The Cryogenic Insulation Market size was valued at USD 3.5 billion in 2023 and is expected to grow to USD 5.86 billion by 2031 and grow at a CAGR of 6.8% over the forecast period of 2024-2031.
Cryogenic insulation is high-performing insulation that provides a high level of thermal isolation. Cryogenic insulation operates at temperatures below -75 degrees Celsius by reducing and optimizing energy leaks. The integrity of cryogenic insulation is also maintained at frigid temperatures by absorbing high mechanical forces.
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Cryogenic insulation is the type of insulation that uses cryogenic paper and foil as the insulating material on double-walled cryogenic vessels. Cryogenic insulation is a highly effective method for reducing heat transfer and minimizing liquid and gas losses. This is achieved by insulating each reflective foil sheet with glass fiber paper, which boasts a low thermal conductivity. The cryogenic insulation prevents the exchange of heat between the tanks and pipes and plant structure. This prevention of heat exchange is very important for efficient plant operation along with the LNG value chain.
The increase in the temperature due to the thermal exchange of the pipes and tanks increases the energy required for cooling the liquified gas. At the same time, cooling of adjacent structures i.e. treads causes the formation of ice which compromises worker safety. The cryogenic insulation prevents high-temperature fluctuation which avoids components expansion in the plant which results in the strain. The efficiency of cryogenic insulation material mainly but not solely depends on the thermal conductivity. Lower the value of thermal conductivity better is the thermal bridge avoiding.
Drivers
Rising demand for liquefied natural gas (LNG) across the globe.
Growing demand for cryogenic insulation across various industries.
Increasing use of enhanced technology to advance performance characteristics
Increasing environmental regulations to reduce the emission of carbon dioxide
As industries continue to expand and evolve, the need for effective insulation solutions becomes more pressing. Cryogenic insulation, in particular, is becoming increasingly popular due to its ability to maintain low temperatures and prevent heat transfer. This is particularly important in industries such as healthcare, food and beverage, and energy, where temperature control is critical to the success of operations. As a result, the Cryogenic Insulation Market is experiencing significant growth, with companies investing in research and development to create innovative and effective insulation solutions. This trend is expected to continue in the coming years, as industries continue to demand high-quality insulation products that can meet their specific needs and requirements.
Restrain
Fluctuating and the high price of raw material increases the installation and development cost of cryogenic insulation
Opportunities
Increasing investment in R&D to develop the new product
Development of a cryogenic insulation system
Challenges
Increasing stringent regulation of government regarding carbon dioxide emission.
The COVID-19 pandemic was an unpredictable global issue that affects almost all industries. For some industries, it caused a small-term impact but for some industries, the very long-term impact is forecasted. The final report delivers how COVID-19 impacted consumer behavior, supply chain, dynamics of the current market, purchasing patterns, and support of the government to curb the effect of COVID-19 on this market. For the cryogenic Insulation market, outbreaks on demand, supply, price, and deliverability are studied.
Cryogenic insulation is a crucial component in the storage and transportation of liquefied natural gas (LNG) and other cryogenic fluids. The market for cryogenic insulation has been affected by the war significantly. Firstly, the conflict has disrupted the supply chain of raw materials used in the production of cryogenic insulation. Ukraine is a major supplier of raw materials such as perlite and vermiculite, which are used in the manufacturing of cryogenic insulation. The war has led to a disruption in the supply of these materials, resulting in a shortage of raw materials and an increase in prices.
Secondly, the war has led to an increase in the cost of transportation of cryogenic insulation. The conflict has resulted in the closure of several transportation routes, which has led to an increase in transportation costs. This increase in transportation costs has led to an increase in the cost of cryogenic insulation.
The cryogenic insulation market has been significantly affected by the recent economic recession. The downturn in the global economy has led to a decrease in demand for cryogenic insulation products, as many industries have reduced their production and operations. This has resulted in a decline in the overall revenue of the cryogenic insulation market.
By Type
Fiberglass
Cellular Glass
Perlite Insulation
PU/PIR
Others
By End-user
Oil and Gas
Chemical and Fertilizer
Food and Beverage
Transportation
Electronics
Metallurgical
Others
By Application
Fuel Tanks
Pipe Systems
Terminals
Others
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Asia Pacific region has the highest market share of about 36.7% in 2021 and is anticipated to dominate the market during the forecast period. Rising demand for liquefied natural gas (LNG) across the globe, Growing demand for cryogenic insulation across various industries, and Rise in environmental regulations regarding the emission of carbon dioxide are some of the major factors that drive the cryogenic insulation market in this region.
