Cryogenic Insulation
Cryogenic Insulation Market Forecasts to 2030 - Global Analysis By Type (Polyurethane (PU) and Polyisocynurate (PIR), Polyethylene Terephthalate (PET), Polyamide, BoPET (Biaxially-oriented Polyethylene Terephthalate), Woo, Cellular Glass, Polystyrene, Fiber Glass, Perlite Insulation, Aerogel, Elastomer Foams and Other Types), Form, Equipment, Application, End User and By Geography
According to Stratistics MRC, the Global Cryogenic Insulation Market is accounted for $3.90 billion in 2024 and is expected to reach $6.61 billion by 2030 growing at a CAGR of 9.2% during the forecast period. The term cryogenic insulation describes the specific materials and methods used to lessen heat transfer in systems that are typically operated at very low temperatures, such as -150°C (-238°F). These systems are vital to many industries, including aerospace, medical, and energy, where liquefied gases like nitrogen, oxygen, and natural gas must be stored and transported in extremely cold conditions. Moreover, by using materials like multi-layer insulation (MLI), aerogels, and vacuum insulation, effective cryogenic insulation reduces heat conductivity and convection.
According to the International Association for Cryogenic Insulation (IACI), effective cryogenic insulation is essential for maintaining the integrity and efficiency of systems that operate at extremely low temperatures, ensuring both safety and cost-effectiveness in various industrial applications.
Market Dynamics:
Driver:
Increase in the demand for LNG (liquefied natural gas)
One major factor propelling the cryogenic insulation market is the rising demand for LNG on a global scale. Because LNG emits fewer carbon emissions than other fossil fuels and is in compliance with international environmental regulations, it is favored over other fossil fuels. As a result of nations looking to diversify their energy sources, the trade in LNG has increased, requiring substantial infrastructure for both storage and transportation. Additionally, for LNG terminals, tankers, and pipelines to operate safely and efficiently, cryogenic insulation is essential for reducing energy losses and maintaining the necessary low temperatures.
Restraint:
High starting prices
A significant impediment to the cryogenic insulation market is the high initial cost of sophisticated insulation systems and materials. The production, installation, and material costs of high-performance insulation solutions like vacuum insulation panels, aerogels, and multi-layer insulation (MLI) are high. Furthermore, these expenses may be unaffordable, particularly for small and medium-sized businesses (SMEs) or businesses in developing nations with tight budgets.
Opportunity:
Growth in the healthcare industry
Cryogenic insulation has great opportunities as the healthcare industry grows, especially in the biopharmaceuticals and personalized medicine sectors. Reliable cold chain logistics are becoming more and more important for the transportation and storage of vaccines, biological materials, and other medical supplies that are sensitive to temperature. Moreover, the growing medical and pharmaceutical industries can be supported by advanced cryogenic insulation, which can guarantee the effectiveness and integrity of these products.
Threat:
Alternative technologies competition
Alternative technologies that offer different approaches to managing low-temperature environments compete with the cryogenic insulation market. For instance, improvements in refrigeration technology may be able to offer substitutes for conventional cryogenic insulation materials in some applications. Additionally, businesses that specialize in high-performance cryogenic insulation solutions may face competition from alternative insulation techniques or materials that provide comparable performance at a lower cost.
Covid-19 Impact:
The COVID-19 pandemic had a major effect on the cryogenic insulation market. It delayed projects, disrupted global supply chains, and decreased investment in crucial industries like LNG and aerospace because of economic uncertainty. Partially offsetting declines in other areas, the healthcare sector saw an increase in demand for cryogenic storage solutions for biological materials and vaccines. Furthermore, the pandemic also brought to light the significance of strong cold chain logistics, spurring advancements in cryogenic insulation technologies and investments to protect the integrity of medical products that are sensitive to temperature.
