Cryogenic Insulation Market Is Driven By The Growing Demand For LPG/LNG In Power Generation And Automotive Sectors | Grand View Research, Inc.

Cryogenic Insulation Market Is Driven By The Growing Demand For LPG/LNG In Power Generation And Automotive Sectors | Grand View Research, Inc.

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According to a new report published by Grand View Research, the global market for cryogenic insulation market is expected to witness a high growth rate owing to the extensive demand for LNG/LPG in the commercial transportation sector. Also, the market is on the uprise since the COVID-19 induced lockdowns are relaxed in several countries across the world.

The global cryogenic insulation marketsize is expected to reach USD 2.9 billion by 2025, expanding at a CAGR of 6.5%. The expansion of the aerospace and space exploration industries throughout the various regional markets is expected to drive the demand for the cryogenic insulation market. Furthermore, the increasing demand for LNG as an environmentally friendly alternative to traditional energy supplies is attributing to the increase in demand for cryogenic engines, pipes, valves, and storage tanks.

The major competitors in the market have increased their R&D investment and are expected to have a positive effect on product enhancement and differentiation strategies. Furthermore, the participants are concentrating on the creation of innovative materials to improve performance and lower operating costs. In order to meet the increasing demand, the dominant players of the industry are also combining their technology with resources. 

Cryogenic Insulation Market Report Highlights

 On the basis of product, the PUR and PIR segment dominated the market. It is also projected to register a CAGR of 6.8% during the forecast period. The growth of the segment can be attributed to the growing demand for liquefaction and regasification.

The perlite segment is expected to register a CAGR of 6.2% over the forecast period on the account of the rising cryogenic insulation demands from various application industries. The product is used to cater to the insulation needs across various industries including refineries, power generation, and storage and transportation of LNG.

From the application standpoint, the LPG/LNG transport and storage segment accounted for a revenue of USD 929.8 million in 2018.

The energy and power application segment is anticipated to exhibit a CAGR of 6.4% from 2019 to 2025.

North America is expected to emerge as one of the most important regions for the market. The regional market is expected to account for USD 699.9 million by 2025 as a result of increasing offshore oil output in countries such as the U.S.

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Cryogenic Insulation Market Segmentation

Grand View Research has segmented the global cryogenic insulation market on the basis of product, application, and region:

Cryogenic Insulation Product Outlook (Revenue, USD Billion, 2014 – 2025)

     PUR and PIR
     Cellular Glass

Cryogenic Insulation Application Outlook (Revenue, USD Million, 2014 – 2025)

     LPG/LNG Transport & Storage
     Energy and Power

Cryogenic Insulation Regional Outlook (Revenue, USD Million, 2014 – 2025)

     North America
        • The U.S.
        • Canada
        • Mexico
        • Germany
        • The Netherlands
        • Spain
        • Turkey
        • France
        • Russia
     Asia Pacific
        • China
        • India
        • South Korea
        • Australia
    • Central and South America
        • Brazil
        • Argentina
     Middle East & Africa
        • Iran
        • Qatar

List of Key Players of Cryogenic Insulation Market

    • Armacell International Holding GmbH
    • Lydall Inc.
    • BASF SE
    • Cabot Corporation
    • Rochling Group
    • Dunmore Corporation
    • Johns Manville Inc.
    • Pittsburgh Corning Corporation
    • Imerys Minerals
    • Hertel
    • Amol Dicalite Limited
    • G+H Group
    • Isover
    • Aspen Aerogels
    • H Zircar

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