The traditional choice of insulation material for liquefied natural gas (LNG) transportation with cryogenic tankers is the back-filled perlite-based system. However, aiming to further cut down the insulation cost, spare additional arrangement space, and provide safety in installation and maintenance, the requirement of looking for alternative materials still exists. Fiber-reinforced aerogel blankets (FRABs) could represent good candidates in designing insulation layers for LNG cryogenic storage because of their ability to ensure adequate thermal performance without the need to create deep vacuum conditions in the annular space of the tank. In this work, a finite element method (FEM) model was developed to study the thermal insulation performance of a commercial FRAB (Cryogel ® Z) for application in cryogenic storage/transport LNG tanks, comparing it with the performance of traditional perlite-based systems. Within the reliability limits of the computational model, the analysis proved that FRAB insulation technology gave encouraging results and might be potentially scalable for transporting cryogenic liquid. In addition to demonstrating superior performance in terms of thermal insulating efficiency and boil-off rate over the perlite-based system, as far as a perspective of cost savings and space gain, FRAB technology allows for higher levels of insulation without vacuum and with lower thickness of the outer shell, which is therefore beneficial for storing more material and lightening the weight of the LNG transportation semitrailer.