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Cryogenic Insulation Market is valued at USD 2.35 billion in 2018 and is projected to grow at a Compound Annual Growth Rate (CAGR) of 7.3 % during the forecast period to a net market size of USD 3.34 billion in 2023
Cryogenics is the production and behavior of the material at shallow temperatures. Cryogenic insulation is a technique used for reliable storage and efficient transportation of flammable products. In general, they have excellent stability and require less maintenance. The primary function of cryogenics is to transport and store LNG.
The growth of the cryogenic insulation market is expected to gain ground in the coming years due to a lucrative demand for liquefied natural gas as fuel. LNG transport and storage are among the main applications of cryogenic insulation in the energy sector and are expected to contribute significantly to market growth in the coming years. Increasing LNG needs in many industries such as automotive, domestic fuel production, and power generation will stimulate natural gas exploration and production, which will boost the growth of the cryogenic insulation market in the near future.
Due to the increasing number of LNG terminals, storage tanks, and ships carrying LNG, a significant amount of insulating material will be needed, which should boost the cryogenic insulation market. However, the price of the volatile raw material is likely to be a major constraint to the growth of the cryogenic insulation market in the coming years. However, growing environmental awareness will significantly contribute to the revenues of the cryogenic insulation market in the coming years.
Facts & Figures
Prominent Leaders working in cryogenic insulation market:
Amol Dicalite Limited, Aspen Aerogels, Inc., DUNMORE, Hertel Holding BV, Imerys, Isover, Owens Corning and Röchling Group (Germany), Lydall Inc. (Germany), are the main competitors in the sector. United States), BASF SE (Germany), Cabot Corporation (United States), Rochling Group (Germany) and Johns Manville Inc. (United States).
Lydall Inc. is one of the leading players in the cryogenic insulation market. The company, thanks to its wide range of products, satisfies the specific demand of its customers. The company is focused on increasing its commercial reach by entering new markets and introducing new products. For example, Lydall Inc. launched a cryogenic super cryogenic medium called Cryotherm 233B, made of non-biopersistent glass microfibers, in March 2014. This allowed it to expand its product offering.
Major Geographical Presence of Cryogenic Insulation Market
The cryogenic insulation market APAC represented the most significant part of the global market. The region's market is driven by strong demand from fast-growing end-use industries, such as energy and energy. It is expected that the growing demand for LNG, increased investment in the energy sector, urbanization, industrialization, and infrastructure development will increase the market for cryogenic insulation during the foreseen period.
Drivers and Restraints:
The growth of LNG terminals, ships for LNG transport, and efficient and advanced storage tanks are driving the growth of the cryogenic isolation market. Besides, the growing demand for gas liquefaction favors the adoption of cryogenic insulators. Moreover, PU and PIR equipment are used efficiently for the storage of LNG and LPG to store gases at extremely low temperatures. The growth in the transportation activities of these liquefied gases is driving the growth of the cryogenic isolation market.
Besides, these insulators have applications in cold rooms and food processing plants. The growth in disposable income and changes in eating habits stimulate the demand for processed food products. This is another crucial factor that drives the growth of the cryogenic insulation market. Besides, the growing demand for LNG, urbanization, increasing investment in the energy sector, industrialization, and infrastructure development are driving growth in the global market for cryogenic insulation.