Rising demand for LNG as fuel and environmental awareness, versatility of application in various sectors and the continuous developments in this field are the factors contributing to the CAGR of Cryogenic Insulation market in the forecasted period.
According to the current analysis of Reports and Data, the global Cryogenic Insulation Market was valued at USD 2.52 billion in 2018 and is expected to reach USD 4.41 billion by year 2026, at a CAGR of 7.3 %. Cryogenics are materials that reach very low temperatures. The temperatures scales for cryogenics are not very well defined. However, it is believed that a gas is cryogenic if it can be liquefied at a temperature as low as -150°. In simple terms, cryogenic is fundamentally about energy and insulation is about energy conservation. With the rising focus on thermal isolation, the use of cryogenics and low temperature refrigeration is taking more and more significant role. In the recent times, it has become prominent due to the increasing awareness and its versatility in application. It has become a major requirement throughout industries, from food industry, transportation, energy and medical application to Space Shuttles. No matter where its application lies, cryogenic liquids must be stored, handled and transferred from one point to another. The growing demand for LNG and LPG across several sectors such as automotive, power and energy, domestic and commercial fuel. This is boosting the natural gas exploration initiatives, thus requiring cryogenic insulation.
Market size- USD 2.52 billion in 2018, Market Growth- CAGR of 7.3%, Market Trends- Launch of improved insulations and research and development.
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Major Companies Operating in the industry and profiled in the report are:
- Lydall Inc.,
- Armacell International Holding GmbH,
- Aspen Aerogel,
- Rochling Group and Vita Group.
Cryogenic Insulation Market Segmentation based on Product Types:
- Cellular glass
- Perlite insulation
- Polyurethane (PU)
- Polyisocyanurate (PIR)
Cryogenic Insulation Market Segmentation based on Applications:
- Energy and Power
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The regional analysis of the Cryogenic Insulation market provides an insight into the regions expected to hold the largest share in the market. According to the research report, North America is expected to dominate the market holding the largest share. Asia Pacific is expected to show a significant growth in the coming years owing to adoption of advanced technologies and growing consumer base. Europe is expected to follow closely behind North America & APAC countries. Latin America and Middle East & Africa are expected to hold a significant share in the market.
The regional analysis covers:
- North America (U.S., Canada, Mexico)
- Europe (U.K., Italy, Germany, France, Rest of EU)
- Asia Pacific (India, Japan, China, South Korea, Australia, Rest of APAC)
- Latin America (Chile, Brazil, Argentina, Rest of Latin America)
- Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
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The report provides an extensive study on the factors that are projected to create significant opportunities for revenue generation and provide insight into gaining market size. The report gives crucial data about the current and future trends that will influence the market growth for the established companies as well as new entrants.
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