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The Multi-Layer Cryogenic Insulation Market size was valued at USD 1114.6 million in 2023 and will reach USD 1981.22 million by 2032 &grow at a CAGR of 6.6% by 2024-2032.
The Multi-layer cryogenic insulation market is growing popularity among consumers. Their high-performance material helps minimize fuel leaks and provides superior thermal insulation for applications below -74°C (-101°F). MLI helps in the storage and transportation of cryogenic gases like liquid nitrogen, LPG, ethylene, and LNG. It ensures these gases are kept securely stored in cryogenic tanks and efficiently transported. MLI utilizes a combination of various insulation materials, including polyisocyanurate, expanded foams, fiberglass, and others, to achieve optimal performance.
The growing focus on alternative green fuels for vehicles, home energy use, and power generation is driving a surge in the LNG market. This fuels the demand for reliable cryogenic insulation materials like MLI. Additionally, the increasing use of cryogenic engines due to their impressive load-carrying capacity is another factor pushing the market forward. China and India in the has expected to further propel the global demand for multi-layer cryogenic insulation.
Drivers
Growing demand for efficient cryogenic applications in various insulation market.
Growing the market demand for liquefied natural gas in multi-layer cryogenic insulation market
The LNG is currently experiencing a downturn due to low prices and oversupply. This trend started before the COVID-19 pandemic, with new projects increasing capacity beyond expected demand. LNG generates fewer emissions during production and combustion, making it a cleaner option. These factors, combined with the potential for market shifts, suggest that LNG could experience a rise in growth during the forecast period. The current oversupply might be a temporary problem, and the future for LNG appears brighter than for traditional fossil fuels.
Restraint:
Strict government regulations for material properties and fire safety can limit the development.
Strict government regulations regarding material properties and fire safety can be a challenge for developing new multi-layer cryogenic insulation solutions. This requires creative approaches to achieve top performance within the regulations. Collaboration between manufacturers, researchers, and regulatory bodies is necessary to overcome these challenges and ensure safety while promoting innovation in multi-layer cryogenic insulation.
Opportunities
Growing focus on sustainable solutions and development of eco-friendly cryogenic insulation materials.
The increasing demand for sustainability is driving the development of eco-friendly cryogenic insulation materials, which can significantly reduce the environmental footprint of this technology. sustainability has become a top priority, and the market for eco-friendly cryogenic insulation materials is poised for significant growth, driven by the development of innovative and environmentally responsible solutions. The rise of sustainable solutions is fueling the development of eco-friendly insulation materials for cryogenic applications.
Challenges
Fluctuations in raw material prices in multi-layer cryogenic insulation market.
Cryogenic fuel storage presents a complex challenge due to the extremely low temperatures required.
Hydrogen holds lead as a clean fuel source, its storage is challenging for widespread adoption in vehicles. The key obstacle lies in hydrogen's physical properties. Being the lightest element, hydrogen itself is remarkably lightweight. However, this very characteristic creates a challenge: storing enough hydrogen onboard a vehicle to achieve a range comparable to gasoline cars requires a very large volume of gas. This translates to bulky storage tanks that can significantly impact vehicle design and practicality. Hydrogen itself is light, and the tanks required to contain it can be quite heavy. This additional weight can negate some of the fuel efficiency benefits of hydrogen. These limitations in both volume and weight currently restrict the driving range of hydrogen vehicles compared to their gasoline counterparts.
The impact Russia-Ukraine conflict can disrupt the multi-layer cryogenic insulation market in several ways, Russia may limit access to these materials, especially for European companies, forcing them to find alternative suppliers. and they are the key suppliers of raw materials like polymers and resins used in cryogenic insulation. The war disrupts these supplies, potentially leading to shortages and price rises. Some countries developing their own sources of raw materials, potentially strengthening regional supply chains and reducing dependence on Russia and Ukraine.
