According to the current analysis of Reports and Data, the global cryogenic insulation market was valued at USD 2.92 Billion in 2020 and is expected to reach USD 5.11 Billion by year 2028, at a CAGR of 7.3 %. Cryogenics are materials that reach very low temperatures. The temperatures scales for cryogenics are not very well defined. However, it is believed that a gas is cryogenic if it can be liquefied at a temperature as low as -150°. In simple terms, cryogenic is fundamentally about energy and insulation is about energy conservation. With the rising focus on thermal isolation, the use of cryogenics and low temperature refrigeration is taking more and more significant role. In the recent times, it has become prominent due to the increasing awareness and its versatility in application. It has become a major requirement throughout industries, from food industry, transportation, energy and medical application to Space Shuttles. No matter where its application lies, cryogenic liquids must be stored, handled and transferred from one point to another. The growing demand for LNG and LPG across several sectors such as automotive, power and energy, domestic and commercial fuel. This is boosting the natural gas exploration initiatives, thus requiring cryogenic insulation.
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Further key findings of the report suggested that:
- The cryogenic insulation market has been categorised into various tools and equipment such as tanks, pumps, valves etc. Essentially, it comes in three forms namely, foam, bulk-fill and multi-layer. Multi-layer form of insulation is further categorised into two namely, films and foils. Each type of cryogenic insulation comes under any one of the forms
- Continuous developments in this field have too played a role in encouraging the consumers and driving them towards the market. The varied applicability of cryogenic insulation throughout several industries has also been identified as an important driving factor.
- Scientific and Technological developments in this field has caught the attention of various sectors. For instance, the most recent development in January 2019, Quantum Cryogenics launched indirect whole body cryotherapy chamber that delivers ultra- cold temperature that has been chilled using liquid nitrogen.
- Due to an increase in LNG terminals, storage tanks and ships carrying LNG, a substantial amount of insulating materials are required. Also a rise in environmental regulations regarding carbon dioxide emission is seen to be propelling the market.
- Rising demand for LNG as fuel and environmental awareness acts as one of the key factors driving the market.
- Polyurethane (PU) and Polyisocyanurate (PIR) products dominate the market due to the rising demand for gas liquefaction in various industries. They are essentially required for storage and transportation of LNG and LPG.
- Perlite insulation is expected to grow at a CAGR of 9.2%.
- Energy and Power segment is seen to dominate the market due to an increase in demand of LPG and LNG as fuels.
- Asia Pacific region dominated the market accounting for a market share of 35.5% followed by Europe with a market share of 31.2%. On the other hand, regions of Latin America and Middle-east and Africa continue to grow at a CAGR of 5.2% and 5.7% respectively
- Competitors include Lydall Inc., Armacell International Holding GmbH, BASF, Dunmore, Kaefer, Aspen Aerogel, Rochling Group and Vita Group.
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For the purpose of this report, Reports and Data have segmented the market on the basis of Types, Applications, Forms, Tools and Equipment and Regions:
By Type (Revenue in USD Million; 2020–2028)
- Cellular glass
- Perlite insulation
- Polyurethane (PU)
- Polyisocyanurate (PIR)
By Application (Revenue in USD Million; 2020–2028)
- Energy and Power
By Form (Revenue in USD Million; 2020–2028)
By Tools and Equipment (Revenue in USD Million; 2020–2028)
- Pressure Container
By Region (Revenue in USD Million; 2020–2028)
- North America
- Rest of the Europe
- Asia Pacific
- Rest of Asia-Pacific
- Middle East & Africa
- Latin America
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