The Multi-layer cryogenic insulation market size is projected to be worth USD 1,522.78 million by 2028, registering a CAGR of 6.70% during the forecast period (2020–2028). The market was valued at USD 924.43 million in 2020.
Multi-layer cryogenic insulation is a high-performance material used to reduce energy leaks and provide a high level of thermal isolation for applications operating below −75°C. Multi-layer cryogenic insulation is widely used in the storage (cryogenic tanks) and transportation of cryogenic gases such as liquid natural gas (LNG), liquid nitrogen, LPG, and ethylene. Multi-layer cryogenic insulation is provided for the efficient transportation and safe storage of these gases. An array of insulation materials, including polyurethane, polyisocyanurate, expanded foams, cellular glass, fiberglass, and polystyrene, are used for multi-layer cryogenic insulation applications. Some of the trade names for multi-layer cryogenic insulation are Durolight, Armaflex, CRYO-SHIELD, FOAMNERT Board-TN, FOAMGLAS, NP500CR, and Cryogel.
COVID-19 Impact on the Multi-layer cryogenic insulation Market:
The demand for insulation has faced a dip due to the breakdown of COVID-19 globally, as most of the countries were under lockdown. Since the multi-layer cryogenic insulation materials are made of polymer resins, any shortage of these materials will directly influence the supply of thermal insulation. Prior to the COVID-19, the polymer sector has largely experienced product shortages. To avoid this, manufacturers maintain polymers and polymeric resins on hand to make up for the lack. However, the supply chain has been severely harmed as a result of the COVID-19 outbreak. Another aspect that has impacted the supply chain for insulation is transportation and labor availability. Several manufacturers are having difficulty obtaining raw materials, while others are having difficulty delivering their products. The finished product is ready for a few producers, but they are unable to reach their consumers owing to transportation constraints, resulting in a loss of revenue. As a result, the impact on supply is not attributable to a single issue but rather to a combination of factors.
The outbreak of COVID-19 resulted in oil price drop on account of reduced global demand for oil by about 29 million barrels a day from about 100 million a year ago. An ample supply of crude oil in the market helped synthetic chemicals and materials manufacturers secure raw materials at a lower cost. However, with curfews, lockdown, and travel restrictions across the globe, the supply chain witnessed disruptions at every point. Due to the shutdown of many supply routes, the availability of these materials was disrupted, thus negatively impacting the market.
Market Dynamics
The high demand for LNG is attributed to its use across the residential, commercial and industrial sectors for purposes such as heating, cooking, generating electricity, and manufacturing a wide variety of products. LNG is also used as a fuel for heavy-duty and other vehicles. The rising demand for LNG to meet the increasing demand for fuel as well as reduced GHG emissions is expected to drive the demand for cryogenic insulation for storage and transportation of LNG.
Multi-layer cryogenic insulation is produced from PU and PIR, cellular glass, polystyrene, fiberglass, perlite, and others. These insulation materials are generally petroleum-based, the prices of which keep fluctuating. Crude oil prices change quickly in response to news cycles, policy changes, and fluctuations in the world's markets.
High-performance multi-layer insulation materials are currently protecting spacecraft throughout the solar system, including notable programs like the Hubble Space Telescope, the International Space Station, and Mars Science Laboratory Curiosity. Multi-layer insulation allows for thermal control to ease the effect of extreme temperature changes. Thus, the use of multi-layer cryogenic insulation in space applications is a key opportunity in the global market.
Applications that widely use superconducting technology include Superconducting Quantum Interference Devices (SQUIDS), fast digital circuits, MRI, Cryosurgery, EEG, Magneto Encephalography, MagLev, supercomputers, etc. These devices have superconducting magnets, which are made using cryogenic insulation.
