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Multi-Layer Cryogenic Insulation Market

Multi-Layer Cryogenic Insulation Market Size and Segment By Type (PU & PIR, Cellular Glass, Polystyrene, Fiberglass, Perlite, Others) By End-use (Energy & Power, Chemicals, Metallurgical, Electronics, Shipping, Others), by Regions and Global Forecast 2022-2028

Report Id: SNS/C&M/2661 | August 2022 | Region: Global | 129 Pages

Report Scope & Overview:

Multi-Layer Cryogenic Insulation Market Size was valued at USD 3.2 billion in 2021, and is expected to reach USD 5.7 billion by 2028, and grow at a CAGR of 8.5% over the forecast period 2022-2028.

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.

Multi-Layer Cryogenic Insulation Market Revenue Graph

Market Dynamics:

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

Impact of Covid-19:

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.

Key Players:

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)

Market Segment:

By Type

  • PU & PIR

  • Cellular Glass

  • Polystyrene

  • Fiberglass

  • Perlite

  • Others

By End-use

  • Energy & Power

  • Chemicals

  • Metallurgical

  • Electronics

  • Shipping

  • Others

Multi-Layer Cryogenic Insulation Market Segment Pie Chart

Regional Analysis:

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

 

Multi-Layer Cryogenic Insulation Market Report Scope:
Report Attributes Details
Market Size in 2021 US$ 3.2 Billion
Market Size by 2028 US$ 5.7 Billion
CAGR CAGR of 8.5% From 2022 to 2028
Base Year 2021
Forecast Period 2022-2028
Historical Data 2017-2020
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


Frequently Asked Questions (FAQ) :

Ans: Multi-Layer Cryogenic Insulation Market Size was valued at USD 3.2 billion in 2021, and expected to reach USD 5.7 billion by 2028, and grow at a CAGR of 8.5% over the forecast period 2022-2028.

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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Secondary Research

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