The Multi-layer segment is expected to be the largest during the forecast period
The market for cryogenic insulation is expected to be dominated by the multi-layer insulation segment. Since multi-layer insulation (MLI) has excellent thermal performance and flexibility, it is widely used in many different industries. MLI is perfect for cryogenic applications because it minimizes heat transfer through radiation, conduction, and convection by separating multiple layers of reflective materials with low-conductivity spacers in between. Moreover, it is frequently used in aircraft, spacecraft, and liquefied gas storage tanks, such as those holding liquid nitrogen and LNG.
The Vaporizers segment is expected to have the highest CAGR during the forecast period
The market for cryogenic insulation is expected to grow at the highest CAGR in the vaporizer segment. Vaporizers, which transform cryogenic liquids into gases for a variety of uses, are essential parts of cryogenic systems. As liquefied gases like LNG, nitrogen, and oxygen become more in demand in sectors like manufacturing, energy, and healthcare, vaporizers that are dependable and efficient are becoming more and more necessary. Additionally, in order to minimize energy losses and maintain ideal operating temperatures in vaporizer systems, advanced cryogenic insulation solutions are necessary.
Region with largest share:
The market for cryogenic insulation is dominated by North America. The region's substantial investments in sectors like manufacturing, LNG, healthcare, and aerospace—all of which mainly rely on cryogenic systems—are responsible for this dominance. North America holds a dominant position in the cryogenic insulation market due in part to the existence of important players, technological developments, and strict regulations pertaining to environmental and safety. Furthermore, in addition to securing the region's position as a leading hub for cryogenic insulation solutions, the region's well-established infrastructure and strong R&D capabilities also foster innovation and market expansion.
Region with highest CAGR:
The Europe region in the cryogenic insulation market has the highest CAGR. As a result of developments in the manufacturing, LNG, aerospace, and healthcare sectors, Europe is now a significant cryogenic insulation solutions market. The adoption of advanced insulation technologies in cryogenic applications is driven by the region's focus on energy efficiency and environmental sustainability. Moreover, cryogenic insulation systems and materials are in high demand due to government initiatives and regulations aimed at reducing carbon emissions.
Key players in the market
Some of the key players in Cryogenic Insulation market include Dunmore Corporation, BASF SE, Imerys S.A, Cabot Corporation, Lydall Inc, Armacell International Holding GmbH, Pittsburgh Corning Corporation, Herose Limited, Unifrax LLC, Callenberg Technology Company, Rochling Group, Aspen Aerogels and Nichias Corporation.
Key Developments:
In May 2024, Imerys S.A. (Paris) announced it has entered into exclusive negotiations with Chemviron, a subsidiary of Calgon Carbon Corp., to acquire its European diatomite and perlite business. Through this acquisition, Imerys would extend and complement its European footprint in diatomite and perlite and broaden its Filtration and Life Sciences product portfolio, to better serve its customers in the food, beverage, filtration and pharmaceutical markets.
In April 2024, BASF signed a 25-year power purchase agreement (PPA) with China Energy Engineering Group Guangdong Electric Power Design Institute Co., Ltd. (GEDI) to purchase renewable electricity for its Zhanjiang Verbund site. The PPA is a further step in the renewable energy partnership between BASF and GEDI following the Letter of Intent (LOI).
