Global Tank Insulation Market was valued at US$ 4.9 Bn in 2017, and is expected to reach US$ 7.02 Bn by 2026, at a CAGR of 4.6 % during forecast period.
Tank insulation is a material or combination of materials that add a protective covering to tanks and reduces the heat gain or heat loss from surfaces operating at temperatures above or below the surrounding temperature. The growing production of oil in countries such as Saudi Arabia, Iran, Russia and U.S. drives the demand for thank insulation.
Based on the material type, PU & PI segment is the most widely used material for tank insulation and are likely to continue their dominance throughout the forecast period. PUR & PIR foam is lightweight, moisture and fire resistant, has low thermal conductivity and density, and provides better structural performance. These properties enable their use in cold conditions. The higher demand for PU & PIR is mainly attributed to their properties and wide applications.
Based on the type, The storage tank segment is expected to account for the largest share of the tank insulation market during the forecast period and are likely to continue their dominance throughout 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 User, The Oil & Gas segment is expected to account for the largest share of the tank insulation market during the forecast period. 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, chlorine, ammonia, 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.
Geographically, Asia Pacific tank insulation market is anticipated to grow at a high CAGR during the forecast period. The market in the region is driven by the high demand from growing industries in the region’s emerging economies, such as India and China. Rising demand for LNG, increasing investment in the energy sector, urbanization, industrialization, and infrastructural development are anticipated to drive the tank insulation market during the forecast period. Additionally, high growth in various industries such as chemicals, pharmaceuticals, food processing, and are expected to drive the demand for tank insulations in the region.
Scope of Tank Insulation Market:
Global Tank Insulation Market, by Material Type
PU & PIR
Rockwool
Fiberglass
Elastomeric Foam
EPS
Global Tank Insulation Market, by Type
Storage
Transportation
Global Tank Insulation Market, by Temperature
Hot
Cold
Global Tank Insulation Market, by End User
Oil & Gas
Chemical
Food & Beverage
Energy & Power
Global Tank Insulation Market, by Region
North America
Europe
Asia Pacific
Middle East & Africa
South America
Key Players Operating In Tank Insulation Market:
Rockwool International A/S
Owens Corning
Saint-Gobain
Kingspan Group
Armacell International S.A.
Cabot Corporation
Johns Manville
Knauf Insulation
BASF SE
Covestro AG
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