NEW YORK, The global cryogenic insulation market size is expected to increase by USD 665.36 million between 2021 and 2026, progressing at a CAGR of 6.02% during the forecast period.
The report identifies North America as the largest market for cryogenic insulation. The high adoption of vehicles that run on alternate fuels coupled with stringent emission norms in the transport sector, especially in the US is creating significant opportunities for market players.
One of the primary growth drivers for this market is the demand for clean and eco-friendly energy resources. In addition, the increasing LNG demand from several industries globally and rising gas exploration activities in the US will further fuel the growth of the market during the forecast period.
The market is fragmented due to the presence of many players occupying the competitive landscape. The vendors in the market are adopting various organic and inorganic growth strategies to compete in the market. The report identifies Altrad Group, Armacell International SA, BASF SE, Cabot Corp., DUNMORE Corp., Imerys S.A., Johns Manville, Owens Corning, Rochling SE and Co. KG, and Unifrax I LLC as dominant players in the market.
Cryogenic Insulation Market: Segment Highlights
Based on the application, the report segments the cryogenic insulation market by LPG/LNG transport and storage, energy and power, metallurgical, chemicals, and others.The market witnessed significant growth in the LPG/CNG transport and storage segment in 2021.The increasing shipping of liquified natural gas as cryogenic gas in specialized marine vessels is driving the growth of the segment.The research report offers information on several market vendors, including Altrad Group, Armacell International SA, BASF SE, Cabot Corp., DUNMORE Corp., Imerys S.A., Johns Manville, Owens Corning, Rochling SE and Co. KG, and Unifrax I LLC.
Regional Analysis
32% of the growth will originate from the North American region.The introduction of decarbonization policies by governments in the region will be crucial in driving the growth of the regional market.The introduction of natural gas vehicles by major automobile companies such as Volvo, MAN, Ford, and Chevrolet will also drive the growth of the cryogenic insulation market in North America.The US and Canada will be the key markets for cryogenic insulation in North America.However, the market will witness faster growth in APAC and Europe.Countries such as China, Germany, and Brazil are also expected to emerge as major markets for cryogenic insulation.
Notes:
The cryogenic insulation market size is expected to accelerate at a CAGR of 6.02% during the forecast period.The cryogenic insulation market is segmented by application (LPG/LNG transport and storage, energy and power, metallurgical, chemicals, and others) and geography (North America, Europe, APAC, South America, and MEA).The market is fragmented due to the presence of many established vendors holding significant market share.
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