Multi-Layer Cryogenic Insulation Market Size By Type (Fiberglass, Cellular Glass, Perlite, PU & PIR, and Polystyrene), By End-User (Chemicals, Electronics, Shipping, Metallurgical and Energy & Power), Regions, Segmentation, and Projection till 2030
CAGR: 7.6%Current Market Size: USD 3.6 BillionFastest Growing Region: APAC
Largest Market: North AmericaProjection Time: 2023-2030Base Year: 2022
Global Multi-Layer Cryogenic Insulation Market- Market Overview:
The global multi-layer cryogenic insulation market is expected to grow from USD 3.6 billion in 2022 to USD 6.46 billion by 2030, at a CAGR of 7.6% during the Projection period 2023-2030. The growth of this market is mainly driven owing to the increasing demand in the automation sector and rapid urbanization.
A multilayer cryogenic insulation is a high-performance material used for applications below 75 degrees centigrade that reduces energy leaks and provides high thermal isolation. It is widely used for storing and transporting cryogenic gases such as liquid natural gas, liquid nitrogen, propane, and ethylene because of its high level of thermal isolation. In order to transport these gases efficiently and safely, multilayer cryogenic insulation is provided. The rising investments in R&D will likely result in new product development and enhancement of product quality. As a result of the pooling of resources and technologies by major players, cryogenic insulation is expected to grow over the Projection period as highly efficient products are developed at lower costs. Overall market growth is expected to be hampered by fluctuating raw material prices, safety concerns, and concerns about product durability. A significant portion of the insulation is composed of expensive raw materials that are sold at exorbitant prices, which increases the product's cost. The increase in the use of materials like aerogel and perlite in the product leads to superior performance, accelerating the cryogenic insulation market's growth. A technological trend Projection for the Projection period is the increasing use of enhanced technology to improve performance characteristics.
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Market Dynamics:
Drivers:
- Rising demand for LNG
In the shipping and vehicle industries, liquefied natural gas is being used more frequently as a fuel because it is a transparent form of energy, which is why the market is growing. In light of the growing demand for liquefied natural gas, high depository capacities and transportation are needed, as well as multilayer cryogenic insulation, which can maintain massive quantities of gas while controlling heat loss. Due to reduced sulfur and greenhouse gas emissions, liquefied natural gas is a favourable fuel for use in the marine industry. This insulation stores and conveys liquified oxygen, nitrogen, methane, and hydrogen.
Restraints:
- Difficulty in storage
As a result of the weight and volume of hydrogen repository techniques, the vehicle range is insufficient compared to petroleum-fueled vehicles. Hydrogen is hard to keep since it has a smaller volumetric fuel mass, it's the lightest and most affordable component, lighter than helium, and it has 3.1 times the fuel mass of natural gas and 2700 times that of gasoline.
Opportunities:
- Rapid urbanization and growing automation sector
The multi-layer cryogenic insulation market is predicted to grow as a result of increasing automation and urbanization. Over the Projection period, the aerospace and space research industries are also expected to increase demand for the market. The use of multi-layer insulation in space applications is a driving force for the global cryogenic insulation market, as it permits thermal control to reduce the impact of severe temperature changes.
Challenges:
- Fluctuating raw material cost
Among the multilayer, cryogenic insulation market's top concerns are the cost of raw materials. The unnecessary price fluctuations of raw materials represent a serious challenge for cryogenic insulation market players who wish to stay competitive and maintain margins that will last. In recent product development, evaluating current costs and managing margins is essential. The entire product type/application must be checked and optimized.
Segmentation Analysis:
The global multi-layer cryogenic insulation market has been segmented based on type, end-user, and region.
