Dublin, Jan. 31, 2019 (GLOBE NEWSWIRE) -- The "Cryogenic Insulation Market by Type (PU & PIR, Cellular Glass, Polystyrene, Fiberglass, Perlite), Cryogenic Equipment (Tanks, Valves), End-Use Industry (Energy & Power, Chemicals, Metallurgical, Electronics, Shipping) - Global Forecast to 2023" report has been added to ResearchAndMarkets.com's offering.
The cryogenic insulation market is estimated to be USD 2.3 billion in 2018 and is projected to reach USD 3.3 billion by 2023, at a CAGR of 7.20% between 2018 and 2023.
The cryogenic insulation market is largely driven by the rising demand for liquefied natural gas as fuel. Transportation and storage of LNG is the major application of cryogenic insulation in the energy and power sector. Since a major share of the market is held by this segment, LNG applications are considered to have a great impact on the market during the forecast period. LNG consumption is expected to increase further in the future due to environmental regulations regarding carbon dioxide emission and marine shipping vessels. Rising demand for LNG in various sectors such as automotive, domestic & commercial fuel, and power generation is expected to boost natural gas exploration and production, thereby, driving the growth of the cryogenic insulation market.
In the future, due to an increase in LNG terminals, storage tanks, and ships carrying LNG, a substantial amount of insulating materials will be required, which is projected to drive the cryogenic insulation market. However, the volatile raw material price is a major restraint for the growth of the market. The PU & PIR segment is expected to be the second-fastest growing type in the cryogenic insulation market, in terms of value, from 2018 to 2023 The PU & PIR segment is expected to witness the highest growth, in terms of value, from 2018 to 2023. PUR & PIR foams are lightweight, moisture and fire resistant, and have low thermal conductivity and density.
They also provide better structural performance. These properties enable their use in cryogenic conditions. They are used in various applications such as cold storage building, coolers, freezers, tank & pipe insulation, and household refrigerators. The energy & power end-use industry is projected to account for the largest share of the overall cryogenic insulation market, in terms of value, between 2018 and 2023 Energy & power is the largest market for cryogenic insulation materials. In energy & power, these materials are used for insulation of storage tanks, where LNG is stored, and in a liquefaction plant, where conversion of natural gas into its liquid state is undertaken.
These storage tanks can also be used for storage of other liquefied gases including butane, ammonia, chlorine, propane, propylene, carbon dioxide, LNG, LPG, ethylene, oxygen, argon, nitrogen, and hydrogen. This insulation system limits the entry of outside heat inside the process pipes and systems to keep the liquid cool and allowing it to retain its properties. APAC is expected to be the third-fastest growing cryogenic insulation market during the forecast period, in terms of value The APAC cryogenic market is estimated to witness considerable growth owing to rising demand for storing and transporting cryogenic fluids in a wide range of end-use industries such as chemicals, shipbuilding, electronics, and energy & power. Rising demand for LNG and increasing investment in the energy sector is expected to drive the cryogenic insulation market in the region during the forecast period.
Key players profiled in the report include Armacell International Holding GmbH (Germany), Lydall Inc. (US), BASF SE (Germany), Cabot Corporation (US), Rochling Group (Germany), and Johns Manville Inc. (US).
Topics Covered
1 Introduction 1.1 Objectives of the Study 1.2 Market Definition 1.3 Market Scope 1.3.1 Years Considered for the Study 1.4 Currency 1.5 Limitations 1.6 Stakeholders 2 Research Methodology 2.1 Research Data 2.1.1 Secondary Data 2.1.1.1 Key Data From Secondary Sources 2.1.2 Primary Data 2.1.2.1 Key Data From Primary Sources 2.1.2.2 Breakdown of Primary Interviews 2.2 Market Size Estimation 2.2.1 Bottom-Up Approach 2.2.2 Top-Down Approach 2.3 Data Triangulation 2.4 Assumptions 3 Executive Summary 4 Premium Insights 4.1 Attractive Opportunities in Cryogenic Insulation Market 4.2 APAC Cryogenic Insulation Market, By End-Use Industry and Country 4.3 Cryogenic Insulation Market, By Region 4.4 Cryogenic Insulation Market, By Region and End-Use Industry 4.5 Cryogenic Insulation Market, By Country 5 Market Overview 5.1 Introduction 5.2 Market Dynamics 5.2.1 Drivers 5.2.1.1 Rising Demand for LNG as Fuel 5.2.1.2 Rising Environmental Awareness 5.2.2 Opportunities 5.2.2.1 Growing Demand for Cryogenic Technologies From Space Applications 5.2.3 Restraints 5.2.3.1 Volatile Raw Material Prices 5.3 Porter's Five