Rising demand for LNG as fuel and environmental awareness, versatility of application in various sectors and the continuous developments in this field are the factors contributing to the CAGR of Cryogenic Insulation market in the forecasted period.
According to the current analysis of Reports and Data, the global cryogenic insulation market was valued at USD 2.92 Billion in 2020 and is expected to reach USD 5.11 Billion by year 2028, at a CAGR of 7.3 %. Cryogenics are materials that reach very low temperatures. The temperatures scales for cryogenics are not very well defined. However, it is believed that a gas is cryogenic if it can be liquefied at a temperature as low as -150°. In simple terms, cryogenic is fundamentally about energy and insulation is about energy conservation. With the rising focus on thermal isolation, the use of cryogenics and low temperature refrigeration is taking more and more significant role. In the recent times, it has become prominent due to the increasing awareness and its versatility in application.
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Leading Players– Lydall Inc., Aspen Aerogels, Dunmore, Kaefer, Armacell International Holding GmbH, BASF, Vita Group, and Rochling Group.
Further key findings of the report suggested that:
- The cryogenic insulation market has been categorised into various tools and equipment such as tanks, pumps, valves etc. Essentially, it comes in three forms namely, foam, bulk-fill and multi-layer. Multi-layer form of insulation is further categorised into two namely, films and foils. Each type of cryogenic insulation comes under any one of the forms
- Continuous developments in this field have too played a role in encouraging the consumers and driving them towards the market. The varied applicability of cryogenic insulation throughout several industries has also been identified as an important driving factor.
- Scientific and Technological developments in this field has caught the attention of various sectors. For instance, the most recent development in January 2019, Quantum Cryogenics launched indirect whole body cryotherapy chamber that delivers ultra- cold temperature that has been chilled using liquid nitrogen.
- Due to an increase in LNG terminals, storage tanks and ships carrying LNG, a substantial amount of insulating materials are required. Also a rise in environmental regulations regarding carbon dioxide emission is seen to be propelling the market.
- Rising demand for LNG as fuel and environmental awareness acts as one of the key factors driving the market.
Key Regional Markets Covered in the Report:
- North America (U.S.A., Canada, Mexico)
- Europe (Italy, U.K., Germany, France, Rest of Europe)
- Asia Pacific (India, China, Japan, South Korea, Australia, Rest of Asia Pacific)
- Latin America (Chile, Brazil, Argentina, Peru, Rest of Latin America)
- Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of Middle East & Africa)
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The report is written with the aid of industry analysts, market segmentation, and data collection in order to assist readers in making profitable business decisions. The report includes a comprehensive database of technical and product advances. It also provides information on growth rates and market value, as well as a thorough examination of niche market segments. The report provides strategic advice to newcomers and existing businesses about how to make profitable and well-informed business decisions.
The Cryogenic Insulation market has been segmented into key regions of the world and offers an analysis of growth rate, market share, current and emerging trends, production and consumption ratio, industrial chain analysis, demand and supply, import and export, revenue contribution, and presence of key players in each region. A country-wise analysis of the market is offered in the report to gain a better understanding of the regional spread and progress of the Cryogenic Insulation market.
By Type (Revenue in USD Million; 2020–2028)
- Fibreglass
- Cellular glass
- Perlite insulation
- Polyurethane (PU)
- Polyisocyanurate (PIR)
By Application (Revenue in USD Million; 2020–2028)
- Transportation
- Energy and Power
- Electronics
- Medical
- Chemical
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Frequently Asked Questions Addressed in the Report:
- What is the estimated market revenue growth over the forecast period?
- What are the major factors driving the global Cryogenic Insulation market revenue growth?
- Which regional market is expected to account for the largest revenue share in the global Cryogenic Insulation market over the forecast years?
- Which are the leading players in the global Cryogenic Insulation market?
- What are the key outcomes of SWOT analysis and Porter’s Five Forces analysis of the market?
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