global aerogel-based cryogenic pipe supports market was valued at USD 2,040.0 Thousand in 2019 and is projected to reach USD 3,001.2 Thousand by 2027, expanding at a CAGR of 6.4% during the forecast period. Aerogel-based cryogenic pipe supports use aerogel as an insulating material and especially designed and produced to conduct cryogenic substances. Aerogel insulation can be very thin owing to thermal efficiency of the aerogel. This reduces the weight of the pipe system. Reduced size, thickness, and weight results in low installation cost of the entire pipe system. Furthermore, these pipe supports are hydrophobic, which prevents the moisture from getting into the insulation around the pipe.
Market Dynamics
The market is driven by factors such as rising Industrial activities in emerging economies and growing production of oil has resulted in a surge in the demand for Aerogel-based Cryogenic Pipe Support. Conversely, growing availability of alternative product and fluctuation in the prices of raw material areas are key restraints of this market. Growing oil industry in Middle East in emerging markets an opportunity for manufacturer.
Segmental Outlook
On the basis of type, the global Aerogel-based Cryogenic Pipe Supports Market is segmented as resting, guided, hanger, anchor, others. The guided segment is anticipated to expand at a CAGR of 6.2% during the forecast period as guided Pipe supports are widely used in the industries where pipes undergo frequent fluctuations in temperature, pressure and weight. These supports keep pipes from moving, thus maintaining the integrity of the whole structure. The hanger segment is estimated to hold 50.4% share of the market in 2020 as the adoption of hanging support for pipes is increasing in small sized industries as pipes are hanged from the ceiling using hanger support, the space on ground is freed for other activities. The anchor segment is estimated to hold 8.4% share of the market in 2021.
Based on application, the market is segmented into energy & power industry, petrochemical industry, oil & gas industry, and others. The oil & gas segment is projected to hold a major share of the market during the forecast period as due to increasing production of this industry. Petrochemical industry segment is anticipated to hold major share of the market. As production of oil and gas industry has increased, the processing of crude oil and gas in petrochemical industry is also on the rise, which is fueling the demand for pipe supports. The others segment is also expected to grow at a substantial pace during the forecast period owing to growing demand from chemical, food processing industries.
Regional Outlook
In terms of regions, the market is fragmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The Latin America is a promising region for the market. The region constituted 22.0% share of the market in 2020. The Latin America and Middle East & Africa market in the region is projected to expand at a CAGR of 7.0% during the forecast period as there is increase in increasing focus of players on research and development, rise in government initiatives are some of the factors expected to boost the market growth on the region.
Key Benefits for Industry Participants & Stakeholders
- In-depth Analysis of the Global Aerogel-based Cryogenic Pipe Supports Market
- Historical, Current and Projected Market Size in terms of Value
- Potential & Niche Segments and Regions Exhibiting Promising Growth Covered
- Industry Drivers, Restraints and Opportunities Covered in the Study
- Recent Industry Trends and Developments
- Competitive Landscape & Strategies of Key Players
- Neutral Perspective on Global Aerogel-based Cryogenic Pipe Supports Market Performance
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