Global Cryogenic Insulation Market to Grow at a CAGR of 7.7% During the Period 2024-2032, Driven by Applications in Industry

Use of cryogenics and low temperature refrigeration assume increasing importance; applications include those in the food industry, transportation, energy, medical, and space shuttles. Cryogenic liquids must be stored, handled, and transferred from one point to another. To minimize heat leaks into storage tanks and transfer lines, high-performance materials are required to provide high levels of thermal isolation. Thus, insulation is a key part in the development of efficient, low-maintenance cryogenic systems. The global cryogenic insulation market is expected to be driven by applications of cryogenic insulation in industry and rising demand for LNG. North America, Europe and Asia are likely to be key markets.

Leading companies offer cryogenic insulation solutions for the industry. For example, in 2022, BASF partnered Harvest in a milestone project for the growing cryogenic industry. A cryogenic insulation system made with BASF’s Elastopor® Cryo by Shanghai Harvest Insulation Engineering Co., Ltd (Harvest), was applied in the first VLEC (very large ethane carrier) delivered to Jiangnan shipyard, a leading shipbuilding company in China. Such solutions are expected to drive the global cryogenic insulation market. Elastopor’s excellent durability ensured the ship’s insulation capability even in rough sea conditions.

In 2021, BASF and Shanghai Harvest Insulation Engineering Co., Ltd (Harvest) signed a Joint Development Agreement (JDA) to develop prefabricated cryogenic pipes made with BASF’s polyurethane rigid foam system, Elastopor® Cryo. In 2019, BASF and Harvest entered into a strategic collaboration agreement to develop polyurethane (PU) insulation solutions for China’s cryogenic and shipbuilding industries. The agreement included using BASF products (Elastopir®, Elastopor, Elastospray®, Elastocoat®) suitable for cryogenic applications in LNG (-164⁰C)/ LEG/LPG ship’s cargo tank, fuel tank & pipeline, offshore projects, and LNG terminal projects.

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ArmaFlex Cryogenic Systems offer high performance thermal insulation systems comprising ArmaFlex, ArmaFlex LTD and UV-cured GRP or metal cladding. These are designed to meet the demands of low-temperature environments and are suitable for use in the oil and gas industry. Major features include - no contraction joints, no mastic vapour barriers or joint sealants needed, minimised risk of corrosion under insulation (CUI), ease of installation with decreased use of hazardous components, multi layered system provides exceptional thermal performance, for operating temperatures down to 180⁰C, low temperature flexibility, and suitable for the oil and gas industry.

Key Findings of the Report:

• Applications of cryogenic insulation materials in the industry are expected to drive the global cryogenic insulation market.

• Growing demand for LNG and the expanding LNG market are likely to boost market growth.

• North America, Europe and Asia are projected to be key markets.

Market Analysis by Type, Cryogenic Equipment, End Use Industry, and Region:

• By type, the market is segmented into PU And PIR, Cellular Glass, Polystyrene, Fiberglass, Perlite and Others.

• By cryogenic equipment, the market is classified into Tanks, Valves, Vaporizers, Pumps, and Others.

• By end use industry, the market is divided into Energy and Power, Chemicals, Metallurgical, Electronics, Shipping, and Others.

• By region, the market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East and Africa.

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