New York, US, April 28, 2022 (GLOBE NEWSWIRE) -- Multi-Layer Cryogenic Insulation Market Overview
According to a Comprehensive Research Report by Market Research Future (MRFR), “Multi-Layer Cryogenic Insulation Market Information by Type, End-Use, and Region - Forecast till 2028”, the market is estimated to grow at a CAGR of 6.70% CAGR to reach USD 1,522.78 Million by 2028.
Market Scope
Multi-layer cryogenic insulation refers to a high-performance material utilized to lower energy leaks and offer a high level of thermal isolation for applications taking place below −75°C. Multi-layer cryogenic insulation is broadly utilized in transporting and storing cryogenic gases such as ethylene, LPG, liquid natural gas (LNG), and liquid nitrogen. It is offered for the effective transportation and safe storage of these gases. A range of insulation materials, including polystyrene, polyurethane, fiberglass, polyisocyanurate, cellular glass, and expanded foams, are utilized for multi-layer cryogenic insulation applications.
Competitive Analysis
The global multi-layer cryogenic insulation market has leading players such as:
- Dunmore Corporation (US)
- Abhijit Enterprises (India)
- Armacell International Holding GmbH (Germany)
- Isolatie Combinatie Beverwijk B.V. (Netherland)
- Lydall Inc. (US)
- Owens Corning (US)
- Cabot Corporation (US)
- Aspen Aerogels (US)
- Technifab Products (US)
- NICHIAS Corporation (Japan)
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Market USP Covered
Market Drivers
The global market for multi-layer cryogenic insulation has registered a major spike in the growth rate in the last few years. The market's growth is primarily credited to the increasing demand for LNG, given the growing use in industrial, residential, and commercial sectors for operations such as manufacturing a wide variety of products, generating electricity, cooking, and heating. It is also used in heavy-duty and other vehicles as fuel. The growing utilization of cryogenic insulation in space applications is another crucial factor boosting the growth of multi-layer cryogenic insulation over the assessment era. Multi-layer cryogenic insulation is finding several applications in superconducting devices. It has become the latest trend across the global market, likely to boost the market's growth over the coming years.
Market Restraints
Although there are various factors anticipated to boost the growth of the multi-layer cryogenic insulation market, some factors are projected to impede the market's growth. Multi-layer cryogenic insulation is made using perlite, PU and PIR, fiberglass, polystyrene, cellular glass, etc. The prices of all of these materials keep fluctuating as they all are petroleum-based products. The volatility in raw material prices may adversely impact the market's growth.
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COVID-19 Impact
The CVID-19 pandemic has had a severe impact on most industry sectors. Multi-layer cryogenic insulation market is no different than others. The market faced a severe dip in demand worldwide owing to the breakdown of COVID-19 across the globe, a majority of the nations were under complete or partial lockdown. As the multi-layer cryogenic insulation materials are derived from polymer resins, the scarcity of these materials will affect the supply of thermal insulation. Before the pandemic, the polymer market faced a major shortage of these materials. To dodge this, market layers maintain polymeric resins and polymers on hand to make up for the lack.
On the other hand, the pandemic has severely impacted the supply chain. In addition, transportation and labor availability is another crucial parameter affecting the multi-layer cryogenic insulation market supply chain. Various market players across the globe face challenges are getting raw materials, whereas others are having trouble distributing their products.
Furthermore, the COVID-19 outbreak across the globe also led to the oil price drop worldwide, given the lowered global demand for oil by over 29 million barrels a day from around 100 million a year ago. However, with the world economy recovering from the damage caused by the pandemic, the global multi-layer cryogenic insulation market is expected to witness positive growth over the forecasted years.
Segment Analysis
The global multi-layer cryogenic insulation market has been fragmented into various segments based on end-use, type, and region.
Based on type, the global multi-layer cryogenic insulation market is divided into perlite, PU & PIR, polystyrene, fiberglass, cellular glass, and others.
Based on end-users, the global market for multi-layer cryogenic insulation is split into shipping, energy & power, electronics, chemicals, and metallurgical, among others.
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Multi-Layer Cryogenic Insulation Market Regional Analysis
The global market for multi-layer cryogenic insulation is examined across five major regions: Asia-Pacific, North America, Europe, Latin America, and the Middle East & Africa.
As per the MRFR analysis report, the North American region is projected to hold the leading position in the global market for multi-layer cryogenic insulation over the assessment era. The regional market's growth is mainly credited to the rapidly growing power industry across the region. In addition to that, the growing number of LNG projects across the region is another crucial parameter boosting the regional market's growth.
The multi-layer cryogenic insulation market for the European region is projected to hold the second position across the globe. The regional market's performance is attributed primarily to the deployment of the reviewed EU legislature on insulation material. Furthermore, the surge in the volume of insulation required per end user requirements is another crucial parameter canalizing the regional market's growth.
In 2020, the Asia-Pacific regional market for multi-layer cryogenic insulation secured third position globally. The regional market will exhibit the highest CAGR over the forecasted era. The regional market's growth is mainly attributed to the shifting manufacturing base from western countries to Asia-Pacific.
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