LOS ANGELES, Jan. 08, 2020 (GLOBE NEWSWIRE) -- The global cryogenic insulation market is expected to grow at a CAGR of around 6.3% during the forecast period 2019 to 2026 and reach the market value of around US$ 3.1 billion by 2026.
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Asia-Pacific dominated the global cryogenic insulation market in the year 2018. The presence of a large customer base, growing demand for transportation and storage of cryogenic fluids in various end user industries, growing foreign direct investment, rapid urbanization is accelerating the regional market growth. Furthermore, growing development of cryogenic insulation manufacturers, increase in number of LNG terminals, several government initiatives for energy and power sector, and rising environmental awareness further expected rise the demand for cryogenic insulation in the region. China accounted for largest market share in Asia-Pacific region. This growth is attributed to increase in transportation and storage of cryogenic fluids from various end-use industries which includes electronics, energy & power, chemicals, shipbuilding industries. The Europe region is expected to exhibit a second-largest share in the cryogenic insulation market. The region has experienced the potential growth owing to the presence of cryogenic insulation companies such as Armacell International Holding GmbH, BASF SE and Rochling Group among others. The increasing number of LPG and LNG terminals in the region is expected to contribute to market growth. The rising environmental awareness, growing demand for alternative fuels, and stringent government regulations in this region further expected to fuel the demand for market.
North America is expected to hold the highest CAGR in the global market during the forecast period. Strong economic growth in the North America region is one of the key factors driving the consumption of cryogenic insulation in this region. Moreover, the growth of construction, energy & power, chemicals, metal production and processing, electronics, shipping, aerospace industry in key countries such as US, Canada, and Mexico are also propelling the growth of cryogenic insulation in the North America region.
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PU & PIR segment have dominated the type segment in the year 2018 and the segment is projected to maintain its dominance over the forecast period from 2019 to 2026. The PU & PIR insulation has low thermal conductivity, moisture and fire resistant, offer better structural performance, low density, and lightweight are the factors accelerating the segment market growth. The growth is mainly attributed to their widespread application and properties. The PU & PIR is widely used in various applications such as freezers, tank & pipe insulation,household refrigerators, cold storage building, and coolers.
Multi-Layer segment have dominated the form segment in the year 2018 and the segment is projected to maintain its dominance over the forecast period from 2019 to 2026. The multi-layer form has huge applications in food and beverage, energy & power, and chemicals. This segment offers high insulation and high strength to weight ratio, and enhanced thermal conductivity.
Energy & power segment dominated the cryogenic insulation market on the basis of end-use in the year 2018. The growing demand for alternative fuel across the globe, favorable government policies, and growing energy sector further expected to boost the demand forenergy & power sector during the forecast period.
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Some of the leading competitors are Pittsburgh Corning Corporation, Imerys Minerals, Aspen Aerogels, Isover, Hertel, AmolDicalite Limited, G+H Group, and Armacell International Holding GmbH, Lydall Inc., BASF SE, Cabot Corporation, Rochling Group, Johns Manville Inc., Dunmore Corporation.
Some of the key observations regarding cryogenic insulation industry include:
- Rochling Group introduced Lignostone cryogenic, in June 2019. The new product is designed for insulation in LNG and LPG carriers. This will enable the company to serve the oil & gas industry with its advanced products.
- Cabot Corporation entered into an agreement with Johns Manville Industrial Insulation Group (IIG) in May 2016. The agreement enhances product portfolio of cryogenic insulation for the oil and gas industry.
- Imerys Perlite USA partnered with JC Hall Company in December 2016. This partnership enhances mobile perlite expanders and related services and improves its cryogenic insulation products & services.
- In May 2019, BASF SE and Shanghai Harvest Insulation Engineering Co., Ltd (Harvest) signed collaboration agreement to develop polyurethane (PU) insulation solutions for the cryogenic and shipbuilding industries in China.
- Quantum Cryogenics introduced indirect whole body cryotherapy chamber, in January 2019. This new product offers ultra-cold temperature that has been chilled using liquid nitrogen.
- Acme Cryogenics, Inc. acquired Cryogenic Experts Inc. in February 2019. The acquisition focuses on development of cryogenic products including insulations to different end use industries.
- In June 2018, Dongsung FineTec Company signed partnership agreement with Hudong-Zhonghua Shipbuilding; a China based Shipbuilding Company for USD 18.4 Million to supply vessel insulators for liquefied natural gas ships.
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