After the Asia Pacific region, Europe is the second region that dominates the market with a market share of about 33.4%. This growth is attributed to the increasing investment in the development of cryogenic insulation systems.
Latin America region is expected to grow at a CAGR of about 4.9% and The Middle East & Africa region continue to grow at a growth rate of about 6.1%. This is because of the increasing demand for cryogenic insulation across various industries in this region.
REGIONAL COVERAGE:
North America
USA
Canada
Mexico
Europe
Germany
UK
France
Italy
Spain
The Netherlands
Rest of Europe
Asia-Pacific
Japan
south Korea
China
India
Australia
Rest of Asia-Pacific
The Middle East & Africa
Israel
UAE
South Africa
Rest of Middle East & Africa
Latin America
Brazil
Argentina
Rest of Latin America
The Key Players 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 & Other Players.
| Report Attributes | Details |
| Market Size in 2023 | US$ 3.5 Bn |
| Market Size by 2031 | US$ 5.86 Bn |
| CAGR | CAGR of 6.8% From 2024 to 2031 |
| Base Year | 2023 |
| Forecast Period | 2024-2031 |
| Historical Data | 2020-2022 |
| Report Scope & Coverage | Market Size, Segments Analysis, Competitive Landscape, Regional Analysis, DROC & SWOT Analysis, Forecast Outlook |
| Key Segments | • By Type (Fiberglass, Cellular Glass, Perlite Insulation, PU/PIR, and Others) • By End-user (Oil and Gas, Chemical and Fertilizer, Food and Beverage, Transportation, Electronics, Metallurgical, and Others) • By Application (Storage Tanks, Fuel Tanks, Pipe Systems, Terminals, and Others) |
| Regional Analysis/Coverage | North America (USA, Canada, Mexico), Europe (Germany, UK, France, Italy, Spain, Netherlands, Rest of Europe), Asia-Pacific (Japan, South Korea, China, India, Australia, Rest of Asia-Pacific), The Middle East & Africa (Israel, UAE, South Africa, Rest of Middle East & Africa), Latin America (Brazil, Argentina, Rest of Latin America) |
| Company Profiles | 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 Drivers | • Rising demand for liquefied natural gas (LNG) across the globe. • Growing demand for cryogenic insulation across various industries. |
| Market Opportunities | • Increasing investment in R&D to develop the new product • Development of a cryogenic insulation system |
The expected CAGR of the global Cryogenic Insulation Market during the forecast period is 6.8%.
The forecasted market size of the Cryogenic Insulation Market is USD 5.86 billion in 2031.
The major key players 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., DUNMORE.
Asia Pacific region dominated the Cryogenic Insulation Market.
Rising demand for liquefied natural gas (LNG) across the globe, Growing demand for cryogenic insulation across various industries, Increasing use of enhanced technology to advance performance characteristics, and Rise in environmental regulations regarding the emission of carbon dioxide are the major driving factors of cryogenic insulation market.
Table of Contents
1. Introduction
1.1 Market Definition
1.2 Scope
1.3 Research Assumptions
2. Research Methodology
3. Market Dynamics
3.1 Drivers
3.2 Restraints
3.3 Opportunities
3.4 Challenges
4. Impact Analysis
4.1 COVID-19 Impact Analysis
4.2 Impact of Ukraine- Russia War
4.3 Impact of Ongoing Recession
4.3.1 Introduction
4.3.2 Impact on major economies
4.3.2.1 US
4.3.2.2 Canada
4.3.2.3 Germany
4.3.2.4 France
4.3.2.5 United Kingdom
4.3.2.6 China
4.3.2.7 Japan
4.3.2.8 South Korea
4.3.2.9 Rest of the World
5. Value Chain Analysis
6. Porter’s 5 forces model
7. PEST Analysis
8. Cryogenic Insulation Market Segmentation, By Type
8.1 Fiberglass
8.2 Cellular Glass
8.3 Perlite Insulation
8.4 PU/PIR
8.5 Others
9. Cryogenic Insulation Market Segmentation, By End-user
9.1 Oil and Gas
9.2 Chemical and Fertilizer