Types Covered:
• Polyurethane (PU) and Polyisocynurate (PIR)
• Polyethylene Terephthalate (PET)
• Polyamide
• BoPET (Biaxially-oriented Polyethylene Terephthalate)
• Wool
• Cellular Glass
• Polystyrene
• Fiber Glass
• Perlite Insulation
• Aerogel
• Elastomer Foams
• Other Types
Forms Covered:
• Bulk-Fill
• Foam
• Multi-layer
• Other Forms
Equipments Covered:
• Tanks
• Valves
• Vaporizers
• Pumps
• Dewar Vessels
• Tunnel Freezers
• Gauges
• Flanges
• Other Equipments
Applications Covered:
• Terminals
• Transport and Storage
• Pipe Systems
• Fuel Tanks
• Other Applications
End Users Covered:
• Energy and Power
• Refrigeration
• Oil and Gas
• Chemicals
• Metallurgical
• Electronics
• Shipping
• Food and Beverage
• Healthcare
• Other End Users
Regions Covered:
• North America
o US
o Canada
o Mexico
• Europe
o Germany
o UK
o Italy
o France
o Spain
o Rest of Europe
• Asia Pacific
o Japan
o China
o India
o Australia
o New Zealand
o South Korea
o Rest of Asia Pacific
• South America
o Argentina
o Brazil
o Chile
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o UAE
o Qatar
o South Africa
o 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 2022, 2023, 2024, 2026, and 2030
- 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
o Comprehensive profiling of additional market players (up to 3)
o SWOT Analysis of key players (up to 3)
• Regional Segmentation
o 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
Table of Contents
1 Executive Summary
2 Preface
2.1 Abstract
2.2 Stake Holders
2.3 Research Scope
2.4 Research Methodology
2.4.1 Data Mining
2.4.2 Data Analysis
2.4.3 Data Validation
2.4.4 Research Approach
2.5 Research Sources
2.5.1 Primary Research Sources
2.5.2 Secondary Research Sources
2.5.3 Assumptions
3 Market Trend Analysis
3.1 Introduction
3.2 Drivers
3.3 Restraints
3.4 Opportunities
3.5 Threats
3.6 Application Analysis
3.7 End User Analysis
3.8 Emerging Markets
3.9 Impact of Covid-19
4 Porters Five Force Analysis
4.1 Bargaining power of suppliers
4.2 Bargaining power of buyers
4.3 Threat of substitutes
4.4 Threat of new entrants
4.5 Competitive rivalry
5 Global Cryogenic Insulation Market, By Type
5.1 Introduction
5.2 Polyurethane (PU) and Polyisocynurate (PIR)
5.3 Polyethylene Terephthalate (PET)
5.4 Polyamide
5.5 BoPET (Biaxially-oriented Polyethylene Terephthalate)
5.6 Wool
5.7 Cellular Glass
5.8 Polystyrene
5.9 Fiber Glass
5.10 Perlite Insulation
5.11 Aerogel
5.12 Elastomer Foams
5.13 Other Types
6 Global Cryogenic Insulation Market, By Form
6.1 Introduction
6.2 Bulk-Fill
6.3 Foam
6.4 Multi-layer
6.5 Other Forms
7 Global Cryogenic Insulation Market, By Equipment
7.1 Introduction
7.2 Tanks
7.3 Valves
7.4 Vaporizers
7.5 Pumps
7.6 Dewar Vessels
7.7 Tunnel Freezers
7.8 Gauges
7.9 Flanges
7.10 Other Equipments
8 Global Cryogenic Insulation Market, By Application
8.1 Introduction
8.2 Terminals
8.3 Transport and Storage
8.4 Pipe Systems
8.5 Fuel Tanks
8.6 Other Applications
9 Global Cryogenic Insulation Market, By End User
9.1 Introduction
9.2 Energy and Power
9.3 Refrigeration
9.4 Oil and Gas
9.5 Chemicals
9.6 Metallurgical
9.7 Electronics
9.8 Shipping
9.9 Food and Beverage
9.10 Healthcare
9.11 Other End Users
10 Global Cryogenic Insulation Market, By Geography
10.1 Introduction
10.2 North America
10.2.1 US
10.2.2 Canada
10.2.3 Mexico
10.3 Europe
10.3.1 Germany
10.3.2 UK
10.3.3 Italy
10.3.4 France
10.3.5 Spain
10.3.6 Rest of Europe
10.4 Asia Pacific
10.4.1 Japan
10.4.2 China
10.4.3 India
10.4.4 Australia
10.4.5 New Zealand
10.4.6 South Korea
10.4.7 Rest of Asia Pacific
10.5 South America
10.5.1 Argentina
10.5.2 Brazil
10.5.3 Chile
10.5.4 Rest of South America
10.6 Middle East & Africa
10.6.1 Saudi Arabia
10.6.2 UAE
10.6.3 Qatar
10.6.4 South Africa
10.6.5 Rest of Middle East & Africa
11 Key Developments
11.1 Agreements, Partnerships, Collaborations and Joint Ventures
11.2 Acquisitions & Mergers
11.3 New Product Launch
11.4 Expansions
