Cryogenic Insulation Market Size, Share, Market Research and Industry Forecast Report, 2019-2025 (Includes Business Impact of COVID-19)

                                          
Industry Insights, Market Size, CAGR, High-Level Analysis: Cryogenic Insulation Market


The global cryogenic insulation market size was estimated at USD 1.9 billion in 2018, expanding at a CAGR of 6.5% over the forecast period. Rising demand for LPG/LNG from various sectors such as power generation and automotive is anticipated to boost the demand for transportation and storage, which further propels the growth of the market for cryogenic insulation.
Rising demand for energy and power across the globe on account of the rising industrialization and urbanization is projected to promote the demand for cryogenic insulation. In addition, the growth of aerospace and space exploration industries is further anticipated to propel the demand for cryogenic insulation over the forecast period.

Rising gas exploration activities in the U.S. on account of growing demand from various sectors including electric power, industrial, and residential is expected to propel the demand for cryogenic insulation. In addition, demand for clean and eco-friendly energy resources is anticipated to result in growing demand for LPG/LNG, thereby stimulating the industry growth.
However, fluctuating raw material prices, concerns regarding safety, and issues related to the product durability are the factors estimated to hamper overall market growth. Rising use of enhanced technology to advance performance characteristics is a technological trend estimated to boost industrial demand over the forecast period.
The insulation comprises high priced raw materials that are available for exorbitant prices, which increases the overall cost for the product. In addition, increasing use of materials such as aerogel and perlite in the product leading to superior performance is expected to emerge as the defining trend for the market over the forecast period.
The rising investments in R&D is likely to result in new product development and enhancement of the product quality. In addition, major players are pooling their resources and technologies in order to develop highly efficient products at lower costs. This is projected to stimulate the growth of the market for cryogenic insulation over the forecast period.

Product Insights of Cryogenic Insulation Market

The cryogenic insulation market has been categorized on the basis of product types such as PUR and PIR, cellular glass, polystyrene, fiberglass, perlite, and others. PUR and PIR segment accounted for the largest market share and is estimated to witness a CAGR of 6.8% from 2019 to 2025. The growing demand for liquefaction and regasification is projected to benefit the segment growth.
PUR and PIR cryogenic insulation is widely used in storing gases at extremely low temperatures. In addition, growing transportation of these liquefied gases is projected to boost the demand for insulating pipes, storage tanks, and valves. The growing number of LNG terminals, LNG transporting ships, and storage tanks is anticipated to stimulate the demand for PUR and PIR cryogenic insulation.
The insulating products are produced in the form of bulk-fill, foam, blankets, and multi-layer. The lightweight, flexibility, and strength of these products make them useful in a number of industries that incorporate LNG transportation infrastructure or use high temperature insulation. The high efficiency of the products in providing insulation is likely to result in rising demand over the forecast period.
The perlite segment is projected to witness a CAGR of 6.2% from 2019 to 2025 on account of the rising cryogenic insulation demands from various application industries. The product is used to cater the insulation needs across various industries including refineries, power generation, and storage and transportation of LNG.

Application Insights of Cryogenic Insulation Market

On the basis of application, the market for cryogenic insulation is segmented into LPG/LNG transport and storage, energy and power, metallurgical, and others. The LPG/LNG transport and storage segment accounted for USD 929.8 million in 2018 owing to the rising demand for LNG from various industries.
The demand for LNG across various sectors including automotive, power generation, and domestic and commercial fuel is projected to result in rising gas exploration and production activities across the economies. This is anticipated to boost the demand for storage and transportation of LNG, which further benefits the growth of the market for cryogenic insulation over the forecast period.

The energy and power application segment is anticipated to exhibit a CAGR of 6.4% from 2019 to 2025. The rising demand for energy and power in developing economies owing to the expansion of the industrial and residential sector is likely to propel the segment growth, which is further projected to result in rising product demand.
The others segment include healthcare, food and beverage, and space applications. The other application segment is estimated to witness a CAGR of 5.2% from 2019 to 2025. Rising disposable incomes and improved standard of living across the globe is likely to benefit the growth of aforementioned application segment, further benefiting the market growth.

Regional Insights of Cryogenic Insulation Market

The North America market was valued at USD 432.8 million in 2018 and is estimated to be the fastest growing regional market from 2019 to 2025 on account of the increasing gas exploration and production activities. In addition, high penetration of cryogenic insulation in the LNG industry in the region is expected to drive the regional market growth over the forecast period.
Moreover, high level of environmental awareness in the region is a major factor driving the demand for LNG. In addition, surging demand for LNG from various application industries across the globe is likely to propel the demand for transportation and storage, which is estimated to benefit the market growth over the forecast period.
Factors such as the growth in the manufacturing sector, high energy consumption, and growing environmental concerns are acting as drivers for the market in North America. However, the market for cryogenic insulation in this region is relatively saturated and hence also presents a high level of barriers for the new entrants.

Asia Pacific represents a good opportunity for the cryogenic insulation products manufacturers due to the fast developing economies in the region including China, India, and South Korea. These countries are the major consumers of cryogenic insulation and are responsible for the industrial growth in this region. The rapid industrialization and urbanization are further anticipated to boost the market growth over the forecast period.

Market Share Insights of Cryogenic Insulation Market

Cryogenic insulation products are increasingly gaining recognition mainly for increasing efficiency and reducing the operating cost. The key players are adopting strategies such as new product innovation, mergers and acquisition, joint ventures, and partnerships in order to gain competitive advantage.

Prominent players of the industry include Armacell International Holding GmbH; BASF SE; Lydall Inc.; Cabot Corporation; Johns Manville Inc.; Evonik Industries; Huntsman Corporation; and Rochling Group.

Segmentations, Sub Segmentations, CAGR, & High-Level Analysis overview of Cryogenic Insulation Market Research Report

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2014 to 2025. For the purpose of this study, this market research report has segmented the global cryogenic insulation market report on the basis of product, application, and region:

Product Outlook (Revenue, USD Million, 2019 - 2030)

  
PUR and PIR
  
Cellular Glass
  
Polystyrene
  
Fiberglass
  
Perlite
  
Others

Application Outlook (Revenue, USD Million, 2019 - 2030)

  
LPG/LNG Transport & Storage
  
Energy and Power
  
Metallurgical
  
Others