Tag: Cellular Glass

Cryogenic Insulation Market Worth $2.9 Billion By 2025

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 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.

Click the link below:
https://www.grandviewresearch.com/industry-analysis/cryogenic-insulation-market

Further key findings from the report suggest:

  • PUR and PIR accounted for the largest market share of 42.9% in terms of revenue in 2018, owing to its wide range of applications in gas liquefaction and regasification industry
  • LPG/LNG transport and storage industry dominated the market in 2018 and is estimated to reach USD 1.5 billion by 2025, due to rising demand for LNG or LPG from various sectors including automotive and power generation
  • North America is anticipated to emerge as one of the prominent regions for the industry over the forecast period and is projected to account for USD 699.9 million by 2025 on account of the rising offshore oil production in countries such as the U.S.
  • Cryogenic insulation market in China is projected to exhibit a CAGR of 6.5% from 2019 to 2025 on account of the rapid industrialization and rising disposable income
  • Market participants across the globe have increased their R&D spending in order to develop high performance insulation for various applications.

North America Industrial Insulation Market Worth $2.55 Billion By 2025

The North America industrial insulation market size is projected to reach USD 2.55 billion by 2025, according to a new report by Grand View Research, Inc., progressing at a CAGR of 4.0% during the forecast period. Rising awareness regarding energy conservation and increasing energy cost are anticipated to drive the market.

The market exhibits extensive competitive rivalry due to presence of a large number of key players offering wide range of products to industries such as oil & gas and petrochemical. In addition, presence of a number of well-established companies is increasing entry barrier, thereby reducing the threat of new entrants.

Abundance in supply of raw materials in the industry is leading to limited change in the price. Increasing use of advanced materials for production of insulation is estimated to propel the market over the forecast period. In addition, high import volumes of low cost raw materials from economies such as China are expected to emerge as a major trend.

Majority of these raw materials used in the production of such materials are derivatives of crude oil or natural stone and sand. Presence of stringent regulations in the U.S. coupled with rising concerns regarding environmental degradation due to excessive mining is likely to pose a challenge the growth of the market over the forecast period.

Click the link below:
https://www.grandviewresearch.com/industry-analysis/north-america-industrial-insulation-market

Further key findings from the report suggest:

  • Foamed plastics are poised to exhibit a CAGR of 3.9% in terms of revenue from 2018 to 2025, owing to its superior characteristics such as sound absorption and superior sealing ability against air leaks
  • Pipes were the largest product segment and stood at a volume of 612 kilotons in 2017, on account of ability to control & stabilize process temperatures, prevent formation of condensation, and limit pipe erosion
  • Petrochemicals are projected to register a CAGR of 4.1% in terms of value during the forecast period, owing to increasing shale oil exploration and presence of a number of gas refineries in the U.S. and Canada
  • U.S. accounted for the leading share in the North America industrial insulation market, accounting over 85.5% of the total revenue in 2017 owing to implementation of recent IECC measures
  • Major companies in the market focus on improvement of their product portfolio coupled with high investments in R&D of low-cost materials that provide superior properties.