By Type
The type segment includes fiberglass, cellular glass, perlite, PU & PIR, and polystyrene. The PU & PR segment led the largest share of the multi-layer cryogenic insulation market with a market share of around 31% in 2022. With a market share of 30.6% in 2021, PU & PIR dominated the market. Increased demand is primarily due to their benefits and overall functions. In addition to being weightless, moist, and non-flammable, PU & PIR foam has lower thermal conductivity and mass and is better suited to structural applications. Multilayer cryogenic insulation will become increasingly important as LNG ships and storage tanks become more common.
By End-User
The end-user segment includes chemicals, electronics, shipping, metallurgical and energy & power. The energy & power segment led the largest share of the multi-layer cryogenic insulation market with a market share of around 29% in 2022. The segment of energy & power dominated the market in 2021 with a 31% market share and revenue of 1.03 billion. Energy & power is the largest end-user industry for multilayer cryogenic insulation, and liquefied natural gas as a fuel is driving the growth of the energy & power industry.
Global Multi-Layer Cryogenic Insulation Market- Sales Analysis.
The sale of multi-layer cryogenic insulation expanded at a CAGR of 7% from 2016 to 2022.
Compared to additional fossil fuels, LNG seems to have a brighter future because of its lower price and lower emissions from production and explosion. Liquefied natural gas could also find unforeseen growth over the Projection period.
The LNG market has been pushed by the global stimulus to green fuels in automobiles, domestic energy, and power generation needs, resulting in a growing demand for cryogenic insulation materials. The use of cryogenic engines is a significant factor due to their exceptional load-carrying capabilities. China and India's entry into space exploration is expected to drive the global demand for multilayered cryogenic insulation.
Marine industries prefer liquefied natural gas as a fuel since it releases less sulfur and greenhouse gases, which increases the global market for liquefied natural gas. However, spacecraft and cryogenics are also expected to boost the market development over the projection period due to the use of multi-layer insulation.
Thus, owing to the aforementioned factors, the global multi-layer cryogenic insulation market is expected to grow at a CAGR of 7.6% during the Projection period from 2023 to 2030.
By Regional Analysis:
The regions analyzed for the multi-layer cryogenic insulation market include North America, Europe, South America, Asia Pacific, the Middle East, and Africa. The North American region dominated the multi-layer cryogenic insulation market and held a 39% share of the market revenue in 2022.
- The North American region witnessed a major share. It is projected that the North American region will dominate the global multilayer cryogenic insulation market over the assessment period. A major factor contributing to the market's growth is the rapidly developing power industry. Furthermore, LNG projects are another crucial factor boosting the regional market's growth across the region.
- Asia Pacific is anticipated to experience significant growth during the Projection period. The fast-growing regional market in Asia-Pacific is expected to be a result of factors such as moving manufacturing bases from western countries to the APAC region, robust economic growth, and development of end-use industries such as electronics, chemicals, energy and power, among others. In the upcoming years, China and India are expected to dominate the Asia-Pacific market.
Global Multi-Layer Cryogenic Insulation Market - Country Analysis:
- Germany
Germany's multi-layer cryogenic insulation market size was valued at USD 0.25 billion in 2022 and is expected to reach USD 0.45 billion by 2030, at a CAGR of 7.7% from 2023 to 2030.
In the country, gas exploration and production activities are increasing as environmental awareness increases, cryogenic insulation penetration is high, and the energy consumption is high.
- China
China’s multi-layer cryogenic insulation market size was valued at USD 0.27 billion in 2022 and is expected to reach USD 0.49 billion by 2030, at a CAGR of 7.9% from 2023 to 2030.
Market drivers include the growth of the manufacturing sector, high energy consumption, and increasing environmental concerns. While the multilayer cryogenic insulation market is relatively saturated in this region, new entrants will also face a high level of barriers due to its saturation.
- India
India's multi-layer cryogenic insulation market size was valued at USD 0.20 billion in 2022 and is expected to reach USD 0.36 billion by 2030, at a CAGR of 7.8% from 2023 to 2030.
