Global Cryogenic Insulation Market is Expected to Reach USD 3.76 Billion by 2025 : Fior Markets

Global Cryogenic Insulation Market by Type (PU & PIR, Cellular Glass, Polystyrene, Fiberglass and Perlite), Cryogenic Equipment, Form, End-Use Industry, Region, and Global Industry Analysis, Market Size, Share, Growth, Trends, and Forecast 2018 to 2025

 | Source: Fior Markets Fior Markets

New Jersey, NJ, Sept. 17, 2019 (GLOBE NEWSWIRE) -- Increasing demand for LNG as a clean and environmentally friendly alternative to conventional energy resources and rising use of cryogenic engines in aerospace and space exploration industry is anticipated to drive the market. The global cryogenic insulation market is expected to grow from USD 2.13 billion in 2017 to USD 3.76 billion by 2025 at a CAGR of 7.36% during the forecast period from 2018-2025, according to the new report published by Fior Markets.

Physics defines cryogenics as the production and behaviour of materials at very low temperatures. To maintain these very low-temperature states, the cryogenic insulation materials have been developed. Cryogenics technology helps in simplifying the transportation of commercially important gases such as LNG, ammonia, ethylene by reducing the physical volume in a liquid state. The global push towards the use of alternative green fuels in power generation, automobiles, and domestic energy requirements has shot up the demand for LNG. Thus, demand for cryogenic insulation materials is ever on the rise. Use of cryogenic insulation in cryogenic engines has increased due to their superior load carrying capacities. Entry of India and China into the field of space exploration is expected to be a major driving force behind the global demand for Cryogenic Insulation Materials.

LNG contracts 600 times in physical volume when liquefied hence, it is possible to transport more quantity at the same physical volume. Thus, cryogenic technology makes transportation of economically important gases cost-effective. Restrictions on the propagation of cryogenic engine technology and huge investment cost are proving to be a barrier for the global cryogenic insulation market.

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Key players in the global cryogenic insulation market are BASF SE, Bayer Material Science, Armacell International Holding GMBH, Bradford Insulation Industries Ltd., Evonik Industries, Huntsman Corporation, Lydall Inc, Cobot Corporation, Johns Manville Industrial Insulation Group, Aspen Aerogels Inc., The Dow Chemical Company, Fletcher Insulation Group, Kingspan Group PLC, Knauf Insulation, Arabian Fiber Glass Insulation Company Ltd among others. To enhance their market position in the global Cryogenic Insulation market, the key players are now focusing on adopting strategies such as product innovations, mergers & acquisitions, recent developments, joint venture, collaborations, and partnership.

  • For instance, Cabot Corporation entered into an agreement with Johns Manville Industrial Insulation Group (IIG) in May 2016 enabling both companies to produce high-performance insulation for oil and gas applications using Cabot’s proprietary technology and aerogel products.
  • Developing and developed economies are generating huge demand for cryogenic insulation with their increasing demand for LNG and cryogenic insulation materials indirectly. To serve this demand, many companies are pooling their resources and technology together to better serve the demand. For instance, Cabot Corporation entered into an agreement with Johns Manville Industrial Insulation Group (IIG) in May 2016 enabling both companies to produce high-performance insulation for oil and gas applications using Cabot’s proprietary technology and aerogel products.

PU and PIR segment dominated the market in 2017

The type segment includes PU & PIR, cellular glass, polystyrene, fiberglass, and perlite. PU and PIR insulations are widely used in gas liquefaction and regasification industry. Increasing demand for LNG globally is expected to increase the demand for PU and PIR for storage & transportation facilities of LNG.

Pumps segment is expected to report 8.21% CAGR in 2018-2025

The cryogenic equipment is classified into tanks, valves, pumps, vaporizers, and others. Pumps segment is expected to report the highest growth of a CAGR of 8.21% during the forecast period. This growth is accounted for the rise in demand from food and materials storage as well as the energy and power industry. Presently tanks segment accounts for the highest market share in terms of demand for cryogenic insulation materials.

Foam segment held the largest share of 45.23% in 2017

The form segment is classified into bulk, multi-layer, and foam. Owing to its properties of good mechanical strength and cost-effectiveness, the foam segment led the global market for cryogenic insulation materials with 45.23% of total market volume. The multi-layer segment is projected to grow at a CAGR of 9.24% over the forecast period on account of its better insulation to weight ratio stability.

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The energy and power industry is anticipated to be the largest user during the forecast period

End-user industry segment includes Energy & Power, Chemicals, Metallurgical, Electronics, Shipping, and Aerospace. Rising energy demand throughout the world on account of rising urbanization, industrialization, and clean fuel has driven the demand for cryogenic insulation materials in energy and power segment. Aerospace and space exploration industry are also going to be a major propelling factor for the growth during the forecast period.

Regional Segment Analysis of the Cryogenic Insulation Market

  • North America (U.S. , Canada, Mexico)
  • Europe (Germany, France, U.K., Italy, Spain, Rest of the Europe)
  • Asia-Pacific (China, Japan India, Rest of APAC)
  • South America (Brazil and Rest of South America)
  • Middle East and Africa (UAE, South Africa, Rest of MEA)

North America dominated with the largest market share of 33.45% by revenue for cryogenic insulation materials in 2017 followed closely by Europe and Asia Pacific. North America generated the largest demand for cryogenic insulation materials in 2017. The driving force behind this demand is huge energy demand from well-developed industrial sector, automobiles and aerospace and space exploration sector. Asia Pacific region is expected to generate considerable demand for cryogenic insulation materials based on huge demand from the developing economies of the region India and China. The rapid pace of urbanization, industrialization and rising per capita disposable in these countries is generating huge demand for automobiles and energy thus. fuelling the demand for cryogenic Insulation Materials. Development of space exploration and aerospace industries at breakneck speed in these countries is also a major force behind the demand for the cryogenic insulation materials. Also, the emphasis on reducing the wastage of perishable agricultural produce especially fruits and vegetables has increased the use of cryogenic insulation materials in the development of cold storages and supply chain.

About the report:

The global cryogenic insulation market is analysed on the basis of value (USD Billion), volume (Kilotons), consumption (Kilotons), import (Kilotons), and export (Kilotons). All the segments have been analysed on global, regional and country basis. The study includes the analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, supply, demand analysis, competitor position grid analysis, distribution and marketing channels analysis.

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