The Multi-Layer Cryogenic Insulation Market Size was valued at USD 3.4 billion in 2022, and is expected to reach USD 6.7 billion by 2030, and grow at a CAGR of 8.5% over the forecast period 2023-2030.
For applications operating below 75°C, multi-layer cryogenic insulation is a high-performance material that reduces energy losses and offers a high degree of thermal isolation. Cryogenic gases including liquid natural gas (LNG), liquid nitrogen, LPG, and ethylene are frequently transported in cryogenic tanks and stored there using multi-layer cryogenic insulation. Cryogenic insulation with many layers is available for the secure transportation and storage of these gases. For multi-layer cryogenic insulation applications, a variety of insulating materials are employed, such as polyurethane, polyisocyanurate, expanded foams, cellular glass, fibreglass, and polystyrene. Multi-layer cryogenic insulation is sometimes referred to by the trade names Durolight, Armaflex, CRYO-SHIELD, FOAMNERT Board-TN, FOAMGLAS, NP500CR, and Cryogel.
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Drivers:
Rising LPG/LNG demand from industries like power generation and the automobile
Global demand for energy and power is increasing due to industrialisation and urbanisation.
Expanding space exploration and aerospace industries
Restraints:
Volatile raw material costs driving up the cost of the final product
Opportunity:
Ongoing expenditures on R&D for the creation and improvement of new products
Proliferation of artificial growth techniques to create more affordable, highly effective items
Superconducting device applications
Challenge:
Relevant safety and product durability issues
Due to the global COVID-19 breakdown, which left the majority of the world's countries under lockdown, the demand for insulation has decreased. Since the materials used in multi-layer cryogenic insulation are formed of polymer resins, any shortages in these materials will have a direct impact on the availability of thermal insulation. The polymer industry had a lot of product shortages prior to COVID-19. Manufacturers have extra polymers and polymeric resins on hand to fill in the gaps to prevent this. The COVID-19 outbreak has, however, significantly damaged the supply chain. Transportation and personnel availability are further factors that have affected the insulation supply chain. While some manufacturers are having trouble delivering their goods, others are having trouble procuring raw materials.
While some producers have the finished product ready, they are unable to sell it because of transportation issues, which causes them to lose money. The effect on supply is therefore due to a number of causes rather than just one problem.
The COVID-19 epidemic caused a decline in oil prices since the global demand for oil fell by around 29 million barrels per day from about 100 million a year earlier. Manufacturers of synthetic chemicals and materials were able to get raw materials at lower prices thanks to the market's large supply of crude oil. Curfews, lockdowns, and travel restrictions, however, caused problems in the supply chain at every stage. due to numerous businesses closing. The market suffered as a result of the disruption in the supply of these commodities brought on by the closure of numerous supply lines.
By Type
PU & PIR
Cellular Glass
Polystyrene
Fiberglass
Perlite
Others
By End-use
Energy & Power
Chemicals
Metallurgical
Electronics
Shipping
Others
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The greatest market share was held by North America, which is also expected to grow at a robust CAGR in the years to come. The market for multi-layer cryogenic insulation in this region is expanding as a result of a number of factors, including the expansion of the North American power industry and the rise in LNG projects. After North America, Europe is the second-largest market worldwide for multi-layer cryogenic insulation. Implementing the updated EU insulation material regulations is anticipated to increase the use of multi-layer cryogenic insulation in the area and raise the amount of insulation required to meet end user specifications. In 2020, Asia-Pacific was the third-largest market; throughout the projection period, it is expected to see the greatest CAGR.
Due to a number of factors, including a change in the industrial base from western to Asian nations, robust economic growth, and the rise of end-use sectors such energy & power, electronics, chemical, and others, Asia-Pacific is anticipated to become the fastest-growing regional market. Over the future years, China and India are expected to rule the Asia-Pacific market. Due to the abundance of raw materials and increased government investment, the Middle East and Africa are predicted to have the second-fastest growth rate. On the other side, Latin America is predicted to expand faster than average due to the region's major countries' increased industrialization and urbanisation.
