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 US$2.3 billion in 2018 and is projected to reach US$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 LNG 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 and 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).
Read the article online at: https://www.lngindustry.com/liquid-natural-gas/03012019/the-global-cryogenic-insulation-market-2018-2023/