The global cryogenic insulation market size is expected to reach USD 2.9 billion by 2025, expanding at a CAGR of 6.5%, according to a new report by Grand View Research, Inc. Rising preference for low temperature insulation from various application industries including energy and power and metallurgy is likely to propel the market growth.
The growth of aerospace and space exploration industries across the economies is anticipated to fuel the demand for cryogenic insulation systems. In addition, rising demand for LNG as an environment friendly alternative to the conventional energy resources has resulted in high demand for cryogenic engines, pipes, valves, and storage tanks.
Increasing R&D spending by the major players is expected to have positive impact on product enhancement and differentiation strategies. In addition, the participants are focusing on developing novel materials for higher efficiency and lower operational costs. Also, the players are pooling their technology and resources together in order to serve the rising demand.
North America and Europe are anticipated to dominate the market on account of the rising offshore gas production in order to cater the rising demand from various application industries. In addition, the rising LNG/LPG transportation across the regions is further likely to propel the market growth.
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Further key findings from the report suggest:
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PUR and PIR accounted for the largest market share of 42.9% in terms of revenue in 2018, owing to its wide range of applications in gas liquefaction and regasification industry
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LPG/LNG transport and storage industry dominated the market in 2018 and is estimated to reach USD 1.5 billion by 2025, due to rising demand for LNG or LPG from various sectors including automotive and power generation
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North America is anticipated to emerge as one of the prominent regions for the industry over the forecast period and is projected to account for USD 699.9 million by 2025 on account of the rising offshore oil production in countries such as the U.S.
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Cryogenic insulation market in China is projected to exhibit a CAGR of 6.5% from 2019 to 2025 on account of the rapid industrialization and rising disposable income
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Market participants across the globe have increased their R&D spending in order to develop high performance insulation for various applications.
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Grand View Research has segmented the global cryogenic insulation market on the basis of product, application, and region:
Cryogenic Insulation Product Outlook (Revenue, USD Billion, 2014 - 2025)
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PUR and PIR
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Cellular Glass
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Polystyrene
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Fiberglass
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Perlite
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Others
Cryogenic Insulation Application Outlook (Revenue, USD Million, 2014 - 2025)
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LPG/LNG Transport & Storage
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Energy and Power
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Metallurgical
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Others
Cryogenic Insulation Regional Outlook (Revenue, USD Million, 2014 - 2025)
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North America
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U.S.
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Canada
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Mexico
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Europe
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Germany
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The Netherlands
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Russia
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Turkey
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Spain
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France
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Asia Pacific
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China
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India
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South Korea
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Australia
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Middle East & Africa
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Iran
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Qatar
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Central & South America
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Argentina
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Brazil
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About Grand View Research
Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 126 major countries worldwide. This U.S.-based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 4126 analysts and consultants, the company adds 121200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 600 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.
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