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 cryogenic insulation market is mainly driven by the rising demand for LNG as fuel in developed and developing economies. Rising environmental awareness is also contributing to the growth of the market. Growing demand for cryogenic technologies in space applications has created various opportunities for cryogenic insulation manufacturers. APAC is the key market for cryogenic insulations, globally, followed by Europe and North America. One of the primary drivers of the market is the increasing demand for transportation, storage, and liquefaction of natural gas to LNG in these regions.

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Browse 63 market data Tables and 41 Figures spread through 143 Pages and in-depth TOC on "Cryogenic Insulation Market”

The PU & PIR segment is the largest segment in the cryogenic insulation market in 2018.

The PU & PIR segment is estimated to account for the largest share of the cryogenic insulation market during the forecast period, in terms of value. The dominance of the PU & PIR segment is expected to continue during the forecast period due to its increasing use in the gas liquefaction industry. PU & PIR are majorly used in storage & transportation facilities of LNG, LPG, ethylene, ammonia/ fertilizer, and underground oil ducts, where extremely low temperatures are required. Furthermore, these are also used in cold stores and food processing plants.

The energy & power segment is estimated to be the largest end-use industry of cryogenic insulation during the forecast period.

The energy & power segment is estimated to be the largest end-use industry of cryogenic insulation during the forecast period. In the energy & power segment, cryogenic insulation is used in transportation & storage vessels, where LNG is stored and in the liquefaction plant, where conversion of natural gas into liquid state is undertaken. The demand for cryogenic insulation in the industry is expected to increase as a result of increasing demand for LNG as fuel.

APAC is estimated to be the largest market for cryogenic insulation in 2018.

The APAC cryogenic insulation market is estimated to witness considerable growth on account of rapidly growing end-use industries such as energy & power. China is estimated to account for the largest share of the cryogenic insulation market in the APAC region during the forecast period, in terms of value, owing to the high demand for storing and transporting cryogenic fluids from a wide range of end-use industries such as chemicals, shipbuilding, electronics, and energy & power industries.

The 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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