Stratview Research has published a new report titled “Tank Insulation Market” which is segmented by Material Type (PU & PIR, Rockwool, Fiberglass, Elastomeric Foam, EPS, Cellular Glass, and 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, and Others), by Region (North America, Europe, Asia-Pacific, and Rest of the World).
As per the study, 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. 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.
This report covers comprehensive data on emerging trends, market drivers, growth opportunities, and restraints that can affect the market dynamics of the industry. It provides thorough analysis of the market segments which include products, applications, and competitor analysis.
The market is bifurcated into various segments. Below given is the segment-wise analysis –
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 2019 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 2019, 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.
Which Region is expected to remain the largest market?
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.
Who are the Key Players in the Market?
This report provides market intelligence in the most comprehensive way. It also provides critical insights into the key players active in the market, that will enable strategic decision-making for the existing market players as well as those willing to enter the market. The following are the key players activen in the Tank Insulation Market:
- Rockwool International A/S
- Owens Corning
- Kingspan Group
- Armacell International S.A.
- Cabot Corporation
- Johns Manville
- Knauf Insulation
- BASF SE
- Covestro AG
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