Cryogenic Insulation Films Market

Cryogenic Insulation Films Market Overview

The global cryogenic insulation films market was valued at around US$ 3 Bn in 2021. By 2032, the overall sales of cryogenic insulation films are projected to reach US$ 6 bn, growing at a CAGR of 7% - 8% during the forecast period.

At present, cryogenics and low-temperature refrigeration are being used in food, transportation, medical, and energy industries. Cryogenic insulation films are used in storage tanks, transfer lines, and containers to avoid heat leakage. This is likely to bolster sales in the market.

Additionally, rising need for thermal insulation in transporting lines of liquids and gases is projected to create lucrative opportunities for market players.

Likewise, the use of cryogenic insulation films is increasing in low to high vacuum systems (10-6 Torr) for the storage of liquid natural gas. This is projected to propel the demand for cryogenic insulation films in the forthcoming years.

The  requirement of multilayer cryogenic insulation systems in the space shuttles is rising due to the need for for low emissivity systems. This is anticipated to bolster the growth in the market.

Which are the Key Factors Augmenting the Sales of Cryogenic Insulation Films?

Use of liquefied natural gas (LNG) and liquefied petroleum gas (LPG) is increasing across different sectors such as automotive, power and energy, domestic and commercial, which in turn is boosting applications of cryogenic insulation films.

In addition to this, increasing demand to reduce the installation time, labor, and radiant energy barrier in the chemical systems is estimated to fuel sales in the market.

Similarly, requirement of laminated cryogenic insulation films is growing to avoid the chances of ripping when transporting and storing liquified gases at 100K. Hence, growing applications these films are anticipated to create a conducive environment for the market.

Increasing government investments in research and development activities in the field of cryogenic insulation are likely to supplement the development of efficient and cost-effective insulation systems.

Moreover, the growing environmental concerns associated with the leakage of various toxic gases and liquids is anticipated to spur demand for cryogenic insulation films.

What are the Challenges Faced in the Global Cryogenic Insulation Films Market?

Increasing concerns regarding safety and product durability are likely to restrain the growth in the market over the assessment period.

Also, the changing prices of the raw materials will result in fluctuations in the pricing of products, which, in turn, will limit the sales of cryogenic insulation films.

Apart from this, high installation and development costs of cryogenic insulation films is expected to inhibit the growth in the market.

How is Asia Pacific Contributing to the Growth in Cryogenic Insulation Films Market?

According to Future Market Insights (FMI), Asia Pacific is expected to dominate the global cryogenic insulation films market during 2022-2032.

Ongoing expansion of chemical and energy and power industries in South Korea, India, and China is anticipated to create lucrative opportunities for the cryogenic insulation films market in the region.

Additionally, rising demand for liquefied petroleum gas (LPG) in the residential sector in developing countries such as India and China will further bolster the growth in the market.

Apart from this, technological advancements in food and beverage and pharmaceutical sectors is anticipated to stoke the demand for proper refrigeration systems. This, in turn, will propel sales of cryogenic insulation films in the forthcoming years.

Ismail Sutaria

Principal Consultant

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What Makes the North America Cryogenic Insulation Films Market Atractive?

Sales in the North America market are anticipated to increase at the highest CAGR during the forecast period. Growth is attributed to rising awareness regarding the environment pollution, which is driving applications of LNG. Surging demand for clean and environment friendly energy resources is expected to augment the adoption of LNG or LPG, thereby driving the market.

Also, natural gas exploration initiatives in the U.S. are propelling demand for cryogenic insulation films across various industries such as power and energy, automotive, and chemical.

Furthermore, stringent regulations regarding carbon emissions are fueling the adoption of safe transportation and storage of gases and liquids such as LNG or LPG. This is anticipated to bolster the sales of cryogenic insulation films.

Market Competition

Key players profiled in the global cryogenic insulation films market include Rochling Group, Dunmore Corporation, Solvay S.A., RUAG Space GmbH, The 3M Company, Flex Films Inc., and Dow DuPont Inc., among others.

Manufacturers are focusing on developing innovative systems for the proper storage and transportation LPG and LNG. This is estimated to provide the manufacturers with opportunities to strengthen their global footprint.

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Scope of Report

Key Segments Profiled in the Cryogenic Insulation Films Market

Material Type:

• Polyamide
• Biaxially Oriented Polyethylene Terephthalate (BoPET)
• Polyethylene Terephthalate (PET)

Product Type:

• Single Side Coated
• Double Side Coated

End Use:

• Chemical Industry
• Aerospace
• Electronics
• Metallurgical
• Petroleum & Gas
• Medical
• Industrial Applications

Region:

• North America
• Latin America
• Western Europe
• Eastern Europe
• Asia Pacific excluding Japan (APEJ)
• Japan
• Middle East & Africa