The Global Cryogenic Insulation Market Through 2018-2023: A $3.3 Billion Opportunity, Driven by the Rising Demand for LNG as Fuel - ResearchAndMarkets.com
DUBLIN--(BUSINESS WIRE)--Jan 2, 2019--The “Cryogenic Insulation Market by Type (PU & PIR, Cellular Glass, Polystyrene, Fiberglass, Perlite), Cryogenic Equipment (Tanks, Valves), End-Use Industry (Energy & Power, Chemicals, Metallurgical, Electronics, Shipping) - Global Forecast to 2023” report has been added to ResearchAndMarkets.com’s offering.
The cryogenic insulation market is estimated to be USD 2.3 billion in 2018 and is projected to reach USD 3.3 billion by 2023, at a CAGR of 7.2% between 2018 and 2023.
The cryogenic insulation market is largely driven by the rising demand for liquefied natural gas as fuel. Transportation and storage of LNG is the major application of cryogenic insulation in the energy and power sector. Since a major share of the market is held by this segment, LNG applications are considered to have a great impact on the market during the forecast period.
LNG consumption is expected to increase further in the future due to environmental regulations regarding carbon dioxide emission and marine shipping vessels. Rising demand for LNG in various sectors such as automotive, domestic & commercial fuel, and power generation is expected to boost natural gas exploration and production, thereby driving the growth of the cryogenic insulation market.
In the future, due to an increase in LNG terminals, storage tanks, and ships carrying LNG, a substantial amount of insulating materials will be required, which is projected to drive the cryogenic insulation market. However, the volatile raw material price is a major restraint for the growth of the market.
Key players profiled in the report include Armacell International Holding GmbH (Germany), Lydall Inc. (US), BASF SE (Germany), Cabot Corporation (US), Rochling Group (Germany), and Johns Manville Inc. (US).
Key HighlightsThe PU & PIR segment is expected to be the second-fastest growing type in the cryogenic insulation market, in terms of value, from 2018 to 2023 The energy & power end-use industry is projected to account for the largest share of the overall cryogenic insulation market, in terms of value, between 2018 and 2023 APAC is expected to be the third-fastest growing cryogenic insulation market during the forecast period, in terms of value
DriversRising Demand for LNG as Fuel Rising Environmental Awareness
OpportunityGrowing Demand for Cryogenic Technologies from Space Applications
RestraintVolatile Raw Material Prices
2 Research Methodology
3 Executive Summary
4 Premium Insights
5 Market Overview
6 Cryogenic Insulation Market, By Type
7 Cryogenic Insulation Market, By Cryogenic Equipment
8 Cryogenic Insulation Market, By Form
9 Cryogenic Insulation Market, By End-Use Industry
10 Cryogenic Insulation Market, By Region
11 Competitive Landscape
12 Company ProfilesAmol Dicalite Limited Armacell International Holding GmbH Aspen Aerogels BASF SE Cabot Corporation Dunmore Corporation G+H Group Hertel Imerys Minerals Isover (Saint Gobain) Johns Manville Inc. Lydall Inc. Pittsburgh Corning Corporation Rochling Group
For more information about this report visit https://www.researchandmarkets.com/research/sj9nft/the_global?w=4
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Related Topics:Insulation,Laboratory Equipment
INDUSTRY KEYWORD: MANUFACTURING CHEMICALS/PLASTICS OTHER MANUFACTURING
SOURCE: Research and Markets
Copyright Business Wire 2019.
PUB: 01/02/2019 11:28 AM/DISC: 01/02/2019 11:28 AM