The impact of the economic downturn has majorly affected the Multi-layer cryogenic insulation market, Businesses tighten budgets during downturns, delaying or canceling investments in new infrastructure projects that rely on cryogenic gases, like LNG plants or MRI machines. This reduces the demand for the insulation needed in these projects. Industries that heavily utilize cryogenic gases, like energy, chemicals, and manufacturing, may scale back production during an economic downturn. This leads to lower demand for cryogenic storage and transportation, and consequently, less need for multi-layer cryogenic insulation.
By Type
PU & PIR
Cellular Glass
Polystyrene
Fiberglass
Perlite
Others
The PU & PIR sub-segment dominates the Multi-layer cryogenic insulation market by type. This segment captured over 32.4% market share in 2023. Their dominance can be attributed to the exceptional properties that make them ideally suited for cryogenic applications. These foams are incredibly lightweight, boasting excellent thermal insulation with low conductivity. They are non-flammable, a crucial safety feature for cryogenic environments. Furthermore, PU & PIR foams can be configured to meet specific structural requirements, making them highly versatile for various applications. PU & PIR has a wide range of cryogenic necessities. From freezers and tank & pipe insulation to home refrigerators, coolers, and even massive cold storage buildings, which play a vital role in maintaining extremely low temperatures.
By End-use Industry
Energy & Power
Chemicals
Metallurgical
Electronics
Shipping
Others
The Energy & Power sub-segment leads the multi-layer cryogenic insulation market by end-use industry, capturing a market share of 33% in 2023. This dominance is expected to continue throughout the forecast period. Rising demand for Liquefied Natural Gas (LNG) as a fuel source. LNG requires cryogenic storage and transportation, creating a significant need for effective insulation solutions. As the use of LNG expands, the demand for multi-layer cryogenic insulation in the energy & power sector is for further growth.
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Regional Analysis
North America dominates in the multi-layer cryogenic insulation market in 2023. This dominance can be attributed to capturing a market share of over 35.3%, growth in the power industry, and a growing number of LNG projects, both of which heavily rely on this type of insulation. Europe holds the second-largest market. Recent revisions to EU legislation governing insulation materials are expected to give multi-layer cryogenic insulation a significant boost in Europe. This will likely increase demand and the higher volume of insulation needed per user.
REGIONAL COVERAGE:
North America
US
Canada
Mexico
Europe
Eastern Europe
Poland
Romania
Hungary
Turkey
Rest of Eastern Europe
Western Europe
Germany
France
UK
Italy
Spain
Netherlands
Switzerland
Austria
Rest of Western Europe
Asia Pacific
China
India
Japan
South Korea
Vietnam
Singapore
Australia
Rest of Asia Pacific
Middle East & Africa
Middle East
UAE
Egypt
Saudi Arabia
Qatar
Rest of the Middle East
Latin America
Brazil
Argentina
Colombia
Rest of Latin America
The major key players listed in the multi-layer cryogenic insulation market are Owens Corning (US), Technifab Products (US), Armacell International Holding GmbH (Germany), Cabot Corporation (US), Lydall Inc. (US), Aspen Aerogels (US), Dunmore Corporation (US), Isolatie Combinatie Beverwijk B.V. (Netherland), NICHIAS Corporation (Japan), Abhijit Enterprises (India)., Callenberg Technology Company, Herose Limited, Hertel, Imerys S.A., and other players.
In December 2023, Armacell company on its new product launch, passive fire protection, and acoustic solutions markets. like the ArmaGel® HTF, have significantly strengthened their industrial insulation offerings.
In March 2022,The acquisitions of Armacell Austria and Armacell Serbia positioned them well to serve the growing district heating market. This venture leverages its existing facility in Yukon, Oklahoma, for efficient operations.
