The tank insulation market is projected to register a CAGR of 4.5% during the forecast period.
The tank insulation market size is projected to grow from USD 5.2 billion in 2018 to USD 6.5 billion by 2023. Growth in chemical manufacturing capacities and huge production of oil are expected to drive the demand for tank insulations during the forecast period. However, fluctuating raw materials prices act as a restraint to the growth of the tank insulation market.
The PU & PIR segment is expected to lead the tank insulation market, in terms of value, during the forecast period.
The PU & PIR segment is expected to lead the tank insulation market, in terms of value, from 2018 to 2023.PUR & PIR foams are lightweight, moisture and fire resistant, and have low thermal conductivity and density.
They also provide better structural performance.These properties enable their use in extreme temperature conditions.
They are used in various applications in oil & gas, chemical, and food & beverage industries.
The oil & gas end-use industry is projected to account for the largest share of the overall tank insulation market, in terms of value, between 2018 and 2023.
Oil & gas is the largest market for tank insulation materials.In oil & gas, these materials are used for insulation of storage tanks, where crude oil, LNG, and other oil are stored, and also in liquefaction plant, where conversion of natural gas into its liquid state is undertaken.
These storage tanks can also be used for storage of other gases including butane, ammonia, chlorine, propane, propylene, carbon dioxide, LNG, LPG, ethylene, oxygen, argon, nitrogen, and hydrogen. This insulation system limits the entry of outside heat inside the systems to keep the liquid cool and allowing it to retain its properties.
APAC is expected to be the fastest-growing tank insulation market during the forecast period, in terms of value.
The APAC tank insulation market is estimated to witness considerable growth owing to rising demand for storing and transporting tank fluids in a wide range of end-use industries such as chemicals, oil & gas, and energy & power.Increasing investment in the energy sector is expected to drive the tank insulation market in the region during the forecast period.
In addition, continued industrialization and growth in the manufacturing sector of the region drive the demand for tank insulation.
In the process of determining and verifying the market size for several segments and subsegments gathered through secondary research, extensive primary interviews were conducted. A breakdown of the profiles of the primary interviewees are as follows:
• By Company Type: Tier 1 - 46%, Tier 2 - 31%, and Tier 3 - 23%
• By Designation: C-Level - 46%, Director Level - 27%, and Others - 27%
• By Region: North America - 33%, Europe - 27%, APAC - 27%, Middle East & Africa - 6%, and South America - 7%
Key players profiled in the report include Rockwool International A/S (Denmark), Owens Corning (US), Saint-Gobain (France), Kingspan Group (Republic of Ireland), Armacell International S.A. (Germany), Cabot Corporation (US), Johns Manville (US), Knauf Insulation (US), BASF SE (Germany), and Covestro AG (Germany).
This report segments the market for tank insulation on the basis of material, type, temperature, end-use industry, and region, and provides estimations for the overall value of the market across various regions. A detailed analysis of key industry players has been conducted to provide insights into their business overviews, products & services, key strategies, new product launches, expansions, and agreements associated with the market for tank insulation.
Reasons to Buy this Report
This research report is focused on various levels of analysis — industry analysis (industry trends), market ranking analysis of top players, and company profiles, which together provide an overall view on the competitive landscape; emerging and high-growth segments of the tank insulation market; high-growth regions; and market drivers, restraints, opportunities, and challenges.
The report provides insights on the following pointers:
• Market Penetration: Comprehensive information on tank insulation offered by top players in the global tank insulation market
• Product Development/Innovation: Detailed insights on upcoming technologies, research & development activities, and new product launches in the tank insulation market
• Market Development: Comprehensive information about lucrative emerging markets — the report analyzes the market for tank insulations across regions
• Market Diversification: Exhaustive information about new products, untapped regions, and recent developments in the global tank insulation market
• Competitive Assessment: In-depth assessment of market shares, strategies, products, and manufacturing capabilities of leading players in the tank insulation market