In order to meet the growing demand for LNG in a variety of sectors, such as automotive, power generation, and domestic and commercial fuels, exploration and production activities across the nation are expected to increase. Consequently, the market for multi-layer cryogenic insulation is expected to grow over the Projection period as the demand for LNG storage and transportation rises.
Key Industry Players Analysis:
To increase their market position in the global multi-layer cryogenic insulation market business, top companies focus on tactics such as adopting new technology, mergers & acquisitions, product developments, collaborations, partnerships, joint ventures, etc.
- Ruag
- Unifrax I LLC
- ImreYS S.A.
- Technifab Products
- Roching Industrial
- Lydall, Inc
- Kaefer
- Thermaxx Jackets
- Nichias Corporation
- Hertel
- Callenberg Technology Company
- Aspen Aerogels
Latest Development:
- In September 2018, the company founded Lignostone cryogenic, a product that is commonly used for cryogenic tank insulation when transporting liquefied natural gas and liquefied petroleum gas. With this cutting-edge product, Rochling Group can offer oil & gas enterprises greater support.
Report Metrics
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Report Attribute |
Details |
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Study Period |
2022-2030 |
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Base year |
2022 |
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CAGR (%) |
7.6% |
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Market Size |
3.6 billion in 2022 |
|
Projection period |
2023-2030 |
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Projection unit |
Value (USD) |
|
Segments covered |
By Type, By End-User, and By Region. |
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Report Scope |
Revenue Projection, competitive landscape, company ranking, growth factors, and trends |
|
Companies covered |
Ruag, Unifrax I LLC, ImreYS S.A., Technifab Products, Roching Industrial, Lydall, Inc, Kaefer, Thermaxx Jackets, Nichias Corporation, Hertel, Callenberg Technology Company, and Aspen Aerogels. |
|
By Type |
|
|
By End-User |
|
|
Regional scope |
|
Scope of the Report
Global Multi-Layer Cryogenic Insulation Market by Type:
- Fiberglass
- Cellular Glass
- Perlite
- PU & PIR
- Polystyrene
Global Multi-Layer Cryogenic Insulation Market by End-User:
- Chemicals
- Electronics
- Shipping
- Metallurgical
- Energy & Power
Global Multi-Layer Cryogenic Insulation Market by Region:
- North America
- USA
- Canada
- Mexico
- Europe
- Germany
- France
- UK
- Italy
- Spain
- Russia
- Asia-Pacific
- Japan
- China
- India
- Korea
- Southeast Asia
- South America
- Brazil
- Peru
- Middle East and Africa
- UAE
- South Africa
- Saudi Arabia
Frequently Asked Questions
What will be the expected market size of the multi-layer cryogenic insulation market in 2030?
Global multi-layer cryogenic insulation market is expected to reach USD 6.46 billion by 2030, at a CAGR of 7.6% from 2023 to 2030.
Which are the leading market players active in the multi-layer cryogenic insulation market?
Leading players in the multi-layer cryogenic insulation market are Ruag, Unifrax I LLC, ImreYS S.A., Technifab Products, Roching Industrial, Lydall, Inc, Kaefer, Thermaxx Jackets, Nichias Corporation, Hertel, Callenberg Technology Company, Aspen Aerogels among others.
What are the driving factors of the multi-layer cryogenic insulation market?
Rising demand for LNG and rapid urbanization and growing automation sector.
Which region will witness more growth in the multi-layer cryogenic insulation market?
North American region will witness more growth in the multi-layer cryogenic insulation market.
What are the segments covered in the multi-layer cryogenic insulation market report?
The segments covered in the multi-layer cryogenic insulation market are; type, end-user and region.
Which are the leading market players active in the multi-layer cryogenic insulation market?
Leading players in the multi-layer cryogenic insulation market are Ruag, Unifrax I LLC, ImreYS S.A., Technifab Products, Roching Industrial, Lydall, Inc, Kaefer, Thermaxx Jackets, Nichias Corporation, Hertel, Callenberg Technology Company, Aspen Aerogels among others.
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