(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.
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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.
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Browse in-depth TOC on "Cryogenic Insulation Market”
63 - Market Data Tables
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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).
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