Cryogenic Insulation Market by Application and Geography - Forecast and Analysis 2022-2026

The cryogenic insulation market share is expected to increase by USD 665.36 million from 2021 to 2026, and the market's growth momentum will accelerate at a CAGR of 6.02%.

This cryogenic insulation market research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers cryogenic insulation market segmentation by application (LPG/LNG transport and storage, energy and power, metallurgical, chemicals, and others) and geography (North America, Europe, APAC, South America, and MEA). The cryogenic insulation market report also offers information on several market vendors, including Altrad Group, Armacell International SA, BASF SE, Cabot Corp., DUNMORE Corp., Imerys S.A., Johns Manville, Owens Corning, Rochling SE and Co. KG, and Unifrax I LLC among others.

What will the Cryogenic Insulation Market Size be During the Forecast Period?

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Cryogenic Insulation Market: Key Drivers and Trends

The demand for clean and eco-friendly energy resources is notably driving the cryogenic insulation market growth, although factors such as fluctuating raw material prices may impede the market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the cryogenic insulation industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.

Key Cryogenic Insulation Market Driver

One of the key factors driving growth in the cryogenic insulation market is the demand for clean and eco-friendly energy resources. CO2 emissions have been growing in accordance with an increase in economic activities. Efforts by countries across the world in decarbonizing the power system by shifting to renewable energy have helped in controlling CO2 emissions. Natural gas is a clean and affordable alternative to fossil fuels such as diesel, gasoline, and fuel oil. It is used in vehicles in compressed or liquefied form. For instance, in 2019, the Government of India set the Bharat stage emission standards 6 (BS6) to regulate the output of air pollutants such as CO2 from internal combustion engines and Spark-ignition engines. The BS6 norms are to be adhered to by all the vehicle manufacturers in India. The burning of natural gas results in less pollution, which explains its increasing use in the transportation sector, thereby driving the global cryogenic insulation market.

Key Cryogenic Insulation Market Challenge

The cessation of World Bank funding for E&P activities will be a major challenge for the cryogenic insulation market during the forecast period. At the One Planet Summit in December 2017, the World Bank announced that it would discontinue financing oil and gas projects from 2019. However, the institution has decided to provide funding for countries that cannot finance E&P activities on their own. Such measures have been taken to address global challenges arising from climate change, mainly due to the emissions of GHGs into the atmosphere. The institution intends to promote the adoption of low-carbon clean energy fuels rather than conventional fuels by providing incentives and subsidies. Though the decision of the World Bank will encourage the adoption of clean energy and reduce carbon emissions, it will also restrict the growth of the oil and gas industry, thereby posing a challenge for the growth of LNG. This, in turn, will hinder the global cryogenic insulation market growth.

This cryogenic insulation market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2022-2026.

Who are the Major Cryogenic Insulation Market Vendors?

The report analyzes the market's competitive landscape and offers information on several market vendors, including:

 

• Altrad Group
• Armacell International SA
• BASF SE
• Cabot Corp.
• DUNMORE Corp.
• Imerys S.A.
• Johns Manville
• Owens Corning
• Rochling SE and Co. KG
• Unifrax I LLC

 

This statistical study of the cryogenic insulation market encompasses successful business strategies deployed by the key vendors. The cryogenic insulation market is fragmented and the vendors are deploying various organic and inorganic growth strategies to compete in the market.

To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.

The cryogenic insulation market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies. 

Which are the Key Regions for Cryogenic Insulation Market?

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32% of the market's growth will originate from North America during the forecast period. The US and Canada are the key markets for cryogenic insulation in North America. Market growth in this region will be faster than the growth of the market in the European, APAC, and South American regions.

In the US, there has been a healthy growth in the adoption of vehicles that operate on alternative fuels, driven by the stringent emission norms in the transportation sector. These emission regulations are expected to get more stringent. This will facilitate the cryogenic insulation market growth in North America over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.

What are the Revenue-generating Application Segments in the Cryogenic Insulation Market?

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The cryogenic insulation market share growth by the LPG/LNG transport and storage segment will be significant during the forecast period. This report provides an accurate prediction of the contribution of all the segments to the growth of the cryogenic insulation market size and actionable market insights on post COVID-19 impact on each segment.

 

Cryogenic Insulation Market Scope
Report Coverage	Details
Page number	120
Base year	2021
Forecast period	2022-2026
Growth momentum & CAGR	Accelerate at a CAGR of 6.02%
Market growth 2022-2026	$ 665.36 million
Market structure	Fragmented
YoY growth (%)	5.10
Regional analysis	North America, Europe, APAC, South America, and MEA
Performing market contribution	North America at 32%
Key consumer countries	US, China, Germany, Canada, and Brazil
Competitive landscape	Leading companies, Competitive strategies, Consumer engagement scope
Key companies profiled	Altrad Group, Armacell International SA, BASF SE, Cabot Corp., DUNMORE Corp., Imerys S.A., Johns Manville, Owens Corning, Rochling SE and Co. KG, and Unifrax I LLC
Market dynamics	Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period
Customization purview	If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.

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What are the Key Data Covered in this Cryogenic Insulation Market Report?

• CAGR of the market during the forecast period 2022-2026
• Detailed information on factors that will drive cryogenic insulation market growth during the next five years
• Precise estimation of the cryogenic insulation market size and its contribution to the parent market
• Accurate predictions on upcoming trends and changes in consumer behavior
• The growth of the cryogenic insulation industry across North America, Europe, APAC, South America, and MEA
• A thorough analysis of the market's competitive landscape and detailed information on vendors
• Comprehensive details of factors that will challenge the growth of cryogenic insulation market vendors

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