Pune, March 21, 2023 (GLOBE NEWSWIRE) -- As per SNS Insider analysis, the multi-layer cryogenic insulation market is expected to experience significant growth in the coming years due to the increasing demand for cryogenic insulation in various end-use industries, technological advancements, and the growing focus on reducing energy consumption and carbon emissions.
SNS Insider reports that the Multi-Layer Cryogenic Insulation Market was valued at USD 3.2 billion in 2021 and is projected to reach USD 5.7 billion by 2028, with a compound annual growth rate (CAGR) of 8.5% during the 2022-2028 forecast period.
Multi-Layer Cryogenic Insulation Market Report Scope
| Report Attributes | Details |
| Market Size in 2022 | US$ 3.4 Billion |
| Market Size by 2030 | US$ 6.7 Billion |
| CAGR 2023-2030 | CAGR of 8.5% |
| Key Segments | • By Type (PU & PIR, Cellular Glass, Polystyrene, Fiberglass, Perlite, Others) • By End-use (Energy & Power, Chemicals, Metallurgical, Electronics, Shipping, Others) |
| Company Profiles | Owens Corning (US), Technifab Products (US), Armacell International Holding GmbH (Germany), Cabot Corporation (US), Lydall Inc. (US), Aspen Aerogels (US), Dunmore Corporation (US), Isolatie Combinatie Beverwijk B.V. (Netherland), NICHIAS Corporation (Japan), Abhijit Enterprises (India) |
| Key Drivers | • Rising LPG/LNG demand from industries like power generation and the automobile • Global demand for energy and power is increasing due to industrialisation and urbanisation |
Download PDF Brochure: https://www.snsinsider.com/sample-request/2661
Multi-layer cryogenic insulation refers to the use of multiple layers of different materials to provide effective thermal insulation for systems operating at cryogenic temperatures, typically below -150°C. Cryogenic insulation is critical for many applications, including the storage and transportation of liquefied natural gas, the cooling of superconducting magnets in medical imaging equipment, and the operation of space exploration vehicles.
Market Analysis
In recent years, the global market for multi-layer cryogenic insulation has experienced significant growth due to several factors. One of the primary reasons for this growth is the increasing demand for LNG, which is being utilized across various industrial, residential, and commercial sectors. LNG is used for a wide range of operations such as manufacturing various products, generating electricity, cooking, and heating. Additionally, it is also being used as a fuel for heavy-duty and other vehicles, further contributing to the demand for cryogenic insulation. With the space exploration industry growing rapidly, there is a rising demand for advanced cryogenic insulation technology that can withstand extreme temperatures and provide efficient insulation.
Ask For Custom Report as per your Business Requirement: https://www.snsinsider.com/enquiry/2661
Impact of Recession
While a recession may have some impact on the Multi-Layer Cryogenic Insulation market, it is unlikely to have a significant impact on the industry's long-term growth prospects. As long as there is a need for cryogenic insulation solutions, companies in the industry will continue to innovate and develop new products to meet the evolving needs of their customers.
Key Regional Development
The multi-layer cryogenic insulation market is expected to experience significant growth in the North American region during the forecast period. This growth can be attributed to the robust expansion of the power industry and the increasing number of liquefied natural gas (LNG) projects across the region. The power industry in North America has been rapidly expanding, driven by the growing demand for electricity and the need to replace aging infrastructure. This growth has created a significant demand for multi-layer cryogenic insulation, which is used to maintain the temperature of equipment and pipelines in power plants.
Recent Developments Related to Multi-Layer Cryogenic Insulation Market
- Fermilab, the renowned particle physics laboratory located in Illinois, has recently completed a groundbreaking achievement - the first-ever prototype of a superconducting accelerator module. This development represents a major leap forward in the field of high-energy particle physics, as superconducting technology offers the potential for much higher energy and more efficient accelerators.
- Faurecia's Forvia brand has unveiled an XL CGH2 tank, which is a cryogenic LH2 storage solution designed for heavy-duty trucks. The XL CGH2 tank is an innovative technology that enables the storage of liquefied hydrogen at very low temperatures, which significantly reduces the volume of the hydrogen gas, making it easier to transport and store.
Key Takeaway from Multi-Layer Cryogenic Insulation Market Study
- As more industries switch to cleaner and more sustainable fuel sources, the demand for LNG has risen steadily in recent years, leading to a surge in the demand for multi-layer cryogenic insulation. The energy and power sector, which includes industries such as oil and gas, power generation, and transportation, has been the primary beneficiary of this trend.
- Polyurethane (PU) and Polyisocyanurate (PIR) products segment dominated the market. The use of PU and PIR products in cryogenic insulation has become increasingly popular in recent years. This is due in part to the growing demand for liquefied natural gas (LNG) and other gases used in industrial processes.
Buy Exclusive PDF Copy of the Research Report along With ME Sheet: https://www.snsinsider.com/checkout/2661
About SNS Insider
At SNS Insider, we believe that businesses should have access to the best market intelligence and insights, regardless of their size or industry. That's why we offer a range of solutions tailored to meet the unique needs of each client, from startups to big corporations. With a passion for our work and an unwavering commitment to delivering value, we are dedicated to helping our clients achieve their full potential.
