Newark, June 17, 2022 (GLOBE NEWSWIRE) -- As per the report published by The Brainy Insights, the global multi-layer cryogenic insulation market is expected to grow from USD 3.35 billion in 2021 to USD 6.43 billion by 2030, at a CAGR of 7.50% during the forecast period 2022-2030.
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The growth of the market is primarily due to the rising need for liquefied natural gas as fuel in the shipping and vehicle industries, as it is a transparent form of energy. The growing demand for liquefied natural gas needs high depository capacity and transport, expanding the use of multi-layer cryogenic insulation, which controls heat loss and can maintain an enormous gas mass. An additional pushing factor is this insulation storing and conveying liquified oxygen, nitrogen, methane, and hydrogen. The use of liquefied natural gas as a fuel in the marine industry is favourable in extending the global market due to decreased sulfur and greenhouse release. Regardless, variable raw material expenses are anticipated to hinder the growth of the worldwide market during the prediction duration. However, the usage of multi-layer insulation in spacecraft and cryogenics is also boosting the market development over the projection period.
Competitive Strategy
To enhance their market position in the global multi-layer cryogenic insulation market, the key players are now focusing on adopting the strategies such as product innovations, mergers & acquisitions, recent developments, joint ventures, collaborations, and partnerships
In September 2018: Rochling Group founded Lignostone cryogenic. The product is appropriate for cryogenic tank insulation in liquefied natural gas and liquefied petroleum gas transportations. It will allow the enterprise to aid the oil & gas enterprise with its cutting-edge products
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Market Growth & Trends
Due to the growing automation and urbanization, the need for energy and power worldwide is anticipated to boost the multi-layer cryogenic insulation market. The expansion of space research and aerospace industries is further expected to drive the demand for the market over the prediction time. High-performance multi-layer insulation materials protect spacecraft throughout the solar system, including unique programs like Mars Science Laboratory Curiosity, International Space Station, and the Hubble Space Telescope. Multi-layer insulation permits thermal control to reduce the effect of severe temperature transformations. Thus, multi-layer cryogenic insulation in space applications is a driving factor in the global market.
Key Findings
• In 2021, the PU & PIR segment dominated the market with the largest market share of 30.6% and market revenue of 1.02 billion.
The type segment is divided into cellular glass, PU & PIR, perlite, fiberglass, & polystyrene. In 2021, the PU & PIR segment dominated the market with the largest market share of 30.6% and market revenue of 1.02 billion. PU and PIR cryogenic insulation is majorly utilized in keeping gases at low temperatures. The rising transport of these liquefied gases is predicted to increase the demand for valves, storage tanks, insulating pipes etc. The increasing number of LNG transporting ships and storage tanks are expected to promote the need for PUR and PIR multilayer cryogenic insulation.
• In 2021, the energy & power segment dominated the market with the largest market share of 31% and market revenue of 1.03 billion.
The end user segment is divided into chemicals, energy & power, electronics, shipping and metallurgical. In 2021, the energy & power segment dominated the market with the largest market share of 31% and market revenue of 1.03 billion. The energy & power segment is the largest end-use industry in the multi-layer cryogenic insulation market. The rising need for liquefied natural gas as fuel propels the energy & power industry and the market.
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Regional Segment Analysis of the Multi-Layer Cryogenic Insulation Market
• North America (U.S., Canada, Mexico)
• Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)
Among all regions, the North American region emerged as the largest market for the global multi-layer cryogenic insulation market, with a market share of around 32.6% and 1.09 billion of the market revenue in 2021 due to the increasing production activities, gas exploration, environmental understanding, high insertion of multilayer cryogenic insulation in the liquefied natural gas enterprise, and increased fuel usage. Asia-Pacific is anticipated to notice a substantial increase during the projection time of 2022 to 2030 due to the high consumption of multilayer cryogenic insulation and fast urbanization and automation.
Key players operating in the global multi-layer cryogenic insulation market are
• Altrad
• Aspen Aerogels
• Callenberg Technology Company
• Dunmore
• Herose Limited
• Hertel
• Imerys S.A.
• Kaefer
• Lydall, Inc
• Nichias Corporation
• Norplex Micarta
• Rochling Industrial
• Ruag
• Technifab Products
• Thermaxx Jackets
• Unifrax I LLC
This study forecasts revenue at global, regional, and country levels from 2019 to 2030. The Brainy Insights has segmented the global multi-layer cryogenic insulation market based on the below-mentioned segments
Global Multi-Layer Cryogenic Insulation Market by Type:
• Cellular Glass
• PU & PIR
• Perlite
• Fiberglass
• Polystyrene
Global Multi-Layer Cryogenic Insulation Market by End User:
• Chemicals
• Energy & Power
• Electronics
• Shipping
• Metallurgical
About the report:
The global multi-layer cryogenic insulation market is analysed based on value (USD Billion). All the segments have been analyzed on a worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report offers an in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining critical insight into the market. The study includes porter's five forces model, attractiveness analysis, raw material analysis, supply, demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
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