Segmentation
By Type
By End-use
Regional Analysis
North America accounted for the largest market share and is projected to exhibit a healthy CAGR over the forthcoming years. The growth in the North American power industry, increase in the number of LNG projects are a few factors leading to the growth of the multi-layer cryogenic insulation market in this region. Europe is the second-largest market for multi-layer cryogenic insulation globally, followed by North America. Implementing the revised EU legislation on insulation material is expected to boost the penetration of multi-layer cryogenic insulation in the region and increase the amount of insulation needed per end user requirements. Asia-Pacific was the third-largest market in 2020 and is projected to register the highest CAGR during the forecast period. Asia-Pacific is expected to emerge as the fastest-growing regional market due to various factors such as shifting manufacturing base from western countries to Asia-Pacific; strong economic development; and expansion of end-use industries including energy & power, electronics, chemical, and others. China and India are anticipated to dominate the Asia-Pacific market over the forthcoming years. Middle East & Africa is anticipated to be the second-fastest growing region owing to the high availability of raw material and increase in government investments. Latin America, on the other hand, is expected to grow at above average range owing to the rise in industrialization and urbanization in major countries.
Competitive Landscape
The global Multi-layer cryogenic insulation market is highly fragmented and consists of many organized and unorganized industry players. The key players operating in the global market have large production bases and advanced manufacturing facilities at the domestic and international levels. The global market for multi-layer cryogenic insulation is anticipated to grow at a healthier CAGR during the forecast period, owing to the increasing demand from the energy & power industries. Some of the prominent players in the global Multi-layer cryogenic insulation market include Armacell International Holding GmbH (Germany), Lydall Inc. (US), Cabot Corporation (US), Technifab Products (US), Dunmore Corporation (US), NICHIAS Corporation (Japan), Aspen Aerogels (US), Owens Corning (US), Isolatie Combinatie Beverwijk B.V. (Netherland), and Abhijit Enterprises (India).
Some of the key developments include:
Report Overview:
The Multi-layer cryogenic insulation market is segmented by type, fuel type, application, and region in the report. In terms of insights, this report has focused on various levels of analysis such as market dynamics, value chain analysis, Porter's five forces, competitive landscape, and company profiles—all of which comprise and discuss views on the global multi-layer cryogenic insulation emerging and fast-growing segments, regions, and countries.
Objectives of the Study
Intended Audience
| Report Attribute/Metric | Details |
| Market Size | 2028: USD 1,522.78 Million |
| CAGR | 6.70% CAGR (2020-2028) |
| Base Year | 2010 |
| Forecast Period | 2021-2028 |
| Historical Data | 2018 |
| Forecast Units | Value (USD Million) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Type and End-use |
| Geographies Covered | North America, Europe, Asia-Pacific, Latin America, and the Middle East and Africa |
| Key Vendors | Armacell International Holding GmbH (Germany), Lydall Inc. (US), Cabot Corporation (US), Technifab Products (US), Dunmore Corporation (US), NICHIAS Corporation (Japan), Aspen Aerogels (US), Owens Corning (US), Isolatie Combinatie Beverwijk B.V. (Netherland), and Abhijit Enterprises (India) |
| Key Market Opportunities | • Increasing use of cryogenic insulation in space application |
| Key Market Drivers | • Rising demand for LNG as fuel • Use of superinsulation in storage and transportation of gases such as oxygen and nitrogen • Use of cryogenic insulation in the shipping industry Increasing environmental regulations • Degrading quality of crude oil |
Multi Layer Cryogenic Insulation Market Highlights:
Frequently Asked Questions (FAQ) :
The global Multi-layer cryogenic insulation market would register a growth of 6.70%.
The energy & power industry will play a prominent role in taking the market forward.
Volatile raw material prices could restrain the market.
North America would enjoy the upper hand in the Multi-layer cryogenic insulation market.
China, as the largest consumer, would set the trend.
The Multi-layer cryogenic insulation market size is projected to be worth USD 1,522.78 million by 2028, registering a CAGR of 6.70% during the forecast period (2020–2028)
$1,522.78 million
6.70%
North America
2020–2028
Team Lead - Research Anshula mandaokar holds an academic degree in chemical engineering and has been contributing to the field for more than 5 years. she has expertise in market research and business consulting and serves as a team lead for a reputed market research firm under the chemicals and materials domain spectrum. she has worked on multiple projects, generating explicit results in a quick turnaround time. her understanding of data interpretation justifies her role as a leader.
Get in Touch
© 2024 Market Research Future ® (Part of WantStats Reasearch And Media Pvt. Ltd.)
