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.
Research Methodology
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.
Segments’ Analysis
Stratview Research has segmented the Tank Insulation Market 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)
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.
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.
The following are the key players in the 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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