11.5 Other Key Strategies
12 Company Profiling
12.1 Dunmore Corporation
12.2 BASF SE
12.3 Imerys S.A
12.4 Cabot Corporation
12.5 Lydall Inc
12.6 Armacell International Holding GmbH
12.7 Pittsburgh Corning Corporation
12.8 Herose Limited
12.9 Unifrax LLC
12.10 Callenberg Technology Company
12.11 Rochling Group
12.12 Aspen Aerogels
12.13 Nichias Corporation
List of Tables
1 Global Cryogenic Insulation Market Outlook, By Region (2022-2030) ($MN)
2 Global Cryogenic Insulation Market Outlook, By Type (2022-2030) ($MN)
3 Global Cryogenic Insulation Market Outlook, By Polyurethane (PU) and Polyisocynurate (PIR) (2022-2030) ($MN)
4 Global Cryogenic Insulation Market Outlook, By Polyethylene Terephthalate (PET) (2022-2030) ($MN)
5 Global Cryogenic Insulation Market Outlook, By Polyamide (2022-2030) ($MN)
6 Global Cryogenic Insulation Market Outlook, By BoPET (Biaxially-oriented Polyethylene Terephthalate) (2022-2030) ($MN)
7 Global Cryogenic Insulation Market Outlook, By Wool (2022-2030) ($MN)
8 Global Cryogenic Insulation Market Outlook, By Cellular Glass (2022-2030) ($MN)
9 Global Cryogenic Insulation Market Outlook, By Polystyrene (2022-2030) ($MN)
10 Global Cryogenic Insulation Market Outlook, By Fiber Glass (2022-2030) ($MN)
11 Global Cryogenic Insulation Market Outlook, By Perlite Insulation (2022-2030) ($MN)
12 Global Cryogenic Insulation Market Outlook, By Aerogel (2022-2030) ($MN)
13 Global Cryogenic Insulation Market Outlook, By Elastomer Foams (2022-2030) ($MN)
14 Global Cryogenic Insulation Market Outlook, By Other Types (2022-2030) ($MN)
15 Global Cryogenic Insulation Market Outlook, By Form (2022-2030) ($MN)
16 Global Cryogenic Insulation Market Outlook, By Bulk-Fill (2022-2030) ($MN)
17 Global Cryogenic Insulation Market Outlook, By Foam (2022-2030) ($MN)
18 Global Cryogenic Insulation Market Outlook, By Multi-layer (2022-2030) ($MN)
19 Global Cryogenic Insulation Market Outlook, By Other Forms (2022-2030) ($MN)
20 Global Cryogenic Insulation Market Outlook, By Equipment (2022-2030) ($MN)
21 Global Cryogenic Insulation Market Outlook, By Tanks (2022-2030) ($MN)
22 Global Cryogenic Insulation Market Outlook, By Valves (2022-2030) ($MN)
23 Global Cryogenic Insulation Market Outlook, By Vaporizers (2022-2030) ($MN)
24 Global Cryogenic Insulation Market Outlook, By Pumps (2022-2030) ($MN)
25 Global Cryogenic Insulation Market Outlook, By Dewar Vessels (2022-2030) ($MN)
26 Global Cryogenic Insulation Market Outlook, By Tunnel Freezers (2022-2030) ($MN)
27 Global Cryogenic Insulation Market Outlook, By Gauges (2022-2030) ($MN)
28 Global Cryogenic Insulation Market Outlook, By Flanges (2022-2030) ($MN)
29 Global Cryogenic Insulation Market Outlook, By Other Equipments (2022-2030) ($MN)
30 Global Cryogenic Insulation Market Outlook, By Application (2022-2030) ($MN)
31 Global Cryogenic Insulation Market Outlook, By Terminals (2022-2030) ($MN)
32 Global Cryogenic Insulation Market Outlook, By Transport and Storage (2022-2030) ($MN)
33 Global Cryogenic Insulation Market Outlook, By Pipe Systems (2022-2030) ($MN)
34 Global Cryogenic Insulation Market Outlook, By Fuel Tanks (2022-2030) ($MN)
35 Global Cryogenic Insulation Market Outlook, By Other Applications (2022-2030) ($MN)
36 Global Cryogenic Insulation Market Outlook, By End User (2022-2030) ($MN)
37 Global Cryogenic Insulation Market Outlook, By Energy and Power (2022-2030) ($MN)
38 Global Cryogenic Insulation Market Outlook, By Refrigeration (2022-2030) ($MN)
39 Global Cryogenic Insulation Market Outlook, By Oil and Gas (2022-2030) ($MN)
40 Global Cryogenic Insulation Market Outlook, By Chemicals (2022-2030) ($MN)
41 Global Cryogenic Insulation Market Outlook, By Metallurgical (2022-2030) ($MN)
42 Global Cryogenic Insulation Market Outlook, By Electronics (2022-2030) ($MN)
43 Global Cryogenic Insulation Market Outlook, By Shipping (2022-2030) ($MN)
