Tank Insulation Market

Tank Insulation Market Size (2023-2028):

The Global Tank Insulation Market was worth US$ 2.70 billion in 2022 and is anticipated to reach a valuation of US$ 3.42 billion by 2028 and is predicted to register a CAGR of 4.00% during 2023-2028.

Market Overview:

Tank insulation is a composite or collaboration of composites that adds a protective coating to tanks and decreases the loss of heat or heat gain from surfaces working at temperatures above or below the surrounding temperature. Tank insulation is known as the procedure in which various chemicals and composites are put to the inside of the tank and also onto the surface, to keep steady the temperature during its utilization period. Tank insulation is a procedure that takes place to store the temperature on the inside of the tank to lessen the loss of heat. Tanks are employed in almost all industries according to their variable size, shape, and media temperature. There are several tanks that are employed to store and transport liquid gases with low static evaporation. It helps in the covering of bulk storage tanks and jacketing to reduce heat loss or gain for a large, flat-bottomed tank that stores materials that are sensitive to temperature fluctuations.

Market Drivers:

Escalating call for tank insulation from oil & gas, food, and beverage, and energy & power industries owing to several properties like fire-resistant, moisture-resistant, heat transfer-resistant, and others, is a major factor predicted to drive the expansion of the global tank insulation industry over the foreseen period. In addition, the rising call for cryogenic insulation in space applications is another factor predicted to fuel the expansion of the target industry during the same period. Moreover, the escalating adoption of biodegradable insulation materials by manufacturers which is obtained by renewable sources is among some factors predicted to propel the expansion of the potential industry over the long run. The increasing production of oil in nations like the United States, Saudi Arabia, Iran, and Russia drives the call for the tank insulation market. Also, stringent regulations to insulate tanks drive the call for tank insulations. Escalating the usage of renewable insulation materials and rising call from oil & gas and chemical industries are the major driving factors for the industry expansion. Additionally, high expansion in several industries like chemicals, pharmaceuticals, food processing, and are predicted to drive the call for tank insulations in the geographical regions.

Market Restraints:

Governments of numerous nations are offering subsidies for the use of tank insulation in order to reduce pollution. Tank insulation is a capital-intensive industry, which is a major restraint of the tank insulation industry. Moreover, the maintenance and installation of tank insulation is complicated and require to be handled by a skilled team. Appropriate dimensions of tanks are needed before the installation. Poorly insulated tanks could reduce efficiency, add energy costs, and accelerate equipment failures that would ultimately escalate safety risks in an industrial facility. 

Market Opportunities:

Escalating the call for tank insulation in emerging economies due to rapid industrialization is a factor predicted to create a lucrative opportunity for expansion of the potential industry over the prediction period.

Market Challenges:

The high cost of raw materials and regulations pertaining to health hazards and safety are among the factors that may hamper the call for tank insulation and restrain the expansion of the target industry over the anticipated period.

TANK INSULATION MARKET REPORT COVERAGE:

Tank Insulation Market segmentation as per the research report until 2028.

Tank Insulation Market – By Material:

• Pu & Pir
• Rockwool
• Fiberglass
• Elastomeric Foam
• Polystyrene (Eps)
• Mineral Wool
• Mineral Wood
• Rubber

Tank Insulation Market – By Type:

• Storage Tanks
• Transportation Tanks

Tank Insulation Market – By Temperature:

• Hot (Thermal) Insulation
• Cold (Cryogenic) Insulation

Tank Insulation Market – By End-use:

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

Market Regional Analysis:

• North America Tank Insulation Industry includes the US and Canada.
• Europe Tank Insulation Industry includes the UK, France, Spain, Germany, Italy, Russia, Sweden, Denmark, Switzerland, Netherlands, Turkey, Czech Republic, & Rest of Europe.
• Asia Pacific Tank Insulation Industry includes India, China, Japan, South Korea, Australia & New Zealand, Thailand, Malaysia, Vietnam, Philippines, Indonesia, Singapore, & Rest of APAC.
• Latin America Tank Insulation Industry includes Brazil, Mexico, Argentina, Chile, & Rest of LATAM.
• The Middle East & Africa Tank Insulation Industry includes KSA, UAE, Israel, the rest of the GCC countries, South Africa, Ethiopia, Kenya, Egypt, Sudan, & and the rest of MEA.

The tank insulation industry in the Asia Pacific accounts for the highest share in terms of revenue in the target industry. It is predicted to witness the fastest expansion rate over the foreseen period. Escalating the call for tank insulation in the energy & power industry coupled with rapid industrialization and infrastructural development in countries like China and India in the region are some factors predicted to fuel the expansion of the Asia Pacific tank insulation industry over the foreseen period. China and India are predicted to contribute a considerable share in terms of revenue in the target industry during the outlook period. North America is predicted to register for a significant expansion rate in the target industry in the next coming years, owing to escalating investments and initiatives by the government in the oil & gas sector which in turn support revenue expansion of tank insulation in the region. The Europe tank insulation industry is predicted to register for moderate revenue share in the target industry over the projection period.

Market Key Players:

Major companies plying their trade in the Tank Insulation Market include

1. Rockwool International A/S (Denmark)
2. Owens Corning (US)
3. Saint Gobain (France)
4. Johns Manville (US)
5. Kingspan-Group(Republic of Ireland)
6. Cabot Corporation (US)
7. Armacell International S.A(Germany)
8. Knauf Insulation (US)
9. BASF SE (Germany)
10. Covestro AG (Germany)
11. Huntsman Corporation (US)
12. ITW Insulation Systems (US)
13. Rochling Group (Germany)
14. Dunmore (US)
15. NMC International SA (Belgium)
16. Gilsulate International (US)
17. Sekisui Foam (Thailand)

These companies are majorly focused on the research & development of the kind of insulation, temperature-specific insulation and capacity of the insulation (in terms of the upper/ lower temperature limits)

Market Recent Developments:

• TF Warren Group has developed a tank insulation service for Globaltherm which provides an expanded range of insulation services. Globaltherm provided the manufacturing and design of both horizontal prefabricated tanks and vertical standing seam and vessel insulation systems for both thermal and cryogenic storage applications.
• The first LNG cargo to be produced by the Ichthys export project in Darwin, Australia is ready to be loaded onboard Pacific Breeze, the largest Moss spherical tank LNG carrier yet built.
• NASA to build the world’s largest storage tank for liquid hydrogen. This tank is equipped with three-foot-thick perlite insulation fully vacuum jacketed.