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
Owens Corning (US), Technifab Products (US), Armacell International Holding GmbH (Germany), Cabot Corporation (US), Lydall Inc. (US), Aspen Aerogels (US), Dunmore Corporation (US), Isolatie Combinatie Beverwijk B.V. (Netherland), NICHIAS Corporation (Japan), Abhijit Enterprises (India).
| Report Attributes | Details |
|---|---|
| Market Size in 2022 | US$ 3.4 Billion |
| Market Size by 2030 | US$ 6.7 Billion |
| CAGR | CAGR of 8.5% From 2023 to 2030 |
| Base Year | 2022 |
| Forecast Period | 2023-2030 |
| Historical Data | 2019-2030 |
| Report Scope & Coverage | Market Size, Segments Analysis, Competitive Landscape, Regional Analysis, DROC & SWOT Analysis, Forecast Outlook |
| Key Segments | • By Type (PU & PIR, Cellular Glass, Polystyrene, Fiberglass, Perlite, Others) • By End-use (Energy & Power, Chemicals, Metallurgical, Electronics, Shipping, 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 | Owens Corning (US), Technifab Products (US), Armacell International Holding GmbH (Germany), Cabot Corporation (US), Lydall Inc. (US), Aspen Aerogels (US), Dunmore Corporation (US), Isolatie Combinatie Beverwijk B.V. (Netherland), NICHIAS Corporation (Japan), Abhijit Enterprises (India) |
| Key Drivers | • Rising LPG/LNG demand from industries like power generation and the automobile • Global demand for energy and power is increasing due to industrialisation and urbanisation |
| RESTRAINTS | • Volatile raw material costs driving up the cost of the final product |
Ans: Multi-Layer Cryogenic Insulation Market Size was valued at USD 3.4 billion in 2022, and is expected to reach USD 6.7 billion by 2030, and grow at a CAGR of 8.5% over the forecast period 2023-2030.
Ans: PU & PIR, Cellular Glass, Polystyrene, Fiberglass, Perlite and Others are the sub-segments of by type segment.
Ans: Due to the global COVID-19 breakdown, which left the majority of the world countries under lockdown, the demand for insulation has decreased. Since thematerials used in multi-layer cryogenic insulation are formed of polymer resins, any shortages in these materials will have a direct impact on the availability of thermal insulation. The polymer industry had a lot of product shortages prior to COVID-19.
Ans: Owens Corning (US), Technifab Products (US), Armacell International Holding GmbH (Germany), Cabot Corporation (US), Lydall Inc. (US), Aspen Aerogels (US), Dunmore Corporation (US), Isolatie Combinatie Beverwijk B.V. (Netherland), NICHIAS Corporation (Japan), Abhijit Enterprises (India) are the major key players of Multi-Layer Cryogenic Insulation Market.
Ans: Manufacturers, Consultant, aftermarket players, association, Research institute, private and universities libraries, suppliers and distributors of the product.
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
5. Value Chain Analysis
6. Porter’s 5 forces model
7. PEST Analysis
8.Multi-Layer Cryogenic Insulation Market Segment, By Type
8.1 PU & PIR
8.2 Cellular Glass
8.3 Polystyrene
8.4 Fiberglass
8.5 Perlite
8.6 Others
9.Multi-Layer Cryogenic Insulation Market Segment, By End-use
9.1 Energy & Power
9.2 Chemicals
9.3 Metallurgical
9.4 Electronics
9.5 Shipping
9.6 Others
10. Regional Analysis
10.1 Introduction
10.2 North America
10.2.1 USA
10.2.2 Canada
10.2.3 Mexico
10.3 Europe
10.3.1 Germany
10.3.2 UK
10.3.3 France
10.3.4 Italy
10.3.5 Spain
10.3.6 The Netherlands
10.3.7 Rest of Europe
10.4 Asia-Pacific
10.4.1 Japan
10.4.2 South Korea
10.4.3 China
10.4.4 India
10.4.5 Australia
10.4.6 Rest of Asia-Pacific
10.5 The Middle East & Africa
10.5.1 Israel
10.5.2 UAE
10.5.3 South Africa
10.5.4 Rest
10.6 Latin America
10.6.1 Brazil
10.6.2 Argentina
10.6.3 Rest of Latin America
11. Company Profile
11.1 Owens Corning (US)
11.1.1 Financial
11.1.2 Products/ Services Offered
11.1.3 SWOT Analysis
11.1.4 The SNS view
11.2 Technifab Products (US)
11.3 Armacell International Holding GmbH (Germany),
11.4 Cabot Corporation (US),
11.5 Lydall Inc. (US),
11.6 Aspen Aerogels (US),
11.7 Dunmore Corporation (US),
11.8 Isolatie Combinatie Beverwijk B.V. (Netherland),
11.9 NICHIAS Corporation (Japan),
11.10 Abhijit Enterprises (India)
12.Competitive Landscape
12.1 Competitive Benchmark
12.2 Market Share analysis
12.3 Recent Developments
13. Conclusion
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