44 Global Cryogenic Insulation Market Outlook, By Food and Beverage (2022-2030) ($MN)
45 Global Cryogenic Insulation Market Outlook, By Healthcare (2022-2030) ($MN)
46 Global Cryogenic Insulation Market Outlook, By Other End Users (2022-2030) ($MN)
Note: Tables for North America, Europe, APAC, South America, and Middle East & Africa Regions are also represented in the same manner as above.
List of Figures
RESEARCH METHODOLOGY
We at ‘Stratistics’ opt for an extensive research approach which involves data mining, data validation, and data analysis. The various research sources include in-house repository, secondary research, competitor’s sources, social media research, client internal data, and primary research.
Our team of analysts prefers the most reliable and authenticated data sources in order to perform the comprehensive literature search. With access to most of the authenticated data bases our team highly considers the best mix of information through various sources to obtain extensive and accurate analysis.
Each report takes an average time of a month and a team of 4 industry analysts. The time may vary depending on the scope and data availability of the desired market report. The various parameters used in the market assessment are standardized in order to enhance the data accuracy.
Data Mining
The data is collected from several authenticated, reliable, paid and unpaid sources and is filtered depending on the scope & objective of the research. Our reports repository acts as an added advantage in this procedure. Data gathering from the raw material suppliers, distributors and the manufacturers is performed on a regular basis, this helps in the comprehensive understanding of the products value chain. Apart from the above mentioned sources the data is also collected from the industry consultants to ensure the objective of the study is in the right direction.
Market trends such as technological advancements, regulatory affairs, market dynamics (Drivers, Restraints, Opportunities and Challenges) are obtained from scientific journals, market related national & international associations and organizations.
Data Analysis
From the data that is collected depending on the scope & objective of the research the data is subjected for the analysis. The critical steps that we follow for the data analysis include:
- Product Lifecycle Analysis
- Competitor analysis
- Risk analysis
- Porters Analysis
- PESTEL Analysis
- SWOT Analysis
The data engineering is performed by the core industry experts considering both the Marketing Mix Modeling and the Demand Forecasting. The marketing mix modeling makes use of multiple-regression techniques to predict the optimal mix of marketing variables. Regression factor is based on a number of variables and how they relate to an outcome such as sales or profits.
Data Validation
The data validation is performed by the exhaustive primary research from the expert interviews. This includes telephonic interviews, focus groups, face to face interviews, and questionnaires to validate our research from all aspects. The industry experts we approach come from the leading firms, involved in the supply chain ranging from the suppliers, distributors to the manufacturers and consumers so as to ensure an unbiased analysis.
We are in touch with more than 15,000 industry experts with the right mix of consultants, CEO's, presidents, vice presidents, managers, experts from both supply side and demand side, executives and so on.
The data validation involves the primary research from the industry experts belonging to:
- Leading Companies
- Suppliers & Distributors
- Manufacturers
- Consumers
- Industry/Strategic Consultants
Apart from the data validation the primary research also helps in performing the fill gap research, i.e. providing solutions for the unmet needs of the research which helps in enhancing the reports quality.
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