[143 Pages Report] The Cryogenic Insulation Market size is estimated to be USD 2.3 billion in 2018 and is projected reach USD 3.3 billion by 2023, at a CAGR of 7.20% between 2018 and 2023. The study involved four major activities to estimate the market size for cryogenic insulation. Exhaustive secondary research was done to collect information on the market, the peer market, and the parent market. The next step was to validate these findings, assumptions, and sizing with industry experts across the value chain through primary research. Both top-down and bottom-up approaches were employed to estimate the complete market size. Thereafter, the market breakdown and data triangulation procedures were used to estimate the market size of the segments and subsegments.

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Transportation and storage of LNG is the major application of cryogenic insulation in the energy and power sector. Rising demand for LNG in various sectors such as automotive, domestic & commercial fuel, and power generation is expected to boost natural gas exploration and production, which will drive the growth of the cryogenic insulation market. In the future, due to increase in LNG terminals, storage tanks, and ships carrying LNG, a substantial amount of insulating materials will be required, which is projected to drive the cryogenic insulation market.

On the basis of type, the cryogenic insulation market has been segmented into PU & PIR, cellular glass, polystyrene, fiberglass, perlite, plastic, rubber, metal, ceramic, and others. The PU & PIR segment is expected to lead the cryogenic insulation market between 2018 and 2023, in terms of value. The higher demand for PU & PIR is mainly attributed to their properties and widespread applications. PUR & PIR foam is lightweight, moisture and fire resistant, has low thermal conductivity and density, and provides better structural performance. These properties enable their use in cryogenic conditions. They are used in various applications such as cold storage building, coolers, freezers, tank & pipe insulation, and household refrigerators.

On the basis of cryogenic equipment, the cryogenic insulation market has been segmented into tanks, valves, vaporizers, pump, and others. The tank segment is expected to account for the largest share of the cryogenic insulation market during the forecast period. The dominance of the tank segment is expected to continue during the forecast period due to its increasing demand from end-use industries such as energy & power for the storage and transportation of LNG.

Key Market Players

Key market players profiled in the report include Armacell International Holding GmbH (Germany), Lydall Inc. (US), BASF SE (Germany), Cabot Corporation (US), Rochling Group (Germany), and Johns Manville Inc. (US).

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