Cryogenic Insulation Market estimated to grow up to 3.3 Billion USD by 2023

According to the new market research report [143 Pages] "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", published by MarketsandMarkets™, the Cryogenic Insulation Market is projected to reach USD 3.3 billion by 2023, at a CAGR of 7.20% from USD 2.3 billion in 2018.

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Drivers & Opportunities in global industry:

•          Rising Demand for LNG as Fuel
•          Rising Environmental Awareness
•          Growing Demand for Cryogenic Technologies From Space Applications

Players in the cryogenic insulation market are mainly concentrating on new product launches, agreements, and expansions to meet the growing demand for cryogenic insulation for various applications. New product launches help companies to strengthen their product portfolio and meet specific demands of customers.

The growth of the cryogenic insulation market has been largely influenced by new product launches, agreements, and expansions that have taken place between 2013 and 2018. Companies such as Lydall Inc. (US), Cabot Corporation (US), Rochling Group (Germany), and Johns Manville Inc. (US) have adopted new product launches and agreements to enhance their product offerings.

Lydall Inc. is one of the leading players in the cryogenic insulation market. In order to expand its business, Lydall is focusing on enhancing its market reach by entering new markets and is introducing new products. For instance, Lydall Inc. launched a super-insulating cryogenic media named Cryotherm 233B made from non-biopersistent glass microfibers in March 2014. This enables the company to expand its product offerings. The company closely follows trends in technology, innovations, and regulations, which enables it to serve its customers with advanced products.

Cabot Corporation is focusing its attention on innovation and R&D through identification and development of products. The company is introducing various innovative products to cater to the specific needs of its customers. The company also adopted agreement as a strategy to increase its market share and cater to the increasing demand for cryogenic insulation. For instance, Cabot Corporation entered into an agreement with Johns Manville Industrial Insulation Group (IIG) in May 2016. The agreement will enable both companies to produce high-performance insulation for oil & gas applications using Cabot’s proprietary technology and aerogel products.

The APAC cryogenic insulation market accounted for the largest share in the global market. The market in the region is driven by the high demand from rapidly growing end-use industries such as energy & power. Rising demand for LNG, increasing investment in the energy sector, urbanization, industrialization, and infrastructural development are expected to drive the cryogenic insulation market during the forecast period.

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