Multi-Layer Cryogenic Insulation Market to Reach USD 1981.22 Million by 2032 | SNS Insider

Multi-Layer Cryogenic Insulation market is growing with rising demand for LNG and green energy, offering superior thermal insulation for cryogenic applications.

AUSTIN, TX, UNITED STATES, February 5, 2025 /EINPresswire.com/ -- The Multi-Layer Cryogenic Insulation Market Size was valued at USD 1114.6 Million in 2023 and is expected to reach USD 1981.22 Million by 2032, growing at a CAGR of 6.6% over the forecast period of 2024-2032.

The Multi-Layer Cryogenic Insulation market has grown extensively because of its usage in energy-efficient technologies and cryogenic applications. The U.S. Department of Energy emphasizes the role of cryogenic insulation in reducing energy consumption, while the European Commission's Green Deal accelerates the demand for this market. Improvements in cellular glass and fiberglass have enhanced thermal performance, fueling growth in the energy and chemical industries.

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Key Players:

- 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.

By Type, PU & PIR accounted for the largest share in the Multi-Layer Cryogenic Insulation market, with an estimated 40% market share in 2023.

Polyurethane and polyisocyanurate, with their greater thermal insulation efficiency, durability, and moisture resistance, have become widely accepted. These products are critical components in LNG storage, industrial gas facilities, and chemical processing plants, where operating temperatures must remain extremely low to enhance operational efficiency and safety.

By End Use Industry Energy & Power Leads the Multi-Layer Cryogenic Insulation Market in 2023

Rising investments in LNG infrastructure and power generation projects are progressively driving the demand for advanced cryogenic insulation. Efficient insulation in LNG terminals, nuclear plants, and industrial gas applications ensures minimal energy loss and high operation reliability, supporting the global transition towards cleaner energy solutions and satisfying strict energy regulations.

North American region dominated and accounted for about 35.3% market share in 2023

This dominance is due to the robust demand from the energy and chemicals sectors driving growth in the region. The U.S. Department of Energy's focus on energy efficiency and the government's investment in LNG infrastructure along with the growth of policies by the government focusing on sustainable technologies are also key factors. Owens Corning and Rockwool made major contributions that helped solidify the region’s leadership position.

Asia-Pacific: Fastest Growing Region in Multi-Layer Cryogenic Insulation Market with 9.5% CAGR

The fastest growth is estimated in Asia-Pacific with a CAGR of 9.5% during the year 2023. Investment in LNG infrastructure by China, India, and Japan due to policies for energy efficiency and support from the government boosts the demand for cryogenic insulation. Major contributors include expansion in LNG terminals by China, implementation of the biofuels policy by India, and the Japanese research in the area of sustainable technologies.

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