Cryogenic Insulation Market Report 2025

The cryogenic insulation market size has grown strongly in recent years. It will grow from $7.06 billion in 2024 to $7.54 billion in 2025 at a compound annual growth rate (CAGR) of 6.8%. The growth in the historic period can be attributed to sustainability focus, aerospace and defense advancements, medical and healthcare applications.

The cryogenic insulation market size is expected to see strong growth in the next few years. It will grow to $10.18 billion in 2029 at a compound annual growth rate (CAGR) of 7.8%. The growth in the forecast period can be attributed to increasing demand in LNG industry, expansion of industrial gas sector, rise in LNG infrastructure, medical and healthcare applications, energy storage solutions. Major trends in the forecast period include space exploration initiatives, electronics and semiconductor industry, rising investments in infrastructure, continuous R&D efforts.

The rising demand for LNG is anticipated to drive the growth of the cryogenic insulation market in the future. Liquid natural gas (LNG) refers to natural gas that has been cooled to a liquid state at approximately -260° Fahrenheit for purposes of transportation and storage. The increasing utilization of LNG is directly leading to a greater need for cryogenic insulation, as it supports a clean energy future that is both affordable and accessible to all communities, helps alleviate poverty, reduces global energy poverty, stimulates local economies, enhances environmental conditions, and facilitates access to modern, reliable energy. For instance, the International Gas Union, a UK-based non-profit organization, reported that following a robust post-pandemic recovery, global LNG trade rose by 5% in 2022 compared to 2021. This growth was notably driven by European demand, which surged by 66% as the region sought alternatives to diminished Russian gas pipeline supplies. In 2022, Europe imported 126.6 million tonnes of LNG, making it the second-largest LNG importer in the world. Therefore, the increasing demand for LNG is fueling the growth of the cryogenic insulation market.

The growing aerospace industry is expected to propel the growth of the cryogenic insulation market going forward. The aerospace industry is a sector that deals with vehicular flight within and beyond Earth's atmosphere and encompasses research, development, design, manufacturing, operation, and maintenance of both aircraft and spacecraft. Cryogenic insulation in the aerospace industry is crucial for maintaining extremely low temperatures in propulsion systems, fuel storage, and spacecraft components, ensuring optimal performance. For instance, in January 2023, according to Cirium Fleet Forecast, a UK-based aerospace corporation, it is estimated that the global demand for new aircraft is expected to reach 44,500 by 2042, worth $2.9 trillion. Therefore, the growing aerospace industry is driving the growth of the cryogenic insulation market.

The advancement of cryogenic insulation systems is a significant trend gaining traction in the cryogenic insulation market. Cryogenic insulation is employed for low temperatures due to its finely dispersed structure and excellent air absorption capacity. The heat released through adsorption enhances the material's apparent specific heat. For example, in April 2022, BASF, a Germany-based company involved in chemical production, developed a cryogenic insulation system. BASF utilized its patented Elastopor Cryo (Elastopor) technology for liquefied natural gas (LNG) to create a cryogenic insulation system suitable for transporting cryogenic liquid cargo, including LNG and chemicals for multinational companies. The Elastopor technology from BASF enables a high level of insulation for vessels, even in rough seas, while maintaining the low-temperature conditions of liquid cargo during transit.

Leading companies in the cryogenic insulation market are increasingly focusing on launching innovative products, such as aerogel insulation blankets, to secure a competitive advantage. Non-combustible aerogel insulation blankets represent a high-performance insulation material made from silica aerogel, a synthetic substance characterized by a porous structure that traps air and inhibits heat transfer. For example, in September 2022, Armacell, a UK-based company, introduced ArmaGel HTL, a cutting-edge non-combustible aerogel insulation blanket aimed at addressing corrosion under insulation (CUI) issues while tolerating temperatures of up to 650 ºC (1200 ºF). This product combines high-temperature aerogel insulation with hydrophobic and CUI mitigation features, ensuring dependability across various high-temperature applications. Its flexibility, bendability, and environmental safety render it a versatile solution for sectors such as shipbuilding, electronics, food processing, manufacturing, paints and dyes, tobacco, and automotive.

In August 2024, Dover, a US-based industrial products manufacturer, acquired SPS Cryogenics B.V. and Special Gas Systems B.V. for an undisclosed amount. This acquisition is intended to enhance Dover's offerings and strengthen its capabilities within the cryogenic sector. SPS Cryogenics B.V. is a Netherlands-based manufacturer specializing in vacuum-insulated piping systems for the cryogenics industry, while its sister company, Special Gas Systems (SGS) B.V., is also based in the Netherlands and produces cryogenic systems and components.

Major companies operating in the cryogenic insulation market are Aspen Aerogels Inc., BASF SE, Armacell Enterprise GmbH & Co. KG, Lydall Inc., Cabot Corporation, Röchling SE & Co. KG, Kaefer SA, Dunmore Holdings Ltd., Owens Corning, Johns Manville Inc., Hertel Holding BV, Evonik Industries AG, Huntsman Corporation, Amol Dicalite Limited, Imerys SA, ISOVER Company, Air Liquide SA, Air Products and Chemicals Inc., Cryofab Inc., Cryomagnetics Inc., Cryomech Inc., Cryostar SAS, Cryotherm GmbH & Co. KG, DUNA-USA Inc., GTS-Welco, Insul-Therm International Inc., Isolation Technologies LLC, Janis Research Company LLC, MLI Insulation Systems, Chart Industries Inc., Advanced Insulation Systems Ltd., Insultherm Inc., Thermal Energy Products Inc.

Asia-Pacific was the largest region in the cryogenic insulation market in 2024. North America is expected to be the fastest-growing region in the forecast period. The regions covered in the cryogenic insulation market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the cryogenic insulation market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Cryogenic insulation is a high-performance insulation material designed to provide exceptional thermal isolation for applications operating at temperatures below -75 degrees Celsius. It serves to protect against energy leaks, maintaining its integrity in extremely cold temperatures, absorbing high mechanical forces, and offering superior low-thermal conductivity.

The primary types of cryogenic insulation include cellular, fibrous, flaky, granular, reflective, and others. Cellular insulation, for example, involves fiber insulation called cellulose, which is used in various applications such as storage tanks, fuel tanks, pipe systems, terminals, and more. Cryogenic insulation finds applications across different industries, including energy and power, food and beverages, chemicals, medical care, and other sectors.

The cryogenic insulation market research report is one of a series of new reports that provides cryogenic insulation market statistics, including cryogenic insulation industry global market size, regional shares, competitors with a cryogenic insulation market share, detailed cryogenic insulation market segments, market trends and opportunities, and any further data you may need to thrive in the cryogenic insulation industry. This cryogenic insulation market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The cryogenic insulation market consists of sales of polyurethane (PU), polyisocyanurate (PIR), and perlite cryogenic insulation. Values in this market are ‘factory gate’ values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.

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