Cryogenic Insulation Market Outlook
According to a new report by Expert Market Research titled, “Cryogenic Insulation Market Price, Share, Analysis, Report and Forecast 2023-2028″, the cryogenic insulation market is projected to grow at a CAGR of 7.7% between 2023 and 2028. Aided by the burgeoning need for cryogenic insulation in various industries and the escalating demand for liquefied natural gas (LNG), the market is expected to grow significantly by 2028.
Cryogenic insulation, a type of high-performance insulation designed for extremely low temperatures, is widely used in applications such as LNG storage, transportation and regasification, as well as in the storage and transport of other cryogenic gases like liquid oxygen, liquid helium, and liquid nitrogen. Additionally, it has great resistance to the detrimental effects of moisture ingress and superior thermal performance, making it a valuable asset in a variety of industrial applications, including the energy, chemical, and healthcare sectors.
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The escalating demand for cryogenic insulation in various sectors is the main driver of global cryogenic insulation market growth. The demand for specialised insulation that can endure and maintain low-temperature conditions has rapidly increased as sectors continue to utilise the unique characteristics of cryogenic gases. The adoption of cryogenic insulation has also been fuelled by the increased emphasis on the safe management of cryogenic gases and the reduction of greenhouse gas emissions.
Cryogenic insulation also plays a vital role in the growing LNG industry. The increasing global focus on LNG as a cleaner, sustainable fuel alternative is likely to further spur the cryogenic insulation market demand. With countries around the world pivoting towards more eco-friendly energy sources, the demand for cryogenic insulation in the production, storage, and transportation of LNG is set to rise, thereby boosting market growth.
Advancements in cryogenic insulation technology and product innovation also present substantial growth opportunities for the cryogenic insulation market. Manufacturers are continually improving material properties and design to optimise insulation performance in extreme conditions, catering to the evolving demands of various industrial sectors.
Moreover, the rising demand for energy-efficient solutions in the food and beverage industry has led to an increased focus on cryogenic insulation as a practical solution for freezing and chilling applications. With the global shift towards energy efficiency and sustainability, cryogenic insulation is anticipated to play an even more significant role in the industry, further propelling the cryogenic insulation market development.
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Cryogenic Insulation Market Segmentation
The market can be divided based on type, cryogenic equipment, end use industry, and region.
Market Breakup by Type
- PU And PIR
- Cellular Glass
Market Breakup by Cryogenic Equipment
Market Breakup by End Use Industry
- Energy and Power
Market Breakup by Region
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and acquisitions and mergers, among other major developments, of the global cryogenic insulation companies. Some of the major key players explored in the report by Expert Market Research are as follows:
- Armacell LLC
- Lydall, Inc.
- BASF SE
- Cabot Corporation
- Röchling SE & Co. KG
- Johns Manville
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