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Tank Insulation Market Report
Tank Insulation Market Size, Share, Trend, Forecast, & Industry Analysis: 2022-2028
Tank insulation market is expected to grow from USD 4.94 billion in 2021 to USD 6.78 billion by 2028 at a CAGR of 4.58% during the forecast period of 2022-2028.
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.
The market for tank insulation 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.
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.
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.
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 2019, 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.
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.
This report studies the market covering a period of 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.
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Report - Features |
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Market Segmentation |
5 |
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Regions Covered |
4 |
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Countries/Sub-Regions Covered |
17 |
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No. of Figures & Tables |
>150 |
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Company Profiles |
10 |
The tank insulation market is segmented into the following categories.
This report offers high-quality insights and is the outcome of 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 book, press release, journals, investor presentation, white papers, patents, and articles have been leveraged to gather the data. We conducted more than 10 detailed primary interviews with the market players across the value chain in all four regions and with industry experts to obtain both the qualitative and quantitative insights.
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 the market dynamics and will enable strategic decision making for the existing market players as well as those willing to enter the market. The following are the key features of the report:
With this detailed report, Stratview Research offers one of the following free customization options to our respectable clients:
Company Profiling
Market Segmentation
Competitive Benchmarking
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
Asia-Pacific is expected to be the fastest growing market during the next five years.
The tank insulation market is expected to witness an impressive growth of 4.58% CAGR during 2022-2028.
Tank insulation market size is expected to reach USD 6.78 billion in 2028.
The polyurethane (PU) & polyisocyanurate (PIR) is expected to be the dominant material type in the market in the coming years.
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 are among the factors driving the market.
The oil & gas segment is expected to remain dominant in the market in the coming years.
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