Market size- USD 2.52 billion in 2018, Market Growth- CAGR of 7.3%, Market Trends- Launch of improved insulations and research and development.
According to the current analysis of Reports and Data, the global Cryogenic Insulation Market was valued at USD 2.52 billion in 2018 and is expected to reach USD 4.41 billion by year 2026, 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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Major Companies Operating in the industry and profiled in the report are:
- Lydall Inc.,
- Armacell International Holding GmbH,
- Aspen Aerogel,
- Rochling Group and Vita Group.
Cryogenic Insulation Market Segmentation based on Product Types:
- Cellular glass
- Perlite insulation
- Polyurethane (PU)
- Polyisocyanurate (PIR)
Cryogenic Insulation Market Segmentation based on Applications:
- Energy and Power
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The regional analysis covers:
- North America (U.S., Canada, Mexico)
- Europe (U.K., Italy, Germany, France, Rest of EU)
- Asia Pacific (India, Japan, China, South Korea, Australia, Rest of APAC)
- Latin America (Chile, Brazil, Argentina, Rest of Latin America)
- Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
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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.
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