The global cryogenic insulating films market was estimated to be worth roughly US$ 3 billion. Overall sales of cryogenic insulation films are expected to reach US$ 6 billion by 2032, expanding at a CAGR of 7% – 8% during the forecast period. Cryogenics and low-temperature refrigeration are currently employed in the food, transportation, medical, and energy industries. Cryogenic insulation films are used to prevent heat leakage in storage tanks, transfer lines, and containers. This is likely to boost market sales.
Furthermore, the growing demand for thermal insulation in liquid and gas transport lines is expected to create lucrative opportunities for market participants.
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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.
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.
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Global Cryogenic Insulation Films Market: Dynamics
Cryogenic insulation films are used in the construction of single or multilayer insulation systems. Cryogenic insulation films are designed for use in low to high vacuum systems (10-6 Torr) for the storage of liquid natural gas. Laminated cryogenic insulation films consists of a bonded layer of non-woven polyester laminated to a double-side metallized polyester film for storage and transportation of liquefied gases held at 100 K and below. Cryogenic insulation films saves labor in winding multiple layers of insulation while providing radiant energy barrier available for cryogenic tanks, containers and pipes. Some of the benefits of using cryogenic insulation films are:
- Reduces time by eliminating much of the labor in installation
- Laminate construction is more strong & less prone to ripping than paper and foil materials
The high demand for LNG (Liquid natural gas) across the globe drives the market for cryogenic insulation films. Cryogenic insulation films of reflective and non-woven intermediate layers provide a consistent barrier for the entire 360° from other types of materials shifting or transporting during transport. Further, the increase in the cryogenic insulation demand for various applications drives the global cryogenic insulation films market during the forecast period.
Global Cryogenic Insulation Films Market: Regional Outlook
China cryogenic insulation films market is estimated to witness lucrative growth on account of rapidly growing end-use industries such as energy & power. China is estimated to account for the largest share of the cryogenic insulation films market in the East Asia region during the forecast period. US is expected to account for the highest share in the North America cryogenic insulation films market in terms of value, owing to the high demand for storing and transporting cryogenic fluids from a wide range of end-use industries such as electronics, shipbuilding, chemicals and energy & power industries.
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Key Segments Profiled in the Cryogenic Insulation Films Market
- Biaxially Oriented Polyethylene Terephthalate (BoPET)
- Polyethylene Terephthalate (PET)
- Single Side Coated
- Double Side Coated
- Chemical Industry
- Petroleum & Gas
- Industrial Applications
- North America
- Latin America
- Western Europe
- Eastern Europe
- Asia Pacific excluding Japan (APEJ)
- Middle East & Africa