Cryogenic Insulation Market

Cryogenic Insulation Market is valued at USD 3.67 Billion in 2021 and is expected to reach USD 5.98 Billion by 2028 with a CAGR of 7.24% over the forecast period. 

Global Cryogenic Insulation Market: Global Size, Trends, Competitive, Historical & Forecast Analysis, 2022-2028- Increasing demand for liquefied natural gas (LNG), rising demand for oil and gas industry, and growing environmental awareness are some of the major factors driving the growth of the Global Cryogenic Insulation Market. 

Scope of Global Cryogenic Insulation Market Report- 

A cryogenic insulation system deals with the storage and transportation of cryogenic materials like liquid natural gas (LNG), liquid oxygen, liquid nitrogen, liquid hydrogen, etc. Cryogenic insulation is used in the food and beverage industry to implement liquid nitrogen, and carbon dioxide provides advantages in food processing and freezing applications. It is also used to protect LNG production plants and increase their production capacity. Cryogenic insulation is a high-performance technique that safeguards the reliable storage and effective transportation of flammable products such as LNG. Cryogenics is an energy-intensive field, and as such, insulation is a key factor for economic efficiency. 

The Covid-19 pandemic has shown a negative impact on the growth of the global cryogenic insulation market. Supply chain disruptions, temporary closure of factories, and procurement of raw materials are some of the major challenges faced by the market during the pandemic. Market players adopted new strategies to maintain their supply chains and factory operations to continue normally but still suffered due to the severity of the pandemic. The market is gradually recovering with increased growth in end-use industries. Going forward, the cryogenic insulation market is projected to witness significant growth due to increasing demand for cryogenic insulation solutions in food and beverage, automotive, oil and gas, etc. 

The global cryogenic insulation market is segmented on the type, cryogenic equipment, end-use, application and region & country level. Based on type, the global cryogenic insulation market is segmented into polystyrene, PU & PIR, perlite, cellular glass, fiberglass, and others. By cryogenic equipment, the global cryogenic insulation market is segmented into vaporizers, tanks, pumps, valves, and others. By end-use, the global cryogenic insulation market is segmented into chemicals, energy & power, electronics, metallurgical, shipping, and others. By application, the global cryogenic insulation market is segmented into storage tanks, pipe systems, fuel tanks, terminals, and others. 

The regions covered in the global cryogenic insulation market report are North America, Europe, Asia-Pacific, Latin America, and the rest of the World. Based on country level, the market of global cryogenic insulation is sub divided into U.S., Mexico, Canada, U.K., France, Germany, China, Italy, India, Japan, Southeast Asia, Middle East Asia (Saudi Arabia, UAE, Egypt) GCC, Africa, etc. 

 

 

Key Players of Global Cryogenic Insulation Market Report- 

Some major key players for the global cryogenic insulation market report cover prominent players like Rochling Group, Aspen Aerogels Inc., Owens Corning, BASF SE, Cabot Corporation, Johns Manville Inc., Lydall Inc., DUNMORE, Armacell International Holding GmbH, Hertel Holding B.V., and others.  

Report Analysis	Details
Historical data	2018 - 2021
Forecast Period	2022 - 2028
Market Size in 2021:	USD 3.67 Billion
Base year considered	2021
Forecast Period CAGR %:	7.24%
Market Size Expected in 2028:	USD 5.98 Billion
Tables, Charts & Figures:	175
Pages	200
Cryogenic Insulation Companies	Rochling Group, Aspen Aerogels Inc., Owens Corning, BASF SE, Cabot Corporation, Johns Manville Inc., Lydall Inc., DUNMORE, Armacell International Holding GmbH, Hertel Holding B.V., and others.
Segments Covered	By Type, By Cryogenic Equipment, By End-Use, By Application
Regional Analysis	North America, U.S., Mexico, Canada, Europe, UK, France, Germany, Italy, Asia Pacific, China, Japan, India, Southeast Asia, South America, Brazil, Argentina, Columbia, The Middle East and Africa, GCC, Africa, Rest of the Middle East and Africa

 

News- 

BASF Helped Advance China’s Cryogenic Transport Technology 

On April 14th, 2022; Chemical multinational BASF used its proprietary Elastopor Cryo (Elastopor) technology has developed a cryogenic insulation system that is used to transport cryogenic liquid cargo such as liquefied natural gas (LNG). The system, developed by Shanghai Harvest Insulation Engineering Co., Ltd (Harvest), integrated into the first VLEC (Very Large Ethane Carrier) to be delivered to Jiangnan Shipyard, one of China's leading shipbuilding companies. BASF's Elastopor technology enables a high degree of insulation capacity for ships even in rough sea conditions, while also allowing the maintenance of specific low-temperature conditions for liquid cargo during transit. 

