“Rising demand for liquefied natural gas as fuel is expected to drive the Cryogenic Insulation Market.”
The cryogenic insulation market is estimated to be USD 2.3 billion in 2022 and is projected to reach USD 3.3 billion by 2031, at a CAGR of 7.20% between 2022 and 2031.
The cryogenic insulation market is largely driven by the rising demand for liquefied natural gas as fuel. Transportation and storage of LNG is the major application of cryogenic insulation in the energy and power sector. Since a major share of the market is held by this segment, LNG applications are considered to have a great impact on the market during the forecast period. LNG consumption is expected to increase further in the future due to environmental regulations regarding carbon dioxide emission and marine shipping vessels. Rising demand for LNG in various sectors such as automotive, domestic & commercial fuel, and power generation is expected to boost natural gas exploration and production, thereby, driving the growth of the cryogenic insulation market. In future, due to increase in LNG terminals, storage tanks, and ships carrying LNG, a substantial amount of insulating materials will be required, which is projected to drive the cryogenic insulation market. However, volatile raw material price is a major restraint for the growth of the market.
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“The PU & PIR segment is expected to be the second-fastest growing type in the cryogenic insulation market, in terms of value, from 2022 to 2031.”
The PU & PIR segment is expected to witness the highest growth, in terms of value, from 2022 to 2031. PUR & PIR foams are lightweight, moisture and fire resistant, and have low thermal conductivity and density. They also provide better structural performance. These properties enable their use in cryogenic conditions. They are used in various applications such as cold storage building, coolers, freezers, tank & pipe insulation, and household refrigerators.
“The energy & power end-use industry is projected to account for the largest share of the overall cryogenic insulation market, in terms of value, between 2022 and 2031.”
Energy & power is the largest market for cryogenic insulation materials. In energy & power, these materials are used for insulation of storage tanks, where LNG is stored, and in liquefaction plant, where conversion of natural gas into its liquid state is undertaken. These storage tanks can also be used for storage of other liquefied gases including butane, ammonia, chlorine, propane, propylene, carbon dioxide, LNG, LPG, ethylene, oxygen, argon, nitrogen, and hydrogen. This insulation system limits the entry of outside heat inside the process pipes and systems to keep the liquid cool and allowing it to retain its properties.
“APAC is expected to be the third-fastest growing cryogenic insulation market during the forecast period, in terms of value.”
The APAC cryogenic market is estimated to witness considerable growth owing to rising demand for storing and transporting cryogenic fluids in a wide range of end-use industries such as chemicals, shipbuilding, electronics, and energy & power. Rising demand for LNG and increasing investment in the energy sector is expected to drive the cryogenic insulation market in the region during the forecast period.
In the process of determining and verifying the market size for several segments and subsegments gathered through secondary research, extensive primary interviews were conducted. A breakdown of the profiles of the primary interviewees are as follows:
• By Company Type: Tier 1 – 46%, Tier 2 – 31%, and Tier 3 – 23%
• By Designation: C-Level – 46%, Director Level – 27%, and Others – 27%
• By Region: North America – 33%, Europe – 27%, APAC – 27%, Middle East & Africa – 6%, and South America – 7%
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Key players profiled in the report include Armacell International Holding GmbH (Germany), Lydall Inc. (US), BASF SE (Germany), Cabot Corporation (US), Rochling Group (Germany), and Johns Manville Inc. (US).
This report segments the market for cryogenic insulation on the basis of type, form, cryogenic equipment, end-use industry, and region, and provides estimations for the overall value of the market across various regions. A detailed analysis of key industry players has been conducted to provide insights into their business overviews, products & services, key strategies, new product launches, expansions, and agreements associated with the market for cryogenic insulation.
Reasons to Buy this Report
This research report is focused on various levels of analysis — industry analysis (industry trends), market ranking analysis of top players, and company profiles, which together provide an overall view on the competitive landscape; emerging and high-growth segments of the cryogenic insulation market; high-growth regions; and market drivers, restraints, opportunities, and challenges.
The report provides insights on the following pointers:
• Market Penetration: Comprehensive information on cryogenic insulation offered by top players in the global cryogenic insulation market
• Product Development/Innovation: Detailed insights on upcoming technologies, research & development activities, and new product launches in the cryogenic insulation market
• Market Development: Comprehensive information about lucrative emerging markets — the report analyzes the markets for cryogenic insulation across regions
• Market Diversification: Exhaustive information about new products, untapped regions, and recent developments in the global cryogenic insulation market
• Competitive Assessment: In-depth assessment of market shares, strategies, products, and manufacturing capabilities of leading players in the cryogenic insulation market
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