Austin, Aug. 27, 2024 (GLOBE NEWSWIRE) -- According to the SNS Insider report, The Cryogenic Insulation Market size is projected to reach USD 6.30 billion by 2032 and grow at a CAGR of 6.80% over the forecast period of 2024-2032.
Focus on Energy Efficiency Drive Market Growth.
Various industries are giving high importance to the energy efficiency and sustainability of their operational activities in order to reduce the cost of operation and reduce the carbon footprint. Cryogenic insulation is one of the important aspects that play a vital role in lower cost of operation and low carbon emission. The insulation of cryogenic systems has become very crucial nowadays. This becomes particularly important in the case of very low-temperature fluids handling such as liquefied natural gas and industrial gases. Cryogenic insulation is essential to prevent or reduce the heat ingress from outside to the fluid being stored or transported through the system and thus reduce the energy loss in maintaining the temperature of the fluids at cryogenic conditions.
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Moreover, by reducing or minimizing loss of energy, higher quality cryogenic insulation will require only less amount of energy to maintain the cryogenic temperatures. This will directly lead to lower consumption of energy. It will lead to lower operational costs for companies that use cryogenic liquids. Further, by reducing energy consumption, cryogenic insulation contributes to environment-protection efforts or sustainability aims. As a result of the commitment of various industries to energy efficiency and long-term sustainability, the demand for highly developed cryogenic insulation materials and technologies is rising.
For instance, in 2022, Armacell, a global leader in flexible foam insulation materials, launched its new product, ArmaGel HT, an advanced aerogel-based insulation material specifically designed for cryogenic and high-temperature applications.
Moreover, innovations in insulation materials, such as aerogels, advanced foams, and multilayer insulation systems, are enhancing the performance and efficiency of cryogenic insulation. These materials provide better thermal properties, reduced thickness, and longer service life, making them attractive options for various industries.
For instance, in 2023, Aspen Aerogels launched Cryogel Z, a next-generation aerogel insulation material specifically designed for cryogenic applications. Cryogel Z offers superior thermal insulation with a significantly reduced thickness compared to traditional insulation materials.
Cryogenic Insulation Market Report Scope:
| Report Attributes | Details |
| Market Size in 2023 | US$ 3.50 Billion |
| Market Size by 2032 | US$ 6.30 Billion |
| CAGR | CAGR of 6.80% From 2024 to 2032 |
| Base Year | 2023 |
| Forecast Period | 2024-2032 |
| 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 Form (Foam, Multilayer, and Bulk-fill) • By Application (Storage Tanks, Fuel Tanks, Pipe Systems, Terminals, and Others) |
| Regional Analysis/Coverage | North America (US, Canada, Mexico), Europe (Eastern Europe [Poland, Romania, Hungary, Turkey, Rest of Eastern Europe] Western Europe] Germany, France, UK, Italy, Spain, Netherlands, Switzerland, Austria, Rest of Western Europe]), Asia Pacific (China, India, Japan, South Korea, Vietnam, Singapore, Australia, Rest of Asia Pacific), Middle East & Africa (Middle East [UAE, Egypt, Saudi Arabia, Qatar, Rest of Middle East], Africa [Nigeria, South Africa, Rest of Africa], Latin America (Brazil, Argentina, Colombia, 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 and other players |
| Key Drivers | •Growing demand for cryogenic insulation across various industries •Increasing environmental regulations to reduce the emission of carbon dioxide |
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Segmentation Analysis
By Type
The fiberglass segment held the largest market share of the market around 45%.in 2023. Fiberglass is the most commonly used material in the cryogenic insulation market. The material has a wide range of usage in a given industrial application due to its high-quality thermal insulating properties, low density facilitating lightweight, and relatively low cost. Fiberglass materials are used in cryogenic industrial applications because they work well in reducing the magnitude of heat. The greatest industrial application that calls for low temperatures is the storage and transportation of liquefied natural gas. Fiberglasses are durable and are resistant to moisture and chemical hazards, making them eligible for further use in cryogenic applications. The industrial market demands insulation materials that are efficient in energy handling, and this comes as good usage for fiberglass on its usage mandate.
By End-Use Industries
The oil and gas segment dominated the market at around 50% market share in the cryogenic insulation market in 2023. The dominant position of the oil and gas segment was driven by the rising need for natural gas and the global trend towards cleaner energy. Liquefied natural gas is widely used in the oil and gas industry but requires effective cryogenic insulation systems for efficient transportation and storage. Moreover, LNG has expanded, particularly in North America, the Middle East, and Asia-Pacific, to facilitate its use. Hence, the need for safe and affordable insulation technologies in the given market sector along with the rapid growth of LNG trade led to its leading position.
Regional Landscape:
Asia Pacific held the highest market share in the cryogenic insulation market at about 40% in 2023. Due to the rapid industrialization and expansion of energy infrastructure in countries such as China, India, and Japan. The region's growing demand for liquefied natural gas (LNG) as a cleaner energy alternative has led to significant investments in LNG production, storage, and transportation facilities, all of which require advanced cryogenic insulation solutions. Additionally, government initiatives aimed at reducing carbon emissions and increasing energy efficiency have further spurred the adoption of cryogenic insulation technologies in various industries, including petrochemicals and food processing. The region's strong economic growth, coupled with its strategic focus on energy security, has solidified Asia-Pacific's leading position in the cryogenic insulation market.
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Recent Developments
- In 2023, Armacell expanded its product portfolio with the introduction of new multilayer cryogenic insulation systems. These systems are engineered to provide enhanced thermal performance and structural integrity in harsh cryogenic environments, catering to the increasing needs of the oil and gas sector.
- In 2022, Johns Manville, a subsidiary of Berkshire Hathaway, unveiled a new range of flexible cryogenic insulation blankets. These blankets are designed for easy installation and superior thermal insulation in complex pipework and vessel systems, targeting the expanding LNG infrastructure market.
Key Takeaways:
- The Asia-Pacific region leads the market due to rapid industrialization, and strong manufacturing capabilities.
- The market key players, focused on expansion, and investment which drive the market growth.
- The oil and gas sector remains a major contributor to market demand, driven by the need for cryogenic insulation in LNG storage and transportation.
Table of Contents – Major Key Points
1. Introduction
1.1 Market Definition
1.2 Scope (Inclusion and Exclusions)
1.3 Research Assumptions
2. Executive Summary
2.1 Market Overview
2.2 Regional Synopsis
2.3 Competitive Summary
3. Research Methodology
3.1 Top-Down Approach
3.2 Bottom-up Approach
3.3. Data Validation
3.4 Primary Interviews
4. Market Dynamics Impact Analysis
4.1 Market Driving Factors Analysis
4.1.1 Drivers
4.1.2 Restraints
4.1.3 Opportunities
4.1.4 Challenges
4.2 PESTLE Analysis
4.3 Porter’s Five Forces Model
5. Statistical Insights and Trends Reporting
5.1 Production Capacity and Utilization, by Country, by Type, 2023
5.2 Feedstock Prices, by Country, by Type, 2023
5.3 Regulatory Impact, by Country, by Type, 2023.
5.4 Environmental Metrics: Emissions Data, Waste Management Practices, and Sustainability Initiatives, by region
5.5 Innovation and R&D, by Type, 2023
6. Competitive Landscape
7. Cryogenic Insulation Market Segmentation, by Type
8. Cryogenic Insulation Market Segmentation, by Form
9. Cryogenic Insulation Market Segmentation, by End-user
10. Regional Analysis
11. Company Profiles
12. Use Cases and Best Practices
13. Conclusion
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