Cryogenic Insulation Market (By Type: PU & PIR, Cellular Glass, Polystyrene, Fiberglass, Perlite, Others; By Form: Bulk-fill, Foam, Multi-layer; By Cryogenic Equipment: Tanks, Valves, Vaporizers, Pumps, Others; By End-use: Energy & Power, Chemicals, Metallurgical, Electronics, Shipping, Others) – Global Industry Analysis, Market Size, Opportunities And Forecast, 2019-2026

The global cryogenic insulation market is expected to grow at a CAGR of 6.3% from 2019 to 2026 and expected to reach the market value of around US$ 3.1 bn by 2026.

The cryogenic insulation is a high performing material used to protect and reduce the energy leaks and offers high level of thermal isolation for applications operating below -75 degree Celsius. This is mainly used for transportation and storage of cryogenic gases such as liquid petroleum gas (LPG), liquid natural gas (LNG), and ethylene. Growing LNG terminals, transportation and storage of LNG and other LNG related applications required cryogenic insulation which further expected to boosts the demand for cryogenic market.

Market Dynamics

The increasing demand for alternative fuel coupled with the rising environmental awareness across the globe is primarily driving the market growth. Rising demand for transportation and storage of liquefied natural gas (LNG) in North America and Europe region is further bolstering the market growth. Increasing disposable income in developing economies and increasing investment in the development of LNG pipeline infrastructure are further accelerating the market value. Growing applications of cryogenic insulation in energy & power, chemicals, metallurgical, and electronics sectors is expected to drive the demand in the market.

On the flip side, fluctuating raw material costs and decrease in steel production are likely to hamper market growth. High cost of development in insulation is additionally expected to hinder the market growth. Whereas, the increasing investment energy sector, growing demand for alternative fuels, growing infrastructure development, and rise in demand for cryogenic technologies from aerospace applications is anticipated to create potential opportunities over the forecast period.

By cryogenic equipment, tank segment dominated the cryogenic insulation market

In 2018, tank segment held the highest market share and the segment is also projected to maintain its dominance over the forecast period. The attributes which are supporting the growth of the segment is growing demand for storage and transportation of gases and liquids from energy and power industry.

By type, PU & PIR segment dominated the cryogenic insulation market

In 2018, PU & PIR segment held the highest market share and the segment is also projected to maintain its dominance over the forecast period. The attributes which are supporting the growth of the segment is growing number of LNG terminals, growing transportation of liquefied gases, growing use of PU and PIR in various applications which includes tank and pipe insulation, refrigerators, and coolers.

By end-use, energy & power segment dominated the cryogenic insulation market

In 2018, energy & power segment held the highest market share and the segment is also projected to maintain its dominance over the forecast period. The attributes which are supporting the growth of the segment is growing demand for energy and power in developing countries due to growing expansion of industrial and residential sector and growing demand for LNG across the globe.

The market research study on “Cryogenic Insulation Market– Global Industry Analysis, Market Size, Opportunities and Forecast, 2019 – 2026”, offers a detailed insight into the global cryogenic insulation market entailing insights on its different market segments. Market dynamics with drivers, restraints, and opportunities with their impact are provided in the report. The report provides insights into the global cryogenic insulation market, its type, cryogenic equipment, form, end-use, and major geographic regions. The report covers basic development policies and layouts of technology development processes. Secondly, the report covers global cryogenic insulation market size, and segment markets by type, cryogenic equipment, form, end-use, and geography along with the information on companies operating in the market. The cryogenic insulation market analysis is provided for major regional markets including North America, Europe, Asia Pacific, Latin America and Middle East & Africa. For each region, the market size for different segments have been covered under the scope of the report.

In 2018, Asia-Pacific dominated the regional market with a maximum market share

Asia-Pacific accounted for the high market share of the cryogenic insulation market and the region is also expected to maintain its dominance over the forecast period. The region is experiencing the maximum growth owing to growing foreign direct investment in manufacturing, energy and power sector, growing end use industries such as chemicals and energy and power, and rising infrastructure development, and growing demand for LNG. Europe is followed by the Asia-Pacific region in the cryogenic insulation market.

Europe is expected to exhibit the second largest in the global market during the forecast period. The manufacturers are investing in Europe countries to meet the demand for end user industries. Growths of industries such as metallurgical, electronics, shipping are expected to enhance the market growth in the global cryogenic insulation market during the forecast.

North America is expected to hold the highest CAGR in the global market during the forecast period. The manufacturers are investing in North American countries to meet the demand for cryogenic insulation. The increased expenditure in innovation and growing investment in oil and gas sector are expected to enhance the market growth in the global cryogenic insulation market during the forecast. The US is expected to be the major contributor to the regional growth of cryogenic insulation market due to growing emergence of offshore exploration and is expected to see a significant demand for cryogenic insulation during the forecast period.

The players profiled in the report include Lydall Inc., BASF SE, Cabot Corporation, Rochling Group, Johns Manville Inc., Dunmore Corporation, Pittsburgh Corning Corporation, Imerys Minerals, Aspen Aerogels, Isover, Hertel, Amol Dicalite Limited, G+H Group, and Armacell International Holding GmbH. The companies are involved in mergers and acquisitions and new product development for expanding their market share and also for gaining competitive advantages over its competitors.

Market Segmentation

Market By Type

• PU & PIR
• Cellular Glass
• Polystyrene
• Fiberglass
• Perlite
• Others

Market By Form

• Bulk-fill
• Foam
• Multi-layer

Market By Cryogenic Equipment

• Tanks
• Valves
• Vaporizers
• Pumps
• Others

Market By End-use

• Energy & Power
• Chemicals
• Metallurgical
• Electronics
• Shipping
• Others

Market By Geography

• North America
  • U.S.
  • Canada
• Europe
  • UK
  • Germany
  • France
  • Spain
  • Rest of Europe
• Asia-Pacific
  • China
  • Japan
  • India
  • Australia
  • South Korea
  • Rest of Asia-Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa