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Increased LNG demand is expected to drive innovation in cryogenic insulation manufacturing, propelling the market during the forecast period.

The global cryogenic insulation market is expected to grow from $6.20 billion in 2022 to $6.63 billion in 2023 at a compound annual growth rate (CAGR) of 7.0%. The cryogenic insulation market size is expected to reach $8.61 billion in 2027 at a CAGR of 6.7%.

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Global Cryogenic Insulation Market Segments Include:

• By Type: Cellular, Fibrous, Flake, Granular, Reflective, Other Types
• By Application: Storage Tanks, Fuel Tanks, Pipe Systems, Terminals, and Other Applications
• By End-Use Industry: Energy And Power, Food And Beverages, Chemical, Medical, Other End-Use Industries
• By Geography: The market is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa. Among these regions, Asia Pacific is the largest region in the global cryogenic insulation market in 2021.

Major Market Players in the cryogenic insulation market include Aspen Aerogels, BASF SE, Armacell Enterprise GmbH & Co. KG, Lydall Inc., Cabot Corporation, Röchling Group, Kaefer S.A., Dunmore, Owens Corning, Johns Manville Inc., Hertel Holding B.V.

Cryogenic insulation system development is a key trend that is gaining traction in the cryogenic insulation market. Because of its finely dispersed structure and high air absorption capacity, cryogenic insulation is used for low temperatures. The heat released by adsorption raises the apparent specific heat of the material. For example, in April 2022, BASF, a German chemical manufacturing company, developed a cryogenic insulation system. BASF has developed a cryogenic insulation system using its patented Elastopor Cryo (Elastopor) technology (LNG), which could be used to transport cryogenic liquid cargo such as liquefied natural gas and chemical multinationals. BASF’s Elastopor technology provides high insulation for ships even in rough seas, as well as the preservation of specific low-temperature states of liquid cargo during transit.

The Cryogenic Insulation Global Market Report 2023  provides a cryogenic insulation market overview for the time series: historic years (2010 – 2021) and ten years forecast (2023 – 2032). The cryogenic insulation market forecast analyzes cryogenic insulation market size, cryogenic insulation market share, leading competitor market positions. The regions covered in the report include Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa and the countries include Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

Cryogenic insulation is a high-performance insulation material that protects and reduces energy leaks in applications operating at temperatures below -75 degrees Celsius by providing a high level of thermal isolation. It retains its integrity in extreme cold, absorbs high mechanical forces, and provides superior low-thermal conductivity.

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