PUBLISHER: The Business Research Company | PRODUCT CODE: 1425366
PUBLISHER: The Business Research Company | PRODUCT CODE: 1425366
Cryogenic Insulation Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on cryogenic insulation market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for cryogenic insulation? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The cryogenic insulation market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
Cryogenic insulation is a high-performance insulation material designed to provide exceptional thermal isolation for applications operating at temperatures below -75 degrees Celsius. It serves to protect against energy leaks, maintaining its integrity in extremely cold temperatures, absorbing high mechanical forces, and offering superior low-thermal conductivity.
The primary types of cryogenic insulation include cellular, fibrous, flaky, granular, reflective, and others. Cellular insulation, for example, involves fiber insulation called cellulose, which is used in various applications such as storage tanks, fuel tanks, pipe systems, terminals, and more. Cryogenic insulation finds applications across different industries, including energy and power, food and beverages, chemicals, medical care, and other sectors.
The cryogenic insulation market research report is one of a series of new reports from The Business Research Company that provides cryogenic insulation market statistics, including cryogenic insulation industry global market size, regional shares, competitors with a cryogenic insulation market share, detailed cryogenic insulation market segments, market trends and opportunities, and any further data you may need to thrive in the cryogenic insulation industry. This cryogenic insulation market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The cryogenic insulation market size has grown strongly in recent years. It will grow from $6.67 billion in 2023 to $7.16 billion in 2024 at a compound annual growth rate (CAGR) of 7.3%. The growth observed in the historical period can be attributed to a focus on sustainability, advancements in aerospace and defense, and the expanding applications in the medical and healthcare sectors.
The cryogenic insulation market size is expected to see strong growth in the next few years. It will grow to $9.43 billion in 2028 at a compound annual growth rate (CAGR) of 7.1%. The projected growth in the forecast period can be attributed to the increasing demand in the LNG industry, the expansion of the industrial gas sector, the rise in LNG infrastructure, the growing applications in medical and healthcare, and the increasing demand for energy storage solutions. Major trends expected in this period include space exploration initiatives, the growth of the electronics and semiconductor industry, rising investments in infrastructure, and continuous research and development efforts within the sector.
The increase in demand for LNG is expected to propel the growth of the cryogenic insulation market going forward. Liquid natural gas (LNG) refers to natural gas chilled to a liquid state, or around -260° Fahrenheit, for transportation and storage. The widespread use of LNG is directly contributing to an increase in the use of cryogenic insulation since it offers a clean energy future that is affordable and accessible to all communities, aids in lifting people out of poverty, lowers global energy poverty, boosts local economies, improves the environment, and enables access to modern, reliable energy. For instance, according to the International Gas Union, a UK-based non-profit organization, after a strong post-pandemic recovery, there was an increase in global LNG trade, which increased by 4.5% from 2020 to 2021. LNG imports also grew by 4.5% in 2020 compared to the previous year. Therefore, increasing demand for LNG drives the cryogenic insulation market.
The growing aerospace industry is expected to propel the growth of the cryogenic insulation market going forward. The aerospace industry is a sector that deals with vehicular flight within and beyond Earth's atmosphere and encompasses research, development, design, manufacturing, operation, and maintenance of both aircraft and spacecraft. Cryogenic insulation in the aerospace industry is crucial for maintaining extremely low temperatures in propulsion systems, fuel storage, and spacecraft components, ensuring optimal performance. For instance, in January 2023, according to Cirium Fleet Forecast, a UK-based aerospace corporation, it is estimated that the global demand for new aircraft is expected to reach 44,500 by 2042, worth $2.9 trillion. Therefore, the growing aerospace industry is driving the growth of the cryogenic insulation market.
The anticipated surge in demand for Liquid Natural Gas (LNG) is poised to be a significant driver for the cryogenic insulation market. As LNG gains prominence as a clean and accessible energy source, the need for effective cryogenic insulation is heightened. This insulation is crucial for maintaining extremely low temperatures in the transportation and storage of LNG, contributing to a cleaner energy future. Notably, the International Gas Union reports a substantial increase in global LNG trade and imports, reinforcing the role of cryogenic insulation in meeting the rising demand for LNG.
The robust growth in the aerospace industry is expected to be a catalyst for the cryogenic insulation market. In aerospace, where extreme low temperatures are prevalent, cryogenic insulation plays a vital role in maintaining optimal conditions for propulsion systems, fuel storage, and spacecraft components. The projected demand for new aircraft globally, as estimated by Cirium Fleet Forecast, underscores the importance of cryogenic insulation in ensuring the efficient operation of aerospace systems. This growing aerospace industry is thus a key driver for the expansion of the cryogenic insulation market.
A noteworthy trend in the cryogenic insulation market is the development of advanced insulation systems. Companies like BASF have introduced innovative cryogenic insulation systems, utilizing patented technologies like Elastopor Cryo. These systems enhance the transportation of cryogenic liquid cargo, providing efficient insulation for ships even in challenging sea conditions. The use of such technologies reflects the ongoing trend of advancements in cryogenic insulation systems to meet the diverse needs of transporting low-temperature cargoes.
Major players in the cryogenic insulation market are focusing on product innovation to gain a competitive edge. For instance, in September 2022, Armacell, a UK-based company, launched the introduction of non-combustible aerogel insulation blankets, such as ArmaGel HTL by. These blankets, made from silica aerogel, offer high-performance insulation with properties that address challenges like corrosion under insulation (CUI) while withstanding high temperatures. The versatility and environmental safety of such innovative products make them suitable for various industries, further enhancing the competitive position of companies in the cryogenic insulation market.
In the realm of strategic business moves, Dover's acquisition of Acme Cryogenics in December 2021 stands out. This $295 million acquisition positions Dover as a key player in providing engineered products and services for the creation, distribution, and storage of cryogenic gases. The synergies between Dover and Acme Cryogenics are expected to enhance capabilities and contribute to Dover's consolidated EBITDA margins, further solidifying its position in the cryogenic insulation market.
Major companies operating in the cryogenic insulation market report are Aspen Aerogels Inc., BASF SE, Armacell Enterprise GmbH & Co. KG, Lydall Inc., Cabot Corporation, Rochling SE & Co. KG, Kaefer SA, Dunmore Holdings Ltd., Owens Corning, Johns Manville Inc., Hertel Holding BV, Evonik Industries AG, Huntsman Corporation, Amol Dicalite Limited, Imerys SA, ISOVER Company, Air Liquide SA, Air Products and Chemicals Inc., Cryofab Inc., Cryomagnetics Inc., Cryomech Inc., Cryostar SAS, Cryotherm GmbH & Co. KG, DUNA-USA Inc., GTS-Welco, Insul-Therm International Inc., Isolation Technologies LLC, Janis Research Company LLC, MLI Insulation Systems, Chart Industries Inc., Advanced Insulation Systems Ltd., Insultherm Inc., Thermal Energy Products Inc.
Asia-Pacific was the largest region in the cryogenic insulation market in 2023. North America is expected to be the fastest-growing region in the forecast period. The regions covered in the cryogenic insulation market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the cryogenic insulation market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The cryogenic insulation market consists of sales of polyurethane (PU), polyisocyanurate (PIR), and perlite cryogenic insulation. Values in this market are 'factory gate' values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.