Global Cryogenic Insulation Market Size By Product Type (PUR and PIR, Cellular glass), By Application Type (LPG/LNG transport and storage, Energy and Power), By Geographic Scope And Forecast

Cryogenic Insulation Market Size And Forecast

Cryogenic Insulation Market size was valued at USD 3.01 Billion in 2022 and is projected to reach USD 4.9 Billion by 2030, growing at a CAGR of 6.1% from 2023 to 2030.

The cryogenic insulation industry is being driven by the rising demand for liquefied natural gas (LNG) as an environmentally friendly energy source. Cryogenic insulation is in high demand due to the growth of LNG infrastructure across the world and the need to keep LNG at a low temperature during storage and transit. Cryogenic insulation is widely used in the aerospace sector for components like rocket fuel tanks and spacecraft propellant tanks. The need for cryogenic insulation in the aerospace industry is anticipated to increase as satellite launches and space exploration continue to grow.

Global Cryogenic Insulation Market Definition

In applications involving the storage, transportation, and processing of cryogenic substances including liquefied natural gas (LNG), liquid nitrogen, and liquid oxygen, materials and methods used to insulate and sustain low temperatures are referred to as cryogenic insulation. Specialized insulation is needed to prevent heat transfer and maintain the necessary low temperature at cryogenic temperatures, which are generally below -150°C (-238°F). In sectors including energy, healthcare, aerospace, and electronics where the handling and storage of cryogenic fluids are crucial, cryogenic insulation is important. Cryogenic insulation’s primary function is to reduce heat transmission between the cryogenic fluid and the environment.

Basically, it works by keeping heat out, so the super-cold stuff stays super-cold. Think of cryogenic insulation as a shield, protecting the system by blocking heat transfer through conduction, convection, and radiation – all those ways heat can sneak in. Plus, it's not just about temperature; it also gives the cryogenic equipment some mechanical support and keeps it safe from bumps and bruises. Thanks to this insulation, we can keep cryogenic fluids at those ridiculously low temperatures needed for storage and transport. By stopping heat from getting in, the cryogenic material chills in its liquid or gaseous form. And here’s the kickergood cryogenic insulation means less energy is needed to keep things cold, which translates to energy savings and, yep, lower costs!

Think of cryogenic insulation like a cozy blanket for super-cold stuff! It reduces heat losses, making those cryogenic systems work way better. Plus, it's not just about efficiency; it also helps prevent dangerous leaks of cryogenic fluids, boosting environmental protection and keeping the workforce safe. It's like a barrier that minimizes the risks associated with those tricky cryogenic chemicals. And let's not forget the equipment itself! Cryogenic insulation acts like a suit of armor, providing mechanical protection against bumps and scrapes, helping to preserve the integrity of everything inside. When it comes to materials, foam insulation – think polyurethane and polystyrene – are popular choices for cryogenic applications. You can find them as rigid panels or even spray-on insulation, all boasting

Perlite is basically a rock that gets puffed up like popcorn! It's used everywhere as insulation, whether it's in pre-made blocks or just poured in as loose-fill. And because it's so lightweight and keeps heat at bay, you can even use it in super-cold situations! Think of vacuum insulation panelsthe good stuff is wrapped up in a panel that's been totally vacuum-sealed. That vacuum, like a super-powered Hoover, sucks out the air and any gasses, stopping heat from getting through. If you need crazy good insulation in a tiny space, VIPs are your best bet. Then there's this super fancy stuff called “multilayer insulation.” It's all about layering up reflective materials—like shiny metal foils—with spacers in between. It works by bouncing radiant heat around and trapping it, creating a super low-conductivity zone.

Global Cryogenic Insulation Market Overview

The cryogenic insulation industry is being driven by the rising demand for liquefied natural gas (LNG) as an environmentally friendly energy source. Cryogenic insulation is in high demand due to the growth of LNG infrastructure across the world and the need to keep LNG at a low temperature during storage and transit. For medical and healthcare applications including cryogenic storage tanks, cryosurgery, and cryopreservation, cryogenic insulation is essential. The need for cryogenic insulation in the healthcare industry is driven by the growing use of cutting-edge medical procedures, organ transplants, and biobanking.

Cryogenic insulation is widely used in the aerospace sector for components like rocket fuel tanks and spacecraft propellant tanks. The need for cryogenic insulation in the aerospace industry is anticipated to increase as satellite launches and space exploration continue to grow. Due to the specialized nature of the materials and their manufacturing methods, cryogenic insulating materials and systems are sometimes costly. Widespread adoption may be hindered by the high price, particularly in cost-sensitive businesses. Risks to safety arise while handling materials at extremely low temperatures in cryogenic systems.

Cryogenic fluid storage, transportation, and usage are governed by strict safety requirements and regulations, which may limit market expansion. Manufacturers and end users may need to make additional expenditures and efforts to comply with these rules. Opportunities for cryogenic insulation are presented by the growing emphasis on renewable energy sources and the demand for effective energy storage systems. Effective insulation is necessary for cryogenic energy storage, such as liquid air energy storage (LAES), to store and release energy.

The need for cryogenic insulation in this industry is anticipated to increase as demand for environmentally friendly energy storage solutions develops. The market for cryogenic insulation has prospects due to ongoing research and development in cryogenic technologies, such as superconducting materials and cryogenic cooling systems. To attain the highest levels of performance and efficiency, these developments call for creative insulation solutions. Significant growth potential are presented by the construction of cryogenic infrastructure, such as LNG terminals, storage facilities, and distribution networks.