9.3 Food and Beverage
9.4 Transportation
9.5 Electronics
9.6 Metallurgical
9.7 Others
10. Cryogenic Insulation Market Segmentation, By Application
10.1 Storage Tanks
10.2 Fuel Tanks
10.3 Pipe Systems
10.4 Terminals
10.5 Others
11. Regional Analysis
11.1 Introduction
11.2 North America
11.2.1 North America Cryogenic Insulation Market by Country
11.2.2North America Cryogenic Insulation Market by Type
11.2.3 North America Cryogenic Insulation Market by End-user
11.2.4 North America Cryogenic Insulation Market by Application
11.2.5 USA
11.2.5.1 USA Cryogenic Insulation Market by Type
11.2.5.2 USA Cryogenic Insulation Market by End-user
11.2.5.3 USA Cryogenic Insulation Market by Application
11.2.6 Canada
11.2.6.1 Canada Cryogenic Insulation Market by Type
11.2.6.2 Canada Cryogenic Insulation Market by End-user
11.2.6.3 Canada Cryogenic Insulation Market by Application
11.2.7 Mexico
11.2.7.1 Mexico Cryogenic Insulation Market by Type
11.2.7.2 Mexico Cryogenic Insulation Market by End-user
11.2.7.3 Mexico Cryogenic Insulation Market by Application
11.3 Europe
11.3.1 Europe Cryogenic Insulation Market by Country
11.3.2 Europe Cryogenic Insulation Market by Type
11.3.3 Europe Cryogenic Insulation Market by End-user
11.3.4Europe Cryogenic Insulation Market by Application
11.3.5Germany
11.3.5.1 Germany Cryogenic Insulation Market by Type
11.3.5.2 Germany Cryogenic Insulation Market by End-user
11.3.5.3 Germany Cryogenic Insulation Market by Application
11.3.6 UK
11.3.6.1 UK Cryogenic Insulation Market by Type
11.3.6.2 UK Cryogenic Insulation Market by End-user
11.3.6.3 UK Cryogenic Insulation Market by Application
11.3.7 France
11.3.7.1 France Cryogenic Insulation Market by Type
11.3.7.2 France Cryogenic Insulation Market by End-user
11.3.7.3 France Cryogenic Insulation Market by Application
11.3.8 Italy
11.3.8.1 Italy Cryogenic Insulation Market by Type
11.3.8.2 Italy Cryogenic Insulation Market by End-user
11.3.8.3 Italy Cryogenic Insulation Market by Application
11.3.9 Spain
11.3.9.1 Spain Cryogenic Insulation Market by Type
11.3.9.2 Spain Cryogenic Insulation Market by End-user
11.3.9.3 Spain Cryogenic Insulation Market by Application
11.3.10 The Netherlands
11.3.10.1 Netherlands Cryogenic Insulation Market by Type
11.3.10.2 Netherlands Cryogenic Insulation Market by End-user
11.3.10.3 Netherlands Cryogenic Insulation Market by Application
11.3.11 Rest of Europe
11.3.11.1 Rest of Europe Cryogenic Insulation Market by Type
11.3.11.2 Rest of Europe Cryogenic Insulation Market by End-user
11.3.11.3 Rest of Europe Cryogenic Insulation Market by Application
11.4 Asia-Pacific
11.4.1 Asia Pacific Cryogenic Insulation Market by Country
11.4.2Asia Pacific Cryogenic Insulation Market by Type
11.4.3 Asia Pacific Cryogenic Insulation Market by End-user
11.4.4 Asia Pacific Cryogenic Insulation Market by Application
11.4.5 Japan
11.4.5.1 Japan Cryogenic Insulation Market by Type
11.4.5. 2Japan Cryogenic Insulation Market by End-user
11.4.5. 3Japan Cryogenic Insulation Market by Application
11.4.6 South Korea
11.4.6.1 South Korea Cryogenic Insulation Market by Type
11.4.6.2. South Korea Cryogenic Insulation Market by End-user
11.4.6.3. South Korea Cryogenic Insulation Market by Application
11.4.7China
11.4.7.1 China Cryogenic Insulation Market by Type
11.4.7.2. China Cryogenic Insulation Market by End-user
11.4.7.3. China Cryogenic Insulation Market by Application
11.4.8 India
11.4.8.1 India Cryogenic Insulation Market by Type
11.4.8.2. India Cryogenic Insulation Market by End-user
11.4.8.3 India Cryogenic Insulation Market by Application
11.4.9Australia
11.4.9.1 Australia Cryogenic Insulation Market by Type
11.4.9.2. Australia Cryogenic Insulation Market by End-user
11.4.9.3. Australia Cryogenic Insulation Market by Application
11.4.10Rest of Asia-Pacific
