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Cryogenic Insulation Market worth $3.3 billion by 2023

 



(IT-NEWSWIRE.COM, May 12, 2022 ) The report "Cryogenic Insulation Market by Type (PU & PIR, Cellular Glass, Polystyrene, Fiberglass, Perlite), Cryogenic Equipment (Tanks, Valves), End-Use Industry (Energy & Power, Chemicals, Metallurgical, Electronics, Shipping) - Global Forecast to 2023". The cryogenic insulation market is projected to reach USD 3.3 billion by 2023, at a CAGR of 7.20% from USD 2.3 billion in 2018.

Download PDF brochure of the Report @ https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=193543376

Transportation and storage of LNG is the major application of cryogenic insulation in the energy and power sector. 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, which will drive the growth of the cryogenic insulation market. In the 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.

The PU & PIR segment is the largest segment in the cryogenic insulation market in 2018.

The PU & PIR segment is estimated to account for the largest share of the cryogenic insulation market during the forecast period, in terms of value. The dominance of the PU & PIR segment is expected to continue during the forecast period due to its increasing use in the gas liquefaction industry. PU & PIR are majorly used in storage & transportation facilities of LNG, LPG, ethylene, ammonia/ fertilizer, and underground oil ducts, where extremely low temperatures are required. Furthermore, these are also used in cold stores and food processing plants.

The energy & power segment is estimated to be the largest end-use industry of cryogenic insulation during the forecast period.

The energy & power segment is estimated to be the largest end-use industry of cryogenic insulation during the forecast period. In the energy & power segment, cryogenic insulation is used in transportation & storage vessels, where LNG is stored and in the liquefaction plant, where conversion of natural gas into liquid state is undertaken. The demand for cryogenic insulation in the industry is expected to increase as a result of increasing demand for LNG as fuel.

Don't miss out on business opportunities in Cryogenic Insulation Market. Speak to Our Analyst and gain crucial industry insights that will help your business grow. https://www.marketsandmarkets.com/speaktoanalystNew.asp?id=193543376

Browse in-depth TOC on "Cryogenic Insulation Market”
63 - Market Data Tables
41 - Figures
143 - Pages

APAC is estimated to be the largest market for cryogenic insulation in 2018.

The APAC cryogenic insulation market is estimated to witness considerable growth on account of rapidly growing end-use industries such as energy & power. China is estimated to account for the largest share of the cryogenic insulation market in the APAC region during the forecast period, in terms of value, owing to the high demand for storing and transporting cryogenic fluids from a wide range of end-use industries such as chemicals, shipbuilding, electronics, and energy & power industries.

Rising demand for LNG, increasing investment in the energy sector, urbanization, industrialization, and infrastructural development are expected to drive the cryogenic insulation market during the forecast period.

The key market 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).

Get Sample Pages of This Report @ https://www.marketsandmarkets.com/requestsampleNew.asp?id=193543376

About MarketsandMarkets™

MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.

Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the “Growth Engagement Model – GEM”. The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write “Attack, avoid and defend” strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.

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raviraj.tak@marketsandmarkets.com

Source: EmailWire.Com



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