Global Tank Insulation Market Predicted to Value Over USD 7 Billion by 2026 End

  • 19 Jun 2019

Global Tank insulation market is predicted to value over USD 7 billion by 2026 end and grow at a CAGR of over 4% during the forecast period 2019 to 2026. 

Tank insulation is the process of applying various chemicals and materials to the surface and inside of the tank. It migrates the heater from water and passes through the radiator for heating purposes. Nearly all industries use tanks depending on the shape and size. Different tanks are utilized to transport and stock liquid gases alongside low static evaporation. Tank Insulation is also utilized for the preservation of gases like LPG, Chlorine, Ammonia, Hydrogen, butane, oxygen and argon.

Tank Insulation market is segmented in fibreglass, polystyrene polyurethane foam, elastometric foam and rockwool. Fiberglass demands efficient and safe handling. Various end-user industries like energy & power, food, chemical and oil & gas. Tank Insulation is used for the packaging of medical supplies.  Advancement in technologies has led to affordable prices of tank insulation which has generated more growth of the market.  Since it curbs pollution, governments of various countries are giving subsidies for the establishment of tank insulation. Gradually increasing oil production in countries like Saudi Arabia, Iran and the US is driving the growth of the market. Expansion of chemical and gas sectors is also contributing to the rapid growth of the market.

However, tank insulation is capital intensive market and requires advanced skills for installation and maintenance which has hindered the growth of the market.  Poorly installed insulated tanks could add safety risks, energy costs and reduce efficiency. This has further restrained the growth of the market. 

North America currently holds a vast market share of the tank insulation market because of rising efforts to reduce emissions and growth of the industrial sector. It is followed by Europe which controls significant market share in the global market. 

The Asia Pacific is expected to grow at a fast pace as well owing to rising awareness about environmental pollution. Developing Asian nations like India, Japan and China have witnessed a gradual increase in demand for electricity.  
Key players of the market are Owens Corning, Kingspan, Armacell International, BASF SE and Rockwool International.

Tank Insulation Market Restraints: 
●    Capital intensive market
●    Requires advanced skills for installation and maintenance
●    Poorly installed insulated tanks could add safety risks, energy costs and reduce the efficiency


Tank Insulation Market by Segmentation: 
By Material Type:

●    Cellular Glass 
●    Pu & Pir 
●    Fiberglass 
●    Rockwool 
●    Elastomeric Foam
●    Others

By Temperature: 
●    Hot 
●    Cold

By Type: 
●    Transportation Tank Insulation 
●    Storage Tank Insulation

By End User 
●    Chemical 
●    Oil & Gas
●    Food & Beverage
●    Energy & Power
●    Other 

By Region:  
●    Europe  
●    North America  
●    APAC  
●    Latin America  
●    Rest of World

Competitive Landscape:  
●    Tier 1 players- established companies in the market with major market share  
●    Tier 2 players 
●    Emerging players which are growing rapidly 
●    New Entrants  

 

FutureWise Key Takeaways  

●    Growth prospects 
●    SWOT analysis 
●    Key trends 
●    Key data points affecting market growth  

 

Objectives of the Study

●    To provide an exhaustive analysis on global tank insulation market on the basis of type of material, temperature, type, end-use industry and region
●    To cater comprehensive information on factors impacting market growth (drivers, restraints, opportunities, and industry-specific restraints) 
●    To evaluate and forecast micro-markets and overall market  
●    To predict market size, in key regions (along with countries)—North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa 
●    To record evaluate and competitive landscape mapping- product launches, technological advancements, mergers and expansions 
●    Profiling of companies to evaluate their market shares, strategies, financials and core competencies 

 

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