Global Cryogenic Insulation Market
Author : ashwini ahirrao | Published On : 07 Apr 2021
Global Cryogenic Insulation Market was valued at US$ 3.68 Bn in 2019 and is expected to reach US$ 6.3Bn by 2027, at a CAGR of 8.1% during a forecast period.
The report includes the analysis of impact of COVID-19 lock-down on the revenue of market leaders, followers, and disrupters. Since lock down was implemented differently in different regions and countries, impact of same is also different by regions and segments. The report has covered the current short term and long term impact on the market, same will help decision makers to prepare the outline for short term and long term strategies for companies by region.
Growing in the LNG terminals, ships for transporting LNG, and effective and advanced storage tanks are boosting growth of the global cryogenic insulation market. Furthermore, growing demand for the gas liquefaction is boosting implementation of the cryogenic insulations. Also, PU & PIR equipment is effectively used in the storage of the LNG and LPG for storing the gases in extremely low temperatures. Increasing transportation activities of these liquefied gases is boosting growth of the global cryogenic insulations market.
Furthermore, these insulations have applications across cold stores and food processing plants. Increasing disposable income and changing eating habits is boosting demand for the processed foodstuffs. This is another prominent factor is propelling growth of the global cryogenic insulation market .Moreover, rising demand for LNG, urbanization, growing investment in energy sector, industrialization, and infrastructural development is propelling growth of the global cryogenic insulation market.
Based on type segment,the PU & PIR segment is estimated to hold largestmarket share during the forecast period. The dominance of the PU & PIR segment is projected to continue during the forecast period because of itsgrowing use in the gas liquefaction industry. PU & PIR are majorly used in storage & transportation facilities of LNG, ethylene,LPG, ammonia/ fertilizer, and underground oil ducts, where extremely low temperatures are required. Furthermore, these are also used in cold stores and food processing plants.
On the basis of end-use industrysegment, the energy & power segment is expected to hold largest market share during the forecast period. In the energy & power segment, cryogenic insulation is used in transportation & storage vessels, where LNG is stored and in the liquefaction plant, where conversion of natural gas into liquid state is undertaken. The demand for cryogenic insulation in the industry is estimated to increase as a result of growing demand for LNG as fuel.
In terms of region, APAC global cryogenic insulation market is projected to witness considerable growth on account of rapidly growing end-use industries like energy& power. China is expected to hold largest market share during the forecast period, because of the high demand for storing and transporting cryogenic fluids from a wide range of end-use industries like chemicals, shipbuilding, and energy& power industries,electronics .Rising demand for LNG, increasing investment in the energy sector, industrialization,urbanization and infrastructural development are projected to drive the global cryogenic insulation market during the forecast period.
The report offers a complete estimation of the market. It prepares so via detailed qualitative insights, historical data, and verifiable projections about market size. The estimates featured in the report have been derived using proven research organizations and expectations. By responsibility so, the research report serves as a repository of analysis and information for every facet of the market.
The objective of the report is to present a comprehensive assessment of the market and contains thoughtful insights, facts, historical data, industry-validated market data and projections with a suitable set of assumptions and methodology. The report also helps in understanding Cryogenic Insulation dynamics, structure by identifying and analyzing the market segments and project the global market size. Further, the report also focuses on the competitive analysis of key players by product, price, financial position, product portfolio, growth strategies, and regional presence. The report also provides PEST analysis, PORTER’s analysis, SWOT analysis to address the question of shareholders to prioritizing the efforts and investment in the near future to the emerging segment in Laboratory Proficiency Testing.
Scope of Global Cryogenic Insulation Market
Global Cryogenic Insulation Market, by Type
• Cellular Glass
• Polystyrene Foam
Global Cryogenic Insulation Market, by Cryogenic Equipment
Global Cryogenic Insulation Market, by Form
Global Cryogenic Insulation Market, by End-Use Industry
• Energy & Power
Global Cryogenic Insulation Market, by Region
• North America
• Asia Pacific
• Middle East & Africa
• South America
Key Players Operating in Global Cryogenic Insulation Market
• Armacell International Holding GmbH
• Lydall Inc.
• BASF SE
• Cabot Corporation
• Rochling Group
• Johns Manville Inc.
• Dunmore Corporation
• Pittsburgh Corning Corporation
• Imerys Minerals
• Aspen Aerogels
• Isover (Saint Gobain)
• AmolDicalite Limited
• G+H Group.
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