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Market Summary

The global Cryogenic Insulation Market is forecasted to grow at a rate of 7.3% from USD 2.73 billion in 2019 to USD 4.64 billion in 2027. Cryogenics is fundamentally about energy. It is an energy-intensive field, and insulation is of utmost importance to economic effectiveness. Cryogenics are materials that reach very low temperatures. The temperatures scales for cryogenics are not very well defined. However, it is believed that gas is cryogenic if it can be liquefied at a temperature as low as -150°. Thus, cryogenic is fundamentally about energy, and insulation is about energy conservation.

With an increase in the focus on thermal isolation, the application of cryogenics and low-temperature refrigeration is taking a more significant role. It has become a major requirement throughout industries, from the food industry, transportation, energy, and medical application to Space Shuttles. No matter where its application lies, cryogenic liquids must be stored, handled, and transported from one point to another. To minimize heat leaks into storage tanks and transfer lines, high-performance materials are needed to provide high levels of thermal isolation. Growing demand for effective transportation and storage has been a key driving factor in this market. Aerogel insulation is commonly used in cryogenic. It is used to store as well as transport fluid.

Other factors driving the industry include its varied applicability and growing demand for LNG and LPG across several sectors such as automotive, power and energy, domestic and commercial fuel. This is boosting the natural gas exploration initiatives, thus requiring cryogenic insulation. There are different types of cryogenic insulation available. The cryogenic insulation market can be categorized into various tools and equipment such as tanks, pumps, valves, etc. Essentially, it comes in three forms, namely, foam, bulk-fill, and multi-layer. The multi-layer form of insulation is further categorized into two, namely, films and foils. Each type of cryogenic insulation comes under any one of the forms. For instance, the Polyurethane (PU) and Polyisocyanurate (PIR) types of insulations lie under the category of Foam-form of insulation.

Application Outlook:

The energy and power segment held a significant share in the coming years due to the result of the growing demand for LNG as fuel. The segment is forecasted to grow with a CAGR of 7.0% during the forecast period.

Tools and Equipment Outlook:

The cryogenic insulation market has been categorized into various tools and equipment, such as tanks, pumps, valves, and others. Essentially, it comes in three forms, namely, foam, bulk-fill, and multi-layer. The multi-layer form of insulation is further categorized into two, namely, films and foils. Each type of cryogenic insulation comes under any one of the forms.

Continuous developments in this field have, too, played a role in encouraging the consumers and driving them towards the sector. The varied applicability of cryogenic insulation throughout several industries has also been identified as an important driving factor.

Type Outlook:



Polyurethane (PU) and Polyisocyanurate (PIR) products dominated the market due to the rising demand for gas liquefaction in various industries. They are essentially needed for the storage and transportation of liquefied natural gas (LNG) and liquefied petroleum gas (LPG). The polyurethane has a wide range of applications. It is light in weight, moist and is resistant to fire. It also has low density and conductivity and also offers enhanced structural performance. These materials are used in coolers, cold storage building, tank & pipe insulation, freezers, and household refrigerators as well.

Regional Outlook:



North America grew due to rising gas exploration and production activities. The high level of infiltration of cryogenic insulation in the liquefied natural gas industry will further propel the market demand in the coming years. Furthermore, the rising level of environmental awareness is also a propelling factor in the industry. The surge in demand for LNG from various sectors will encourage the demand for transportation and storage, thus driving the regional industry demand.

The Asia Pacific is the fastest-growing region due to the presence of developing nations such as India, China, and South Korea. The rapid urbanization and industrialization in these countries are responsible for the growth of the market in the APAC region.





Market-O-Nomics

Rising demand for LNG as fuel and environmental awareness acts as one of the key factors driving the industry.

Continuous developments in this field have, too, played a role in encouraging the consumers and driving them towards the market. The varied applicability of cryogenic insulation throughout several industries has also been identified as an important driving factor.

The versatility of application, such as growing demand for Cryogenic Insulation technologies in space applications, has also been a key driving factor for the market.

The volatile raw material prices act as a restraining factor for the sector.

Due to an increase in storage tanks, LNG terminals, and ships carrying LNG, a significant amount of insulating materials are required. Also, a rise in environmental regulations regarding the emission of carbon dioxide is seen to be propelling the market.

Asia Pacific region dominated the market accounting for a global share of 35.5%, followed by Europe with a market share of 31.2%.

Regions of Latin America and Middle-east and Africa continue to grow at a CAGR of 5.2% and 5.7% respectively.

There is a tough competition in the industry with Lydall Inc. dominating the cryogenic insulations market. Perlite insulation is expected to grow at a CAGR of 9.2%.

Energy and Power segment is seen to dominate the sector due to an increase in demand for LPG and LNG as fuels.

Companies considered and profiled in this market study

Lydall Inc., Aspen Aerogels, Dunmore, Kaefer, Armacell International Holding GmbH, BASF, Vita Group, and Rochling Group.

The players operating in the market have undertaken a number of strategies related to the market in the period 2017-2020. The key highlight is:

In June 2018, Rochling Group announced the launch of Lignostone Cryogenic, Inc. The product can insulate LPG and LNG carriers, which allows the company to serve the oil and gas industry.

Start-Up Traction

The industry offers numerous growth opportunities. Thus, a number of startups providing innovative products and technologies have been entering the market. Some of them include Kiutra, Applied Cryo Technologies, P3 Technologies, Intelline, and Delft Circuits, among others.

Deals Landscape

Mergers and Acquisitions are an integral part of the Cryogenic Insulation industry. Along with the companies operating in the market, other key market players have also been entering the industry.

In November 2018, NASA announced that it was launching its Robotics Refueling Mission 3. The robot will have a technique for storing and replenishing fuel in the spacecraft.

Expert Insights:

Reports and Data forecast promising developments for increased adoption of Cryogenic Insulation. According to industry experts, new manufacturers are expected to enter the market, which is likely to provide enhanced market products. New Cryogenic Insulation companies entering the industry would focus on innovating and providing through advanced technologies, thereby reducing complexity and lowering the overall total cost of operation. Experts also believe that increase in the adoption of the latest technology in emerging nations would be a key development area for the industry.

Segments Covered in the report

This report forecasts revenue growth at a global, regional & country level, and provides an analysis of the market trends in each of the sub-segments from 2018 to 2027. The scope of the report can be defined as:

For the purpose of this report, Reports and Data have segmented the global Cryogenic Insulation Market on the basis of Types, Applications, Forms, Tools and Equipment, and Regions:

Type Outlook (Revenue, USD Billion; 2017-2027)

Fiberglass

Cellular glass

Perlite insulation

Polyurethane (PU)

Polyisocyanurate (PIR)

Application Outlook (Revenue, USD Billion; 2017-2027)

Transportation

Energy and Power

Electronics

Medical

Chemical

Form Outlook (Revenue, USD Billion; 2017-2027)

Foam

Bulk-fill

Multi-layer: Film Foil



Tools and Equipment Outlook (Revenue, USD Billion; 2017-2027)

Tanks

Valves

Pressure Container

Pumps

Regional Outlook (Revenue, USD Billion; 2017-2027)

North America U.S Canada

Europe Germany U.K France BENELUX Rest of Europe

Asia Pacific China Japan South Korea Rest of APAC

Latin America Brazil Rest of LATAM

MEA Saudi Arabia UAE Rest of MEA