Global Cryogenic Insulation Market Segmentation Analysis

The Global Cryogenic Insulation Market is Segmented on the Basis of Product Type, Application Type, And Geography.

Cryogenic Insulation Market, By Product Type

• PUR and PIR
• Cellular glass
• Polystyrene
• Fiberglass
• Perlite
• Others

When we look at Product Type, the cryogenic insulation market breaks down into segments like PUR and PIR, cellular glass, polystyrene, fiberglass, perlite, and a few others. Right now, PUR and PIR are leading the pack, grabbing a significant chunk of the market in 2022. What's fueling this growth? Well, more and more people need liquefaction and regasification. See, PUR and PIR are great for keeping things super cold when storing gases. As we ship more and more liquefied gases, we'll need more insulation for pipelines, storage tanks, and valves. Basically, with more LNG facilities, transport ships, and storage tanks popping up, expect PUR and PIR cryogenic insulation to be in high demand. And let's not forget the different kinds of insulation out therebulk fill, foam, blankets, and even multi-layers. All these materials are lightweight, flexible, and strong, making them perfect for industries dealing with high-temperature insulation or LNG transport infrastructure.

Cryogenic Insulation Market, By Application Type

• LPG/LNG transport and storage
• Energy and Power
• Metallurgical
• Others

So, when we look at what these Cryogenic Insulation Markets are used for, we can break it down by Application TypeLPG/LNG transport and storage, energy and power, metallurgical stuff, and, well, others. And in 2022, LPG/LNG transport and storage really took the lead, grabbing the biggest slice of the pie. Why? Well, all this increased gas exploration and production is driving up demand for LNG in different areas like transportation, powering things, and even just fueling homes and businesses. All that extra LNG needs to be stored and moved around, which is great news for the cryogenic insulation market! Looking ahead, the energy and power sector is expected to grow even faster, thanks to booming industries and more homes being built in developing countries. That growth will probably lead to even more demand for these products.

Cryogenic Insulation Market, By Geography

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa

When we look at the Cryogenic Insulation Market by Geography, we're talking about North America, Europe, Asia Pacific, Latin America, the Middle East, and Africa. Now, back in 2022, North America was really leading the pack in terms of market share. It looks like that region's LNG game is going to be big, with lots of cryogenic insulation popping up. Plus, people there are pretty concerned about the environment, which is a big driver for LNG demand. And since everyone around the globe seems to want more LNG, the need to move it and store it is only going to go up, which should help the market grow. The industrial sector is booming, folks in North America use a lot of energy, and, like we said, environmental worries are rising – all these things are fueling the market. One catch? The cryogenic insulation industry in North America might have a bit too much supply already.

Key Players

The “Global Cryogenic Insulation Market” study report will provide a valuable insight with an emphasis on the global market. The major players in the market are Armacell International Holding GmbH, Lydall Inc., BASF SE, Cabot Corporation, Rochling Group, Johns Manville Inc., Dunmore Corporation, Pittsburgh Corning Corporation, Imerys Minerals, Aspen Aerogels.

Our market analysis also entails a section solely dedicated for such major players wherein our analysts provide an insight to the financial statements of all the major players, along with its product benchmarking and SWOT analysis. The competitive landscape section also includes key development strategies, market share and market ranking analysis of the above-mentioned players globally.

Key Developments

• In April 2022, Chemical multinational BASF used its proprietary Elastopor Cryo (Elastopor) technology has developed a cryogenic insulation system that is used to transport cryogenic liquid cargo such as liquefied natural gas (LNG). The system, developed by Shanghai Harvest Insulation Engineering Co., Ltd (Harvest), integrated into the first VLEC (Very Large Ethane Carrier) to be delivered to Jiangnan Shipyard, one of China’s leading shipbuilding companies.
• In March 2021, Qatar Petroleum established a multi-party agreement with LNT Marine, the American Bureau of Shipping (ABS), and Shanghai Waigaoqiao Shipbuilding (SWS) to participate on the development of new medium and large LNG carrier designs with other prominent worldwide LNG companies. LNT Marine develops LNG carriers and cryogenic insulation systems for marine applications and is a technology provider and developer in the LNG market.

Report Scope

Top Trending Reports

Research Methodology of Market Research

To know more about the Research Methodology and other aspects of the research study, kindly get in touch with our .

Reasons to Purchase this Report

We dig deep into the market using both qualitative and quantitative analysis, segmenting it based on things like economics, but also other important stuff. We'll give you the market value (in USD Billion) for every segment and sub-segment you can imagine. Plus, we pinpoint the region and segment that are poised to explode with growth and take over the market. Our analysis breaks down each region geographically, showing you where the product/service is being used and what's influencing the market there. Want to know who the big players are? We've got a competitive landscape that ranks them and details their new launches, partnerships, expansions, and acquisitions over the last five years. We provide extensive company profiles that include an overview, key insights, product benchmarking, and a SWOT analysis. We'll paint a picture of the industry's current and future outlook, focusing on recent developments, growth opportunities, and the challenges ahead in both emerging and developed regions. We also offer an in-depth analysis using Porter's five forces to give you different angles on the market. You'll also get insight into the market through its Value Chain, plus a look at market dynamics and future growth opportunities. And to top it off, we offer 6-month post-sales analyst support to answer your questions and keep you on track.

Customization of the Report

• In case of any please connect with our sales team, who will ensure that your requirements are met.