Global Cryogenic Insulation Market Expected to Value Over USD 24.5 Billion by 2026 End
Leeds, England -- (SBWIRE) -- 07/19/2019 -- Global cryogenic insulation market expected to value over USD 24.5 billion by 2026 end and grow at a CAGR of over 6.4% during the forecast period 2019 to 2026.
Cryogenic insulation is important for storing and transporting Liquefied Natural Gas (LNG). LNG is on an extensive demand due to its uses in various industries like domestic and commercial fuel, automotive and power generation. These factors expected to increase the exploration of natural gas and its production which will be the driving force for the cryogenic insulation market. Due to an increase in storage tanks, LNG terminals and shipping of LNG, there will be a huge requirement of insulating materials which will let the cryogenic insulation market grow even further.
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Insights on Global Cryogenic Insulation Market:
1. By Region
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
North America is expected to dominate the market during the forecast period due to huge investments in the oil & gas industry in the region. Similarly, Europe region is also expected to gain high traction during the forecast period. Asia Pacific is expected to experience a considerable rise in the market due to rapid growth in the power and energy industry in this region. China leads the Asia Pacific region and is expected to witness a rise during the forecast period as there is a high demand of LNG in industries like chemical industry, electronic industry, power and energy industry, etc. The Middle East region is also expected to witness a rise in the market growth rate due to their possession of huge oil reserves which will be used to create fuels like LNG thus pushing the cryogenic insulation market in the forward direction.
2. By Equipment Type
- Polyurethane (PU)
- Polyisocynurate (PIR)
- Cellular Glass
PIR and PU equipments are used for storing LPG and LNG in extremely low temperatures. Therefore, this can be used for long-distance transportation. These factors are the reasons they dominate the cryogenic insulation market and it is expected that these segments will continue to dominate the market during the forecast period.
3. By End-User Industry Type
- Energy & Power
Energy & power segment accounts for the largest share of the market and is expected to stay consistent during the forecast period. In the energy & power sector, cryogenic insulation is used in the liquefaction plant, where natural gas is converted into a liquid state and in storage and transportation vessels in which LNG is stored. As a result of an increase in demand for using LNG as a fuel, it is expected that the demand for cryogenic insulation will increase giving a boost to the market.
4. By Form Type
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- Tier 1 players- established companies in the market with major market share
- Tier 2 players
- Emerging players which are growing rapidly
- New Entrants
Tier 1 companies have a market share of 46% while tier 2 and tier 3 companies have a market share of 31% and 23% respectively.
FutureWise Key Takeaways
- Growth prospects
- SWOT analysis
- Key trends
- Key data-points affecting market growth
Objectives of the Study:
- To provide with an exhaustive analysis on the global cryogenic insulation market by region, by equipment type, by end-user industry type, by form type
- To cater comprehensive information on factors impacting market growth (drivers, restraints, opportunities, and industry-specific restraints)
- To evaluate and forecast micro-markets and the overall market
- To predict the market size, in key regions (along with countries)—North America, Europe, Asia Pacific, Middle East & Africa
- To record evaluate and competitive landscape mapping- product launches, technological advancements, mergers and expansions
- Profiling of companies to evaluate their market shares, strategies, financials and core competencies
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