Cryogenic Insulation Market to Worth USD 5.04 billion by 2029 | Increasing Oil and Natural gas Sector and need of insulation in the energy & power to Bolster Growth
Exactitude Consultancy
6 min read
Worldwide demand for Cryogenic Insulation materials is projected to increase at 7.3% CAGR by the end of 2029, Cryogenic insulation plays a vital role in the oil and natural gas industry for the transport and storage of liquefied natural gas
Luton, Bedfordshire, United Kingdom, Sept. 06, 2022 (GLOBE NEWSWIRE) -- Exactitude Consultancy, the market research and consulting wing of Ameliorate Digital Consultancy Private Limited has completed and published the final copy of the detailed research report on the Cryogenic Insulation Market.
The global Cryogenic Insulation Market was valued at around USD 2.61 billion in 2021, the overall sales of cryogenic insulation are projected to reach USD 5.04 billion by 2029, growing at a CAGR of 7.3% during the forecast period.
Cryogenic insulation is a high-performance material that protects and reduces energy leaks while also providing a high level of thermal isolation for applications operating at temperatures below -75 degrees Celsius. This is primarily used for transporting and storing cryogenic gases like liquid petroleum gas (LPG), liquid natural gas (LNG), and ethylene. Growing LNG terminals, LNG transportation and storage, and other LNG-related applications necessitated cryogenic insulation, which is expected to boost cryogenic market demand.
Rising LNG demand is expected to propel market growth
LNG is natural gas that has been liquefied and has only 1/600 of its volume in a gaseous state. The natural gas is cooled to -1640 degrees Celsius in order to liquefy it. LNG's reduced volume makes it ideal for efficient transport and storage. Low LNG temperatures place high demands on plant components and the equipment used for LNG storage and transportation (such as pipework systems carrying LNG, and tanks storing LNG). These pipes and tanks insulation must be permanently thermally insulated from adjacent plant components. This calls for cryogenic insulation. Rising LNG demand is expected to boost the global cryogenic insulation market. Growing demand for LNG, particularly in Asia, is expected to drive market growth. The United States will lead exports in 2021.
Recent Developments
On April 14th, 2022; Chemical multinational BASF used its proprietary Elastopor Cryo (Elastopor) technology has developed a cryogenic insulation system that is used to transport cryogenic liquid cargo such as liquefied natural gas (LNG). The system, developed by Shanghai Harvest Insulation Engineering Co., Ltd (Harvest), integrated into the first VLEC (Very Large Ethane Carrier) to be delivered to Jiangnan Shipyard, one of China's leading shipbuilding companies.
On March 2021: Qatar Petroleum established a multi-party agreement with LNT Marine, the American Bureau of Shipping (ABS), and Shanghai Waigaoqiao Shipbuilding (SWS) to participate on the development of new medium and large LNG carrier designs with other prominent worldwide LNG companies. LNT Marine develops LNG carriers and cryogenic insulation systems for marine applications, and is a technology provider and developer in the LNG market.
Asia Pacific to Witness a Dominant Market Share of the global market premises
The regional market is expected to witness robust growth during the ongoing forecast period that is driven by the increasing investment in industries like the energy and power and food & beverage industries. The region includes countries like China, India, Japan, and Indonesia. These regions are expected to contribute significantly towards the global growth of the market.
Report Scope:
Report Attribute/Metric
Details
Market Size
USD 2.61 billion in 2021
USD 5.04 billion by 2029
CAGR
7.3% (2022 - 2029)
Base Year
2021
Forecast Period
2022 - 2029
Historical Data
2017
Forecast Units
Value (USD Billion)
Report Coverage
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
Segments Covered
Material Type, End-Use Industry and Region
Geographies Covered
North America, Europe, Asia-Pacific, and Rest of the World (RoW)
Key Vendors
Rochling Group, Armacell International Holding GmbH, Aspen Aerogels Inc., Owens Corning, BASF SE, Cabot Corporation, Johns Manville Inc., Hertel Holding B.V., Lydall Inc., and DUNMORE.
Key Market Opportunities
The increasing investments in the development of LNG pipeline infrastructure, particularly in developing countries
Key Market Drivers
Increasing demand for LNG as a fuel across developed and developing.
Growing significance of cryogenic insulation across the food & beverage and medical industries
Competitive Strategy
To enhance their market position in the global cryogenic insulation market, the key players are now focusing on adopting the strategies such as product innovations, mergers & acquisitions, recent developments, joint ventures, collaborations, and partnerships
Some Key players operating in global cryogenic insulation materials market are Rochling Group, Armacell International Holding GmbH, Aspen Aerogels Inc., Owens Corning, BASF SE, Cabot Corporation, Johns Manville Inc., Hertel Holding B.V., Lydall Inc., and DUNMORE.
Cryogenic Insulation Market by Type, 2022-2029, (USD Million)
Cellular
Fibrous
Flake
Granular
Reflective
Others
Cryogenic Insulation Market by Application, 2022-2029, (USD Million)
Storage Tanks
Fuel Tanks
Pipe Systems
Terminals
Others
Cryogenic Insulation Market by End User, 2022-2029, (USD Million)
Shipping
Metallurgical
Chemicals
Energy & Power
Others
Cryogenic Insulation Market by Region, 2022-2029, (USD Million)
North America
Europe
Asia Pacific
South America
Middle East and Africa
Cryogenic Insulation Market Dynamics
Market Drivers
Cryogenic insulation is known to be high-performance materials that are being used to reduce the energy level leaks and further, help to provide a high level of thermal isolation for applications that are operating below −75°C. The Cryogenic insulation market products are widely used in the storage conditions like cryogenic tanks and for the transportation of cryogenic gases such as liquid natural gas (LNG), and others like liquid nitrogen, LPG, and ethylene. Cryogenic insulation products are also known for providing and promising efficient and reliable transportation along with a safe degree of storage of these gases. There has been an array of insulation materials including polyurethane, polyisocyanurate, expanded foams, and others like cellular glass, fiberglass, and polystyrene are known for their use for cryogenic insulation applications. Some of the market trade names for cryogenic insulation are inclusive of Durolight, Armaflex, CRYO-SHIELD, FOAMNERT Board-TN, FOAMGLAS, NP500CR, and Cryogel.
Market Opportunities
One of the key trends that are being observed in the cryogenic insulation market trends is the increasing investments in the development of innovative initiatives and high-performance materials. Some of the newly developed materials that are available in the market include aerogel like Pyrogel, Cryogel, and Nanogel, along with Inspec Foams (SOLIMIDE), and polyimide foams (SOLREX).
Technology Analysis
With the increasing application and use of cryogenic refrigeration in the food and beverage, along with others like the transportation, medical, and energy industries, the demand for cryogenic insulation is set to witness a significant amount of growth during the forecast period that will be ending in 2028. Additionally, the growth of the global cryogenic insulation market is driven by the increased amount of demand for LNG both across developed as well as developing countries.
Have a Look at Exactitude Consultancy’s Research Reports
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