| Report Attributes | Details |
|---|---|
| Market Size in 2023 | US$ 1114.6 Million |
| Market Size by 2032 | US$ 1981.22 Million |
| CAGR | CAGR of 6.6% From 2024 to 2032 |
| Base Year | 2023 |
| Forecast Period | 2024-2032 |
| Historical Data | 2020-2022 |
| Report Scope & Coverage | Market Size, Segments Analysis, Competitive Landscape, Regional Analysis, DROC & SWOT Analysis, Forecast Outlook |
| Key Segments | • By Type (PU & PIR, Cellular Glass, Polystyrene, Fiberglass, Perlite, Others) • By End-use (Energy & Power, Chemicals, Metallurgical, Electronics, Shipping, Others) |
| Regional Analysis/Coverage | North America (US, Canada, Mexico), Europe (Eastern Europe [Poland, Romania, Hungary, Turkey, Rest of Eastern Europe] Western Europe] Germany, France, UK, Italy, Spain, Netherlands, Switzerland, Austria, Rest of Western Europe]), Asia Pacific (China, India, Japan, South Korea, Vietnam, Singapore, Australia, Rest of Asia Pacific), Middle East & Africa (Middle East [UAE, Egypt, Saudi Arabia, Qatar, Rest of Middle East], Africa [Nigeria, South Africa, Rest of Africa], Latin America (Brazil, Argentina, Colombia Rest of Latin America |
| Company Profiles | Owens Corning (US), Technifab Products (US), Armacell International Holding GmbH (Germany), Cabot Corporation (US), Lydall Inc. (US), Aspen Aerogels (US), Dunmore Corporation (US), Isolatie Combinatie Beverwijk B.V. (Netherland), NICHIAS Corporation (Japan), Abhijit Enterprises (India) |
| Key Drivers | • Rising LPG/LNG demand from industries like power generation and the automobile • Global demand for energy and power is increasing due to industrialisation and urbanisation |
| RESTRAINTS | • Volatile raw material costs driving up the cost of the final product |
Ans. The Compound Annual Growth rate for the Multi-layer cryogenic insulation market over the forecast period is 6.6%.
Ans: PU & PIR, Cellular Glass, Polystyrene, Fiberglass, Perlite and Others are the sub-segments of by type segment.
Ans: Due to the global COVID-19 breakdown, which left the majority of the world countries under lockdown, the demand for insulation has decreased. Since thematerials used in multi-layer cryogenic insulation are formed of polymer resins, any shortages in these materials will have a direct impact on the availability of thermal insulation. The polymer industry had a lot of product shortages prior to COVID-19.
Ans: Owens Corning (US), Technifab Products (US), Armacell International Holding GmbH (Germany), Cabot Corporation (US), Lydall Inc. (US), Aspen Aerogels (US), Dunmore Corporation (US), Isolatie Combinatie Beverwijk B.V. (Netherland), NICHIAS Corporation (Japan), Abhijit Enterprises (India) are the major key players of Multi-Layer Cryogenic Insulation Market.
Ans: Manufacturers, Consultant, aftermarket players, association, Research institute, private and universities libraries, suppliers and distributors of the product.
Table of Contents
1. Introduction
1.1 Market Definition
1.2 Scope
1.3 Research Assumptions
2. Industry Flowchart
3. Research Methodology
4. Market Dynamics
4.1 Drivers
4.2 Restraints
4.3 Opportunities
4.4 Challenges
5. Impact Analysis
5.1 Impact Of Russia Ukraine War
5.2 Impact of Economic Slowdown
6. Value Chain Analysis
7. Porter’s 5 Forces Model
8. Pest Analysis
9. Average Selling Price
9.1 North America
9.2 Europe
9.3 Asia Pacific
9.4 Latin America
9.5 Middle East & Africa
10. Multi-layer cryogenic insulation market Segmentation, By Type
10.1 Introduction
10.2 Trend Analysis
10.3 PU & PIR
10.4 Cellular Glass
10.5 Polystyrene
10.6 Fiberglass
10.7 Perlite
10.8 Others
11. Multi-layer cryogenic insulation market Segmentation, By End-use Industry
11.1 Introduction
11.211.2 Trend Analysis
11.3 Energy & Power
11.4 Chemicals
11.5 Metallurgical
11.6Electronics
11.7 Shipping
11.8 Others
12. Regional Analysis
12.1 Introduction
12.2 North America
12.2.1 Trend Analysis
12.2.2 North America Multi-layer cryogenic insulation market by Country
12.2.3 North America Multi-layer cryogenic insulation market By Type
12.2.4 North America Multi-layer cryogenic insulation market By End-use Industry
12.2.5 USA
12.2.5.1 USA Multi-layer cryogenic insulation market By Type
12.2.5.2 USA Multi-layer cryogenic insulation market By End-use Industry
12.2.6 Canada
12.2.6.1 Canada Multi-layer cryogenic insulation market By Type
12.2.6.2 Canada Multi-layer cryogenic insulation market By End-use Industry
12.2.7 Mexico
12.2.7.1 Mexico Multi-layer cryogenic insulation market By Type
12.2.7.2 Mexico Multi-layer cryogenic insulation market By End-use Industry
12.3 Europe
12.3.1 Trend Analysis
12.3.2 Eastern Europe
12.3.2.1 Eastern Europe Multi-layer cryogenic insulation market by Country
12.3.2.2 Eastern Europe Multi-layer cryogenic insulation market By Type
12.3.2.3 Eastern Europe Multi-layer cryogenic insulation market By End-use Industry
12.3.2.4 Poland
12.3.2.4.1 Poland Multi-layer cryogenic insulation market By Type
12.3.2.4.2 Poland Multi-layer cryogenic insulation market By End-use Industry
12.3.2.5 Romania
12.3.2.5.1 Romania Multi-layer cryogenic insulation market By Type
12.3.2.5.2 Romania Multi-layer cryogenic insulation market By End-use Industry
12.3.2.6 Hungary
12.3.2.6.1 Hungary Multi-layer cryogenic insulation market By Type
12.3.2.6.2 Hungary Multi-layer cryogenic insulation market By End-use Industry
12.3.2.7 Turkey
12.3.2.7.1 Turkey Multi-layer cryogenic insulation market By Type
12.3.2.7.2 Turkey Multi-layer cryogenic insulation market By End-use Industry
12.3.2.8 Rest of Eastern Europe
12.3.2.8.1 Rest of Eastern Europe Multi-layer cryogenic insulation market By Type
12.3.2.8.2 Rest of Eastern Europe Multi-layer cryogenic insulation market By End-use Industry
12.3.3 Western Europe
12.3.3.1 Western Europe Multi-layer cryogenic insulation market by Country
12.3.3.2 Western Europe Multi-layer cryogenic insulation market By Type
12.3.3.3 Western Europe Multi-layer cryogenic insulation market By End-use Industry
12.3.3.4 Germany
12.3.3.4.1 Germany Multi-layer cryogenic insulation market By Type
12.3.3.4.2 Germany Multi-layer cryogenic insulation market By End-use Industry
12.3.3.5 France
12.3.3.5.1 France Multi-layer cryogenic insulation market By Type
12.3.3.5.2 France Multi-layer cryogenic insulation market By End-use Industry
12.3.3.6 UK
12.3.3.6.1 UK Multi-layer cryogenic insulation market By Type
12.3.3.6.2 UK Multi-layer cryogenic insulation market By End-use Industry
12.3.3.7 Italy
12.3.3.7.1 Italy Multi-layer cryogenic insulation market By Type
12.3.3.7.2 Italy Multi-layer cryogenic insulation market By End-use Industry
12.3.3.8 Spain
12.3.3.8.1 Spain Multi-layer cryogenic insulation market By Type
12.3.3.8.2 Spain Multi-layer cryogenic insulation market By End-use Industry
12.3.3.9 Netherlands
12.3.3.9.1 Netherlands Multi-layer cryogenic insulation market By Type
12.3.3.9.2 Netherlands Multi-layer cryogenic insulation market By End-use Industry
12.3.3.10 Switzerland
12.3.3.10.1 Switzerland Multi-layer cryogenic insulation market By Type
12.3.3.10.2 Switzerland Multi-layer cryogenic insulation market By End-use Industry
12.3.3.11 Austria
12.3.3.11.1 Austria Multi-layer cryogenic insulation market By Type
12.3.3.11.2 Austria Multi-layer cryogenic insulation market By End-use Industry
12.3.3.12 Rest of Western Europe
12.3.3.12.1 Rest of Western Europe Multi-layer cryogenic insulation market By Type
12.3.2.12.2 Rest of Western Europe Multi-layer cryogenic insulation market By End-use Industry
12.4 Asia-Pacific
12.4.1 Trend Analysis
12.4.2 Asia Pacific Multi-layer cryogenic insulation market by Country
12.4.3 Asia Pacific Multi-layer cryogenic insulation market By Type
12.4.4 Asia Pacific Multi-layer cryogenic insulation market By End-use Industry
12.4.5 China
12.4.5.1 China Multi-layer cryogenic insulation market By Type
12.4.5.2 China Multi-layer cryogenic insulation market By End-use Industry
12.4.6 India
12.4.6.1 India Multi-layer cryogenic insulation market By Type
12.4.6.2 India Multi-layer cryogenic insulation market By End-use Industry
12.4.7 Japan
12.4.7.1 Japan Multi-layer cryogenic insulation market By Type
12.4.7.2 Japan Multi-layer cryogenic insulation market By End-use Industry
12.4.8 South Korea
12.4.8.1 South Korea Multi-layer cryogenic insulation market By Type
12.4.8.2 South Korea Multi-layer cryogenic insulation market By End-use Industry
12.4.9 Vietnam
12.4.9.1 Vietnam Multi-layer cryogenic insulation market By Type
12.4.9.2 Vietnam Multi-layer cryogenic insulation market By End-use Industry
12.4.10 Singapore
12.4.10.1 Singapore Multi-layer cryogenic insulation market By Type
12.4.10.2 Singapore Multi-layer cryogenic insulation market By End-use Industry
12.4.11 Australia
12.4.11.1 Australia Multi-layer cryogenic insulation market By Type
12.4.11.2 Australia Multi-layer cryogenic insulation market By End-use Industry
12.4.12 Rest of Asia-Pacific
12.4.12.1 Rest of Asia-Pacific Multi-layer cryogenic insulation market By Type
12.4.12.2 Rest of Asia-Pacific Multi-layer cryogenic insulation market By End-use Industry
12.5 Middle East & Africa
12.5.1 Trend Analysis
12.5.2 Middle East
12.5.2.1 Middle East Multi-layer cryogenic insulation market by Country
12.5.2.2 Middle East Multi-layer cryogenic insulation market By Type
12.5.2.3 Middle East Multi-layer cryogenic insulation market By End-use Industry
12.5.2.4 UAE
12.5.2.4.1 UAE Multi-layer cryogenic insulation market By Type
12.5.2.4.2 UAE Multi-layer cryogenic insulation market By End-use Industry
12.5.2.5 Egypt
12.5.2.5.1 Egypt Multi-layer cryogenic insulation market By Type
12.5.2.5.2 Egypt Multi-layer cryogenic insulation market By End-use Industry
12.5.2.6 Saudi Arabia
12.5.2.6.1 Saudi Arabia Multi-layer cryogenic insulation market By Type
12.5.2.6.2 Saudi Arabia Multi-layer cryogenic insulation market By End-use Industry
12.5.2.7 Qatar
12.5.2.7.1 Qatar Multi-layer cryogenic insulation market By Type
12.5.2.7.2 Qatar Multi-layer cryogenic insulation market By End-use Industry
12.5.2.8 Rest of Middle East
12.5.2.8.1 Rest of Middle East Multi-layer cryogenic insulation market By Type
12.5.2.8.2 Rest of Middle East Multi-layer cryogenic insulation market By End-use Industry
12.5.3 Africa
12.5.3.1 Africa Multi-layer cryogenic insulation market by Country
12.5.3.2 Africa Multi-layer cryogenic insulation market By Type
12.5.3.3 Africa Multi-layer cryogenic insulation market By End-use Industry
12.5.3.4 Nigeria
12.5.3.4.1 Nigeria Multi-layer cryogenic insulation market By Type
12.5.3.4.2 Nigeria Multi-layer cryogenic insulation market By End-use Industry
12.5.3.5 South Africa
12.5.3.5.1 South Africa Multi-layer cryogenic insulation market By Type
12.5.3.5.2 South Africa Multi-layer cryogenic insulation market By End-use Industry
12.5.3.6 Rest of Africa
12.5.3.6.1 Rest of Africa Multi-layer cryogenic insulation market By Type
12.5.3.6.2 Rest of Africa Multi-layer cryogenic insulation market By End-use Industry
12.6 Latin America
12.6.1 Trend Analysis
12.6.2 Latin America Multi-layer cryogenic insulation market by Country
12.6.3 Latin America Multi-layer cryogenic insulation market By Type
12.6.4 Latin America Multi-layer cryogenic insulation market By End-use Industry
12.6.5 Brazil
12.6.5.1 Brazil Multi-layer cryogenic insulation market By Type
12.6.5.2 Brazil Multi-layer cryogenic insulation market By End-use Industry
12.6.6 Argentina
12.6.6.1 Argentina Multi-layer cryogenic insulation market By Type
12.6.6.2 Argentina Multi-layer cryogenic insulation market By End-use Industry
12.6.7 Colombia
12.6.7.1 Colombia Multi-layer cryogenic insulation market By Type
12.6.7.2 Colombia Multi-layer cryogenic insulation market By End-use Industry
12.6.8 Rest of Latin America
12.6.8.1 Rest of Latin America Multi-layer cryogenic insulation market By Type
12.6.8.2 Rest of Latin America Multi-layer cryogenic insulation market By End-use Industry
13. Company Profiles
13.1 Owens Corning (US)
13.1.1 Company Overview
13.1.2 Financial
13.1.3 Products/ Services Offered
13.1.4 SWOT Analysis
13.1.5 The SNS View
13.2 Technifab Products (US)
13.2.1 Company Overview
13.2.2 Financial
13.2.3 Products/ Services Offered
13.2.4 SWOT Analysis
13.2.5 The SNS View
13.3 Armacell International Holding GmbH (Germany)
13.3.1 Company Overview
13.3.2 Financial
13.3.3 Products/ Services Offered
13.3.4 SWOT Analysis
13.3.5 The SNS View
13.4 Cabot Corporation (US)
13.4.1 Company Overview
13.4.2 Financial
13.4.3 Products/ Services Offered
13.4.4 SWOT Analysis
13.4.5 The SNS View
13.5 Abhijit Enterprises (India)
13.5.1 Company Overview
13.5.2 Financial
13.5.3 Products/ Services Offered
13.5.4 SWOT Analysis
13.5.5 The SNS View
13.6 Lydall Inc. (US)
13.6.1 Company Overview
13.6.2 Financial
13.6.3 Products/ Services Offered
13.6.4 SWOT Analysis
13.6.5 The SNS View
13.7 Aspen Aerogels (US)
13.7.1 Company Overview
13.7.2 Financial
13.7.3 Products/ Services Offered
13.7.4 SWOT Analysis
13.7.5 The SNS View
13.8 Dunmore Corporation (US)
13.8.1 Company Overview
13.8.2 Financial
13.8.3 Products/ Services Offered
13.8.4 SWOT Analysis
13.8.5 The SNS View
13.9 Isolatie Combinatie Beverwijk B.V. (Netherland)
13.9.1 Company Overview
13.9.2 Financial
13.9.3 Products/ Services Offered
13.9.4 SWOT Analysis
13.9.5 The SNS View
13.10 Herose Limited
13.10.1 Company Overview
13.10.2 Financial
13.10.3 Products/ Services Offered
13.10.4 SWOT Analysis
13.10.5 The SNS View
14. Competitive Landscape
14.1 Competitive Benchmarking
14.2 Market Share Analysis
14.3 Recent Developments
14.3.1 Industry News
14.3.2 Company News
14.3.3 Mergers & Acquisitions
15. USE Cases And Best Practices
16. Conclusion
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