Cryogenic Insulation - Global Market Outlook (2021-2028)

Cryogenic Insulation - Global Market Outlook (2021-2028)

According to Stratistics MRC, the Global Cryogenic Insulation Market is accounted for $2.94 billion in 2021 and is expected to reach $5.46 billion by 2028 growing at a CAGR of 9.2% during the forecast period. Cryogenic insulation is a high-performance material used to reduce the energy leaks and to provide a high level of thermal isolation for applications operating below −75°C. Cryogenic insulation is a technique that guarantees reliable storage and effective transport of inflammable products such as LNG. Cryogenic insulation is provided for an efficient transportation and safe storage of these gases.

Market Dynamics:

Driver:

Rising Demand for Liquefied Natural Gas as Fuel

LNG transport and storage are some of the main applications of the market in the energy sector and are expected to contribute particularly to the growth of the market. Increased liquefied natural gas requirements in a myriad of sectors, such as the domestic, automotive, power generation sectors, and commercial fuel and are expected to spur natural gas exploration and production, thus driving the growth. The increasing demand for its equipment along with the increasing demand for natural and industrial gas for the oil and gas industry should stimulate the market. In recent years, owing to the increase in storage tanks, LNG terminals, and ships carrying LNG, a significant amount of insulating materials will be required, which should stimulate the market.

Restraint:

High Cost

Due to the high initial investments required for the cryogenic insulation as the insulation comprises a high-priced raw material that is available for exorbitant prices, which increases the overall cost of the product. In addition, the lack of a supporting framework for the successful incorporation of storage units is expected to restrict the market growth.

Opportunity:

Rise in Environment Awareness

The rise in environmental awareness is supposed to accelerate the demand for the market in the projected years. Greater environmental awareness is creating opportunities for the market. Natural gas is a natural energy resource that is used across the globe. It is clean, efficient, and environmentally friendly. The growth of efficient and advanced LNG terminals, LNG carriers, and storage tanks is driving growth in the cryogenic insulation market. Furthermore, the growing demand for gas liquefaction is stimulating the adoption of cryogenic insulators. The growing demand for cryogenic technologies in space applications has created several opportunities for cryogenic insulation manufacturers.

Threat:

Highly Competitive

Due to the increase in the new entrances, witness strong competition among numerous key players operating in the market. The vendors in the market are adopting various organic and inorganic growth strategies to compete in the market. However, fluctuating raw material prices, concerns regarding safety, and issues related to product durability are the factors estimated to threaten overall market growth.

Oil and Gas segment is expected to be the largest during the forecast period

Due to its wide range applications of it in natural gas, petrochemicals, and other allied products’ storage and transportation. It also plays a vital role in the oil and natural gas industry for the transport and storage of liquefied natural gas. The growth of the oil and natural gas industry in the provinces with cold weather conditions is expected to drive the demand for the market in the coming years. The chemical and fertilizer industry has a wide range of products in its product portfolio (liquids, gases, and solids). The growth of the chemical and fertilizer industry is thus expected to drive the demand of it for applications in manufacturing processes and transport of utilities and products.

The Plastic Foams segment is expected to have the highest CAGR during the forecast period

Due to their properties and widespread applications like lightweight, moisture, and fire-resistant, has low thermal conductivity and density, and provides better structural performance. Plastic foams are generally treated by the same surface-preparation methods used for the base polymer.

Region with highest share:

The Asia Pacific is projected to hold the highest market share. Asia-Pacific is estimated to be the largest as well as a fastest-growing market during the forecast period, with China, Japan, India, and Australia being the major countries with lucrative growth opportunities. Asia-Pacific represents the good potential for market product makers. Over the forecast period, increased industrialization and urbanization are expected to support market growth. The growth of the market is driven by the growth of various end-use industries, such as energy & power, chemicals, electronics, and others. Increasing investment in the energy sector along with rising demand for LNG is expected to drive the market in the province.

Region with highest CAGR:

North America is projected to have the highest CAGR, owing to the increased gas exploration and production activities, the North American market is expected to be the fastest expanding regional market. Moreover, significant penetration of cryogenic insulation in the LNG industry in the province is expected to fuel regional market growth. Growth in the manufacturing sector, increasing energy consumption, and growing environmental concerns are all driving factors in the North American market.

Key players in the market:

Some of the key players profiled in the Cryogenic Insulation Market include Amol Dicalite Limited, Armacell International Holding GmbH, Aspen Aerogels, BASF SE, Cabot Corporation, Dunmore Corporation, G+H Group, Acme Cryogenics, Inc, Imerys Minerals, Isover (Saint Gobain), Johns Manville Inc., Lydall Inc, Pittsburgh Corning Corporation, Rochling Group, Dongsung FinTec Co, Targa Resources Corp.

Key developments:

In February 2019: Acme Cryogenics, Inc acquired Cryogenics Experts, Inc who is involved in the manufacturing and design of vaporizers and accessories. Acme is involved in the supply of various cryogenic products including insulations to different end-use industries.

In June 2018: Dongsung FinTec Co a Korea-based cryogenic insulator manufacturer signed an agreement of US$ 18.4 Million with Hudong-Zhonghua Shipbuilding, a China-based shipbuilding company to supply vessel insulators for liquefied natural gas ships.

In March 2018: Targa Resources Corp entered into a long-term agreement related to the gathering of the natural gas and its processing services for the fractionation, downstream transport, and other services. The company plans to build around 220 miles of a gas pipeline across the region.

Types Covered:
Double Side Coated
Single Side Coated

Insulation Types Covered:
Cellular
Fibrous
Flake
Granular
Reflective

Forms Covered:
Bulk-Fill
Foam
Multi-Layer

Equipment’s Covered:
Vaporizers
Valves
Tanks
Pumps
Pressure Container
Other Equipment’s

Material Types Covered:
Polyethylene Terephthalate (PET)
Polyamide
BoPET (Biaxially-oriented Polyethylene Terephthalate)
Wool
Plastic Foams
Other Insulation material Types

Applications Covered:
Fuel Tanks
Pipe Systems
Terminals
Transport & Storage
Other Applications

End Users Covered:
Shipping
Refrigeration
Oil and Gas
Metallurgical
Heating, Ventilation, and Air Conditioning (HVAC)
Energy & Power
Electronics
Chemicals
Other End Users

Regions Covered:
North America
US
Canada
Mexico
Europe
Germany
UK
Italy
France
Spain
Rest of Europe
Asia Pacific
Japan
China
India
Australia
New Zealand
South Korea
Rest of Asia Pacific
South America
Argentina
Brazil
Chile
Rest of South America
Middle East & Africa
Saudi Arabia
UAE
Qatar
South Africa
Rest of Middle East & Africa

What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2020, 2021, 2022, 2025 and 2028
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements

Free Customization Offerings:
All the customers of this report will be entitled to receive one of the following free customization options:
Company Profiling
Comprehensive profiling of additional market players (up to 3)
SWOT Analysis of key players (up to 3)
Regional Segmentation
Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
Competitive Benchmarking
Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances