Cryogenic Insulation market is likely to witness an impressive CAGR of 7.2% during the forecast period, according to a report from Stratview Research.
COVID-19 pandemic – Boon or a Curse to the industry?
The outbreak of COVID-19 has severely impacted several industries across the world. Tough government measures such as lockdown of major economies, has pressed the ‘pause button’ for most of the industries. For most of the industries, the revenue has gone down in 2020 and has resumed an uptrend gradually from 2021.
Key insights on Cryogenic Insulation Market
Cryogenic Insulation market is likely to witness an impressive CAGR of 7.2% during the forecast period. The major factor driving the market for cryogenic insulation is mainly the increasing usage of these insulators in various industrial applications, such as LNG as fuel, rising demand for transportation and storage of liquefied gases.
Asia-Pacific is estimated to be the largest as well as fastest-growing cryogenic insulation market during the forecast period, with China, Japan, India, and Australia being the major countries with lucrative growth opportunities. The growth of the market is driven by the growth of various end-use industries, such as energy & power, chemicals, electronics, and others. Increasing investment in the energy sector along with rising demand for LNG is expected to drive the cryogenic insulation market in the region during the forecast period.
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Report Scope & Market Segmentation
Cryogenic Insulation Market Share: By Material Type
Based on the material type, the market is segmented as Pu & PIR, cellular glass, polystyrene foam, fiberglass, perlite, and others. The PU & PIR segment held the largest share of the market in 2019, and is expected to remain dominant during the forecast period. The wide use of PU & PIR material in healthcare, cold storage building, coolers, freezers, tanks & pipe insulation, and household refrigerators is driving the growth of this segment.
Cryogenic Insulation Market Share: By Cryogenic Equipment Type
Based on the cryogenic equipment type, the market is segmented as tanks, valves, vaporizers, pumps, and others. The tanks segment dominates the market due to its increasing demand in the energy & power industry for the storage and transportation of LNG. Further, the segment is expected to continue its dominance during the forecast period.
Cryogenic Insulation Market Share: By End-Use Industry Type
Based on the end-use industry type, the market is segmented as energy & power, chemicals, metallurgical, electronics, shipping, and others. The demand for cryogenic insulation in the energy & power industry is expected to grow as a result of the increasing demand for LNG as fuel.
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Which key questions will this report answer?
This market research report focuses to deliver relevant information regarding the market trends, structure and growth during the forecast period. It also offers insights into different market segments and other factors affecting the market.
Some of the key questions answered by the report are:
What is the impact of COVID-19 on the market forecast?
What are the trends, drivers, and challenges?
How competitive is the market? Who are the market leaders?
What are the key strategies adopted by the market players?
Which segments offer the greatest opportunities?
Which are the most attractive regions?
What are the key success factors for the market players?
How does the business environment impact the market?
Which strategic alliances have taken place recently and their significance?
Stratview Research’s reports are generated after accumulating data from various authenticated sources. > 10 primary interviews with industry experts are conducted by us for every report. Insights gained from primary interviews, in-depth analysis of company statements and annual reports, accompanied by a number of articles, whitepapers, and reports help us to connect the dots and triangulate the market in the most effective manner.
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