Tank Insulation Market Analysis | 2022-2028

Market Insights

The tank insulation market was estimated at USD 4.94 billion in 2021 and is likely to grow at a CAGR of 4.58% during 2022-2028 to reach USD 6.78 billion in 2028.

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Market Dynamics

Introduction

Tank Insulation is needed to preserve the temperature inside the tank with any irregular shape. The insulation is required to avoid sweating over the surfaces and void free insulation also. The tank insulation system requires a jacketing and covering to reduce heat loss or heat gain for large, flat-bottomed tanks that store materials that are sensitive to temperature fluctuations.

Market Drivers

The major factors driving the growth of the tank insulation market are: 

• The market is majorly propelled by the huge production of oil across the globe.
• Rising demand from end-use industries, such as oil & gas, chemical, and energy & power for the storage of oil, and stringent regulations to insulate tanks.

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Key Players

The following are the key players in the tank insulation market:

• Armacell International S.A.
• BASF SE 
• Cabot Corporation
• Covestro AG 
• Johns Manville
• Kingspan Group
• Knauf Insulation
• Owens Corning 
• Rockwool International A/S
• Saint-Gobain 

Note: The above list does not necessarily include all the top players in the market.

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Segment Analysis

By Material Type

"Polyurethane (PU) & polyisocyanurate (PIR) held the largest share of the market in 2021"

Based on the material type, the market is segmented as PU & PIR, rockwool, fiberglass, elastomeric foam, EPS, cellular glass, and others. The polyurethane (PU) & polyisocyanurate (PIR) held the largest share of the market in 2021, and is expected to remain dominant during the forecast period owing to its properties, such as lightweight, moisture and fire resistant. Further, low thermal conductivity and density provides better structural performance.

By Type

"Storage tank insulation segment held the larger share of the market in 2021"

Based on the type, the market is segmented as storage tank insulation and transportation tank insulation. The storage tank insulation segment held the larger share of the market in 2021, and is expected to remain dominant during the forecast period due to its increasing demand from end-use industries such as oil & gas, chemical, and energy & power for the storage of oil, chemicals, LNG, and thermal energy.

By End-Use Industry Type

"Oil & gas segment captured the largest share of the market in 2021"

Based on the end-use industry type, the market is segmented as oil & gas, chemical, food & beverage, energy & power, and others. The oil & gas segment captured the largest share of the market in 2021, and is likely to remain dominant during the forecast period, whereas the chemical segment is estimated to be the second-largest and fastest-growing end-use industry type during the same period.

Regional Analysis

"Asia-Pacific is estimated to be the fastest-growing tank insulation market during the forecast period"

In terms of regions, Asia-Pacific is estimated to be the fastest-growing tank insulation market during the forecast period owing to the rising demand for storing and transporting tank fluids in a wide range of end-use industries, such as chemical, oil & gas, energy & power in the region, along with  the consumption of  tank insulation in China, Japan, and India. North America and Europe are also expected to offer substantial growth opportunities during the forecast period.

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Research Methodology

• This strategic assessment report, from Stratview Research, provides a comprehensive analysis that reflects today’s tank insulation market realities and future market possibilities for the forecast period.
• The report segments and analyzes the market in the most detailed manner to provide a panoramic view of the market.
• The vital data/information provided in the report can play a crucial role for market participants as well as investors in the identification of the low-hanging fruits available in the market as well as to formulate growth strategies to expedite their growth process.
• This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools.
• More than 1,000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles, have been leveraged to gather the data.
• We conducted more than 15 detailed primary interviews with market players across the value chain in all four regions and industry experts to obtain both qualitative and quantitative insights.

Report Features

This report provides market intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights into market dynamics and will enable strategic decision-making for existing market players as well as those willing to enter the market. The following are the key features of the report:

• Market structure: Overview, industry life cycle analysis, supply chain analysis.
• Market environment analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis.
• Market trend and forecast analysis.
• Market segment trend and forecast.
• Competitive landscape and dynamics: Market share, Service portfolio, New Product Launches, etc.
• COVID-19 impact and its recovery curve
• Attractive market segments and associated growth opportunities.
• Emerging trends.
• Strategic growth opportunities for the existing and new players.
• Key success factors.

Market Segmentation

This report studies the market covering 12 years of trend and forecast. The report provides detailed insights into the market dynamics to enable informed business decision-making and growth strategy formulation based on the opportunities present in the market.

The tank insulation market is segmented into the following categories. 

By Material Type

• PU & PIR
• Rockwool
• Fiberglass
• Elastomeric Foam
• EPS
• Cellular Glass
• Others

By Type

• Storage Tank Insulation
• Transportation Tank Insulation

By Temperature Type

• Cold Insulation
• Hot Insulation

By End-Use Industry Type

• Oil & Gas
• Chemical
• Food & Beverage
• Energy & Power
• Others

By Region

• North America (Country Analysis: the USA, Canada, and Mexico) 
• Europe (Country Analysis: Germany, France, the UK, Russia, Spain, and Rest of Europe)
• Asia-Pacific (Country Analysis: China, Japan, India, South Korea, and Rest of Asia-Pacific)
• Rest of the World (Sub-Region Analysis: Latin America, the Middle East, and Others)

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Report Customization Options

With this detailed report, Stratview Research offers one of the following free customization options to our respectable clients:

Company Profiling

• Detailed profiling of additional market players (up to 3 players)
• SWOT analysis of key players (up to 3 players)

Market Segmentation

• Current market segmentation of any one of the material types by end-use industry type.  

Competitive Benchmarking

• Benchmarking of key players on the following parameters: Product portfolio, geographical reach, regional presence, and strategic alliances

Custom Research: Stratview Research offers custom research services across sectors. In case of any custom research requirement related to market assessment, competitive benchmarking, sourcing and procurement, target screening, and others, please send your inquiry at sales@stratviewresearch.com