Market Synopsis
Cryogenic Insulation Market is projected to be worth USD 6.42 billion by 2028, registering a CAGR of 8.11% during the forecast period (2021 - 2030), The market was valued at USD 3.65 billion in 2020.
Cryogenic insulation is used to reduce or eliminate the energy loss from the cold storage tanks and transfer lines. Cryogenic insulation effectively controls a system’s environment and helps in maintaining economic effectiveness. Cryogenic insulation are high-performance materials such as polyisocyanurate, polyurethane, expanded foams, fiberglass cellular glass, polystyrene, and aerogel. The growing demand for cryogenic equipment in the food & beverage and medical industries coupled with increasing demand for liquified natural gas (LNG) and various industrial gases is expected to drive the growth of the cryogenic insulation material market during the forecast period.
Pricing
The price of the cryogenic insulation varies according to material type. The average price of cryogenic insulation ranges from USD 1,500/ton to 13,800/ton.
SEGMENTATION
By Material Type
PU/PIR: The segment accounted for the largest share of the global COVID 19 Impact on Cryogenic Insulation Market Share and is projected to witness moderate growth during the forecast period. The high demand for PU/PIR insulation is attributed to low thermal conductivity, fire resistance, moisture resistance, and good workability. PU and PIR are widely used for insulating cold storage buildings, pipelines, storage tanks, and valves in various industries. Furthermore, the high vermin resistance enables its use in the food & beverage and medical industries.
Polystyrene: The polystyrene segment is expected to witness moderate growth during the forecast period. Polystyrene is mostly preferred for cryogenic insulation applications in the areas of high moisture exposure.
Cellular Glass: Cellular glass is widely used for insulating piping, fittings, tanks, and equipment operating in the temperature ranges of -268°C to 480°C. It is widely preferred in the chemical industry and ground chilled piping systems. The cellular glass segment is expected to witness healthy growth driven by its superior properties, chemical resistance, and corrosion resistance.
Others: The others segment includes perlite, fiberglass, aerogel, and elastomer foams. This segment is expected to witness fastest growth during the forecast period owing to the high demand for aerogel for pipeline insulation.
By End-Use Industry
Energy & Power: The segment dominated the global piping insulation market in 2018 and is expected to witness significant growth during the forecast period. The growth is primarily attributed to the increasing demand for liquefied natural gas (LNG) as a fuel, favored by government policies encouraging a cleaner energy mix. The US and China accounted for over 60% of the global LNG consumption.
Food & Beverage: The segment is expected to witness healthy growth driven by increasing demand for cold storage and frozen food transportation. The long-term outlook of the food & beverage segment is expected to remain positive backed by socio-economic trends such as economic growth, urbanization, changing demographics, population growth, and increasing disposable income.
Medical: The medical segment is expected to witness moderate growth driven by increasing healthcare spending. According to the World Health Organization, in 2016, the global spending on health was USD 7.5 trillion and average per capita health expenditure was USD 1,000. The spending on healthcare in the low- and middle-income countries is expected to be 6%, and 4% in high-income countries during the forecast period.
Chemical: Increasing investment to increase the production capacities of various chemicals across the globe, particularly in Asian countries such as China and India, is expected to augment the growth of the global cryogenic insulation market.
Others: The others segment is expected to witness moderate growth during the forecast period.
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