[143 Pages Report] The Cryogenic Insulation Market size is estimated to be USD 2.3 billion in 2018 and is projected to reach USD 3.3 billion by 2023, at a CAGR of 7.20% between 2018 and 2023. Cryogenic insulation helps in energy conservation and enables to control the process temperature in cryogenic equipment. Cryogenic insulation uses high performance insulation materials such as cellular glass, polyurethane, polyisocyanurate, polystyrene, perlite, aerogel, and others to achieve the required thermal conductivity at extremely low operating temperature. It is widely used in transportation and storage of liquefied natural gas.  The cryogenic insulation market is mainly driven by the rising demand for LNG as fuel in developed and developing economies. Rising environmental awareness is contributing to the growth of the market.

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PU & PIR segment is expected to be the largest contributor to the overall cryogenic insulation market during the forecast period.

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.

The tank segment accounts for the largest share of the overall market.

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.

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

On the basis of end-use industry, the cryogenic insulation market has been segmented into energy & power, chemicals, metallurgical, electronics, shipping, and others. The energy & power segment is estimated to be the largest end-use industry of the cryogenic insulation market, in terms of value, during the forecast period. The demand for cryogenic insulation in the industry is expected to increase as a result of increasing demand for LNG as fuel.

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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