Cryogenic Insulation Market To Hit Value .9 Billion By 2025Posted by Mrudula Anil Karmarkar on March 17th, 2021 The global cryogenic insulation market size is expected to reach USD 2.9 billion by 2025, expanding at a CAGR of 6.5%, according to a new report by Grand View Research, Inc. Rising preference for low temperature insulation from various application industries including energy and power and metallurgy is likely to propel the market growth. The global construction industry once booming due to the residential and commercial construction in China and the U.S., has been affected by the suspension of the construction activities across the impacted economies. The construction industry in the U.S. is expected to take a major hit due to labor shortages and the lockdown imposed by the government during COVID-19, which is expected to be aggravated by the resulting supply chain issues and financing pressures due to the non-adherence to the completion times. The report will account for Covid19 as a key market contributor. The growth of aerospace and space exploration industries across the economies is anticipated to fuel the demand for cryogenic insulation systems. In addition, rising demand for LNG as an environment friendly alternative to the conventional energy resources has resulted in high demand for cryogenic engines, pipes, valves, and storage tanks. Increasing R&D spending by the major players is expected to have positive impact on product enhancement and differentiation strategies. In addition, the participants are focusing on developing novel materials for higher efficiency and lower operational costs. Also, the players are pooling their technology and resources together in order to serve the rising demand. North America and Europe are anticipated to dominate the market on account of the rising offshore gas production in order to cater the rising demand from various application industries. In addition, the rising LNG/LPG transportation across the regions is further likely to propel the market growth. Further key findings from the report suggest:
Rising demand for energy and power across the globe on account of the rising industrialization and urbanization is projected to promote the demand for cryogenic insulation. In addition, the growth of aerospace and space exploration industries is further anticipated to propel the demand for cryogenic insulation over the forecast period. Rising gas exploration activities in the U.S. on account of growing demand from various sectors including electric power, industrial, and residential is expected to propel the demand for cryogenic insulation. In addition, demand for clean and eco-friendly energy resources is anticipated to result in growing demand for LPG/LNG, thereby stimulating the industry growth. However, fluctuating raw material prices, concerns regarding safety, and issues related to the product durability are the factors estimated to hamper overall market growth. Rising use of enhanced technology to advance performance characteristics is a technological trend estimated to boost industrial demand over the forecast period. The insulation comprises high priced raw materials that are available for exorbitant prices, which increases the overall cost for the product. In addition, increasing use of materials such as aerogel and perlite in the product leading to superior performance is expected to emerge as the defining trend for the market over the forecast period. Have a Query? Ask Our Expert: https://www.grandviewresearch.com/inquiry/6837/ibb The rising investments in R&D is likely to result in new product development and enhancement of the product quality. In addition, major players are pooling their resources and technologies in order to develop highly efficient products at lower costs. This is projected to stimulate the growth of the market for cryogenic insulation over the forecast period. Cryogenic insulation products are increasingly gaining recognition mainly for increasing efficiency and reducing the operating cost. The key players are adopting strategies such as new product innovation, mergers and acquisition, joint ventures, and partnerships in order to gain competitive advantage. Prominent players of the industry include Armacell International Holding GmbH; BASF SE; Lydall Inc.; Cabot Corporation; Johns Manville Inc.; Evonik Industries; Huntsman Corporation; and Rochling Group. Grand View Research has segmented the global cryogenic insulation market on the basis of product, application: Cryogenic Insulation Product Outlook (Revenue, USD Billion, 2014 - 2025)
Cryogenic Insulation Application Outlook (Revenue, USD Million, 2014 - 2025)
About Grand View Research Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare. For More Information:www.grandviewresearch.com Like it? Share it! More by this author |