11.4.10.1 APAC Cryogenic Insulation Market by Type
11.4.10.2. APAC Cryogenic Insulation Market by End-user
11.4.10.3. APAC Cryogenic Insulation Market by Application
11.5 The Middle East & Africa
11.5.1 The Middle East & Africa Cryogenic Insulation Market by Country
11.5.2 The Middle East & Africa Cryogenic Insulation Market by Type
11.5.3The Middle East & Africa Cryogenic Insulation Market by End-user
11.5.4The Middle East & Africa Cryogenic Insulation Market by Application
11.5.5Israel
11.5.5.1 Israel Cryogenic Insulation Market by Type
11.5.5.2 Israel Cryogenic Insulation Market by End-user
11.5.5.3 Israel Cryogenic Insulation Market by Application
11.5.6 UAE
11.5.6.1 UAE Cryogenic Insulation Market by Type
11.5.6.2 Israel Cryogenic Insulation Market by End-user
11.5.6.3 Israel Cryogenic Insulation Market by Application
11.5.7South Africa
11.5.7.1 South Africa Cryogenic Insulation Market by Type
11.5.7.2 South Africa Cryogenic Insulation Market by End-user
11.5.7.3 South Africa Cryogenic Insulation Market by Application
11.5.8 Rest of Middle East & Africa
11.5.8.1 Rest of Middle East & Asia Cryogenic Insulation Market by Type
11.5.8.2 Rest of Middle East & Asia Cryogenic Insulation Market by End-user
11.5.8.3 Rest of Middle East & Asia Cryogenic Insulation Market by Application
11.6 Latin America
11.6.1 Latin America Cryogenic Insulation Market by Country
11.6.2. Latin America Cryogenic Insulation Market by Type
11.6.3 Latin America Cryogenic Insulation Market by End-user
11.6.4 Latin America Cryogenic Insulation Market by Application
11.6.5 Brazil
11.6.5.1 Brazil Cryogenic Insulation Market by Type
11.6.5.2 Brazil Cryogenic Insulation Market by End-user
11.6.5.3Brazil Cryogenic Insulation Market by Application
11.6.6Argentina
11.6.6.1 Argentina Cryogenic Insulation Market by Type
11.6.6.2 Argentina Cryogenic Insulation Market by End-user
11.6.6.3 Argentina Cryogenic Insulation Market by Application
11.6.7Rest of Latin America
11.6.7.1 Rest of Latin America Cryogenic Insulation Market by Type
11.6.7.2 Rest of Latin America Cryogenic Insulation Market by End-user
11.6.7.3Rest of Latin America Cryogenic Insulation Market by Application
12. Company Profile
12.1 Rochling Group
12.1.1 Market Overview
12.1.2 Financials
12.1.3 Product/Services/Offerings
12.1.4 SWOT Analysis
12.1.5 The SNS View
12.2 Armacell International Holding GmbH
12.2.1 Market Overview
12.2.2 Financials
12.2.3 Product/Services/Offerings
12.2.4 SWOT Analysis
12.2.5 The SNS View
12.3 Aspen Aerogels Inc.
12.3.1 Market Overview
12.3.2 Financials
12.3.3 Product/Services/Offerings
12.3.4 SWOT Analysis
12.3.5 The SNS View
12.4 Owens Corning
12.4.1 Market Overview
12.4.2 Financials
12.4.3 Product/Services/Offerings
12.4.4 SWOT Analysis
12.4.5 The SNS View
12.5 BASF SE
12.5.1 Market Overview
12.5.2 Financials
12.5.3 Product/Services/Offerings
12.5.4 SWOT Analysis
12.5.5 The SNS View
12.6 Cabot Corporation
12.6.1 Market Overview
12.6.2 Financials
12.6.3 Product/Services/Offerings
12.6.4 SWOT Analysis
12.6.5 The SNS View
12.7 Johns Manville Inc
12.7.1 Market Overview
12.7.2 Financials
12.7.3 Product/Services/Offerings
12.7.4 SWOT Analysis
12.7.5 The SNS View
12.8 Hertel Holding B.V.
12.8.1 Market Overview
12.8.2 Financials
12.8.3 Product/Services/Offerings
12.8.4 SWOT Analysis
12.8.5 The SNS View
12.9 Lydall Inc.
12.9.1 Market Overview
12.9.2 Financials
12.9.3 Product/Services/Offerings
12.9.4 SWOT Analysis
12.9.5 The SNS View
12.10 DUNMORE
12.10.1 Market Overview
12.10.2 Financials
12.10.3 Product/Services/Offerings
12.10.4 SWOT Analysis
12.10.5 The SNS View
13. Competitive Landscape
13.1 Competitive Benchmarking
13.2 Market Share Analysis
13.3 Recent Developments
14. USE Cases And Best Practices
15. Conclusion
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