Increasing Demand for Liquefied Natural Gas (LNG), Rising Demand for Oil and Gas Industry, and Growing Environmental Awareness are Some of the Major Factors Driving the Market Growth  

One of the major factors driving the growth of the cryogenic insulation market is the increasing demand for liquefied natural gas (LNG). LNG is natural gas that when liquefied has only 1/600 of its volume in the gaseous state. To liquefy, natural gas is cooled to -1640C. This reduction in volume makes LNG ideal for efficient transportation and storage. Low LNG temperatures place high demands on plant components and equipment used for LNG storage and transportation (such as LNG transport pipework systems and LNG storage tanks). These pipes and tanks must be permanently thermally insulated from adjacent plant elements. It guarantees cryogenic insulation. The rising demand for LNG is expected to drive the growth of global cryogenic insulation market. For instance; on April 12th, 2022; the United States: TotalEnergies has signed a Heads of Agreement (HOA) with Sempra Infrastructure, Mitsui & Co., Ltd. and Japan LNG Investment – a company jointly owned by Mitsubishi Corporation and Nippon Yusen Kabushiki Kaisha (NYK) for the expansion of Cameron LNG, a liquefied natural gas (LNG) production and export facility located in Louisiana, U.S. 

In addition, the rising demand for the oil and gas industry is also boosting the growth of the global cryogenic insulation market. Cryogenic insulation is highly used in the oil and gas industry for the storage and transportation of liquefied natural gas (LNG). Liquefied natural gas is natural gas in liquid form that is widely used for power generation, domestic and commercial fuel, and many other applications. Increasing production and consumption of natural gas in the oil and gas industry will increase the need for cryogenic insulation systems in the oil and gas industry. 

Moreover, the growing environmental awareness is also supplementing the cryogenic insulation market growth. Increasing environmental awareness is expected to accelerate the market demand over the forecast years. Natural gas is a natural energy source that is used worldwide. It is clean, efficient, and environmentally friendly. The growth of efficient and advanced LNG terminals, LNG carriers, and storage tanks are driving the growth of the cryogenic insulation market.  

However, the fluctuating raw material prices associated with cryogenic insulation may hinder the growth of the global cryogenic insulation market. Despite that, increasing investments in the development of innovative initiatives and high-performance materials may create more opportunities in for the further growth of the market. 

Asia Pacific is Expected to Show a Fastest Growth in the Global Cryogenic Insulation Market 

Geographically, Asia Pacific is expected to show a fastest growth in the global cryogenic insulation market within the forecast period due to the increasing demand for LNG, rising number of technological advancements, and growing investment in the energy sector in this region. Increasing demand for LNG is driving the growth of the market. For instance; according to the international trade administration, on January 7th, 2022; Japan is the world's largest LNG buyer, importing 74,463,881 tonnes in 2020. In addition, the rising technological advancements is also supplementing the market growth in this region. For instance; on April 14th, 2022; Chemical multinational BASF has had its proprietary Elastopor Cryo (Elastopor) technology harnessed and developed into a cryogenic insulation system. 

North America is expected to witness a significant growth in the global cryogenic insulation market due to the increasing production of offshore gas, rising demand for LNG, and huge investments in the oil & gas industry in this region.  

Global Cryogenic Insulation Market Segmentation:

By Type

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

By Cryogenic Equipment

• Vaporizers
• Tanks
• Pumps
• Valves
• Others 

By End-Use

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

By Application

• Storage Tanks 
• Pipe Systems  
• Fuel Tanks
• Terminals
• Others 

Cryogenic Insulation Market Key Players:

• Rochling Group
• Aspen Aerogels Inc.
• Owens Corning
• BASF SE
• Cabot Corporation, Johns Manville Inc.
• Lydall Inc.
• DUNMORE
• Armacell International Holding GmbH
• Hertel Holding B.V.

By Region Analysis

North America

• U.S.
• Canada

Europe

• Germany
• France
• U.K.
• Italy
• Spain
• Netherland
• Turkey
• Switzerland
• Belgium
• Rest of Europe

Asia-Pacific

• China
• South Korea
• Japan
• India
• Australia
• Philippines
• Singapore
• Malaysia
• Thailand
• Indonesia
• Rest Of APAC

Latin America

• Brazil
• Mexico
• Colombia
• Argentina
• Peru
• Rest of South America

Middle East and Africa

• Saudi Arabia
• UAE
• Egypt
• South Africa
• Rest Of MEA

Key Benefits of Global Cryogenic Insulation Market Report– 

• Global Cryogenic Insulation Market report covers in-depth historical and forecast analysis 
• Global Cryogenic Insulation Market research report provides detail information about Market Introduction, Market Summary, Global market Revenue (Revenue USD), Market Drivers, Market Restraints, Market Opportunities, Competitive Analysis, Regional and Country Level. 
• Global Cryogenic Insulation Market report helps to identify opportunities in marketplace.    
• Global Cryogenic Insulation Market report covers extensive analysis of emerging trends and competitive landscape.