Forces Analysis 5.4 Macroeconomic Indicators 5.4.1 GDP Forecast of Major Economies 5.4.2 Trends and Forecast of Natural Gas Industry and Its Impact on Cryogenic Insulation Market 6 Cryogenic Insulation Market, By Type 6.1 Introduction 6.2 Pu & Pir 6.3 Cellular Glass 6.4 Polystyrene Foam 6.5 Fiberglass 6.6 Perlite 6.7 Others 7 Cryogenic Insulation Market, By Cryogenic Equipment 7.1 Introduction 7.2 Tank 7.3 Valve 7.3.1 Rising Demand for Transport of Liquified Gases to Drive the Demand for Valves 7.4 Vaporizer 7.5 Pump 7.5.1 Increase in LNG Projects and Import Terminals are Expected to Drive the Demand for Pumps 7.6 Other 8 Cryogenic Insulation Market, By Form 8.1 Introduction 8.2 Mulit-Layer 8.3 Foam 8.4 Bulk-Fill 9 Cryogenic Insulation Market, By End-Use Industry 9.1 Introduction 9.2 Energy & Power 9.2.1 Energy & Power Segment Accounted for the Largest End-Use Industry of Cryogenic Insulation 9.3 Chemicals 9.3.1 Growing Chemical Industry in Emerging Economies to Drive the Demand for Cryogenic Insulation 9.4 Metallurgical 9.4.1 Increasing Spending on Infrastructure to Drive the Demand for Cryogenic Insulation in Metallurgical Industry 9.5 Electronics 9.5.1 Growing Electronics Industry in APAC is Expected to Drive the Demand for Cryogenic Insulation 9.6 Shipping 9.6.1 Rising Demand for LNG as Fuel to Drive the Demand for Cryogenic Insulation in Shipping Industry 9.7 Others 10 Cryogenic Insulation Market, By Region 10.1 Introduction 10.2 APAC 10.2.1 China 10.2.1.1 China to Be the Largest Country for Cryogenic Insulation in APAC Region 10.2.2 India 10.2.2.1 Increasing Demand From Energy & Power Industry to Contribute Significantly to the Growth of the Cryogenic Insulation in the Country 10.2.3 Australia 10.2.3.1 Australia to Be the Fastest-Growing Country for Cryogenic Insulation in APAC Region 10.2.4 Japan 10.2.4.1 Rising Demand for Renewable Source of Energy to Drive the Demand for Cryogenic Insulation in the Country 10.2.5 Malaysia 10.2.5.1 Rising Demand for LNG Transportation and Storage to Drive the Demand for Cryogenic Insulation in the Country 10.3 North America 10.3.1 Us 10.3.1.1 US Accounted for the Largest Market Size in the Cryogenic Insulation Market in North America 10.3.2 Canada 10.3.2.1 The Growing Demand From Energy & Power Industry Will Support the Demand for Cryogenic Insulation in the Country 10.3.3 Mexico 10.3.3.1 Mexico Accounted for the Third Largest Market Size in the Cryogenic Insulation Market in North America 10.4 Europe 10.4.1 UK 10.4.1.1 Rising Demand From Emerging Applications to Drive the Demand for Cryogenic Insulation in the Country 10.4.2 Russia 10.4.2.1 Rising Demand From Energy & Power Sector to Drive the Demand for Cryogenic Insulation in the Country 10.4.3 France 10.4.3.1 Rising Demand for Means of Renewable Source of Energy to Drive the Demand for Cryogenic Insulation in the Country 10.4.4 Germany 10.4.4.1 Rising Demand From Emerging Applications to Drive the Demand for Cryogenic Insulation in the Country 10.5 Middle East & Africa 10.5.1 Saudi Arabia 10.5.1.1 Energy & Power Segment to Be the Fastest Growing End-Use Industry for Cryogenic Insulation Market in Saudi Arabia 10.5.2 Qatar 10.5.2.1 Qatar to Be the Fastest-Growing Country for Cryogenic Insulation in Middle East & Africa Region 10.5.3 UAE 10.5.3.1 Increasing Demand From Energy & Power Industry to Drive the Market in the Country 10.5.4 South Africa 10.5.4.1 Energy & Power Segment to Be the Fastest-Growing End-Use Industry for Cryogenic Insulation in South Africa 10.5.5 Nigeria 10.5.5.1 Increasing in Demand for Storage and Transportation Facilities for LNG to Drive the Demand for Cryogenic Insulation in the Country 10.5.6 Algeria 10.5.6.1 Increasing Domestic Gas Demands and Gas Processing Industries to Drive the Demand for Cryogenic Insulation in the Country 10.6 South America 10.6.1 Brazil 10.6.1.1 Brazil to Be the Largest Country for Cryogenic Insulation in South America Region 10.6.2 Argentina 10.6.2.1 Rising Demand From Energy & Power Segment to Support the Growth of Market in the Country 10.6.3 Venezuela 10.6.3.1 Rising Demand for Gas-Based Electricity Generation is Expected to Drive the Demand for Cryogenic Insulation in the Country 11 Competitive Landscape 11.1 Introduction 11.2 Major Market Players 11.2.1 Armacell International Holding GmbH 11.2.2 Lydall Inc. 11.2.3 BASF SE 11.2.4 Cabot Corporation 11.2.5 Rochling Group 11.3 Competitive Scenarios 11.3.1 Agreement 11.3.2 New Product Launch 12 Company Profiles 12.1 Armacell International Holding GmbH 12.2 Lydall Inc. 12.3 BASF SE 12.4 Cabot Corporation 12.5 Rochling Group 12.6 Johns Manville Inc. 12.7 Dunmore Corporation 12.8 Pittsburgh Corning Corporation 12.9 Imerys Minerals 12.10 Aspen Aerogels 12.11 Isover (Saint Gobain) 12.12 Hertel 12.13 Amol Dicalite Limited 12.14 G+H Group
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