The new report from Expert Market Research titled, “Global Cryogenic Insulation Market Size, Share, Trends, Growth, Analysis, Report and Forecast 2023-2028”, provides an in-depth analysis of the global market, assessing the market based on segments his. such as types, cryogenic equipment, end-use industries, and major regions.
The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses market dynamics, covering key demand and price indicators, along with market analysis based on SWOT and Porter’s Five Forces models.
Cryogenic Insulation Market Share, Size, Industry Report, Key Player, Key Segments and Forecast
Highlights of the report include:
Market Overview (2018-2028)
Forecast CAGR (2023-2028): 7.7%
Key factors such as increasing demand for liquefied natural gas (LNG), need for insulation in the power and energy industry, and aerospace are driving the growth of the cryogenic insulation market. Growth in LNG terminals, LNG carriers, and efficient and advanced storage tanks are driving the growth of the global market.
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Also, the growing demand for gas liquefaction is increasing the adoption of cryogenic insulations. Further, PU and PIR equipment are effectively used in LNG and LPG storage for storing gases at extremely low temperatures. Increasing transportation activities of these liquefied gases are adding to the growth of the market.
Moreover, the increasing production of offshore gas production to meet the increasing energy demand during the forecast period is expected to drive the market growth.
Cryogenic Insulation Industry Definition and Key Segments
Cryogenic insulation materials are used to protect liquefied natural gas plants. These materials are also used in cold storage and food processing facilities. Additionally, these materials are used in the transportation and storage of ammonia, ethylene, LPG and deep oil wells at extremely low temperatures.
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By type, the market is segmented into:
PU and PIR
Cell phone glass
Polystyrene
Fiberglass
Perlite
Others
On the basis of cryogenic equipment, the market is classified into:
tanks
valves
evaporative
PUMPS
Others
The end-use industries of the market are:
Energy and Power
The chemicals
Metallurgical
Electronics
Transportation
Others
On the basis of region, the market is divided into:
North America
Europe
Asia Pacific
Latin America
Middle East and Africa
Cryogenic Insulation Market Trends
Increasing environmental awareness, infrastructural development, industrialization, increased investment in the energy sector and increased trade in natural gas are the growth opportunities for the global market. These insulations also have applications in refrigeration and food processing plants.
Rising disposable incomes and changing eating habits are increasing the demand for processed foods. This is another important factor driving the growth of the market.
Furthermore, increasing demand to reduce installation time, labor, and radiant energy barrier in chemical systems is estimated to drive the market growth over the forecast period.
Increased government investment in cryogenic insulation research and development is likely to increase the development of efficient and cost-effective insulation systems.
Major market players
Major players in the market:
Armacell LLC, Lydall, Inc.,
BASF SE, Cabot Corporation,
Röchling SE & Co.
KG and Johns Manville
Others.
The report covers market shares, capacities, plant turnarounds, expansions, investments, and mergers and acquisitions, among other recent developments of these market players.
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