Tank Insulation Market Insights, Trends & Growth Outlook 2022-2029

SKU: DM1966 | Last Updated On: Jun 23 2022 | Available Formats

> Global Tank Insulation Market Expected to reach a high CAGR of 5.3% By 2029 | DataM Intelligence

Global Tank Insulation Market is segmented by Material (PU & PIR, Rockwool, Fiberglass, Elastomeric Foam, and others), By Type (Storage, Transportation), By End-Use Industry (Oil & Gas, Chemical, Food & Beverage, Energy & Power), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) – Share, Size, Outlook, and Opportunity Analysis, 2022-2029

 

Market Overview

The Global "Tank Insulation Market" is expected to grow at a CAGR of 5.3% during the forecasting period (2022-2029).

Tank insulation is a combination of materials that add a shielding covering to tanks and diminishes the heat loss or heat gain from surfaces operating at temperatures above or below the surrounding temperature. Tank insulation is eco-friendly; it helps to reduce environmental pollution. Tank insulation is used for storage of gases like LPG, carbon dioxide, LNG, propylene, argon, ethylene, butane, nitrogen, chlorine, propane, LPG, ammonia, oxygen and hydrogen. By end user, the tank insulation market is segmented into chemical, oil & gas, power and food & beverage and others. Increasing urbanization, rapid industrialization and rising investment in the energy sector are the major drivers impacting the market in Asia Pacific in the forecast period.

 

Market Dynamics

Increasing the usage of renewable insulation materials and rising demand from oil & gas and chemical industries are the major driving factors for the market growth. The increasing production of oil in countries such as the US, Russia and gulf countries like Saudi Arabia, Iran drives the demand for tank insulation. The world’s energy system is going through a transition. Over the next thirty years it will change significantly in its composition as it decouples from carbon, population and economic growth. Demand growth for energy especially for oil and gas is expected to come from emerging economies, with the largest growth markets being China, India, South East Asia and Sub-Saharan Africa. For instance, China’s has initiated to increase 2019 capital investment in oil exploration by 20%, to USD 77 billion, in order to boost production in two old oilfields signals a new strategic direction.

However, Fluctuations in raw materials prices is the key reason hindering the growth of the market.

Segment Analysis

By end user, the tank insulation market is segmented into chemical, oil & gas, power and food & beverage and others. Others include pharmaceutical, metal and water treatment. The global tank insulation market size by end user was worth USD YY million in 2018 and is estimated to reach USD YY million by 2026, at a CAGR of YY% during the forecast period. Oil and gas are expected to hold the major market share in the forecast period due to the rapid transformation of energy industry. The demand for LNG as a fuel worldwide is estimated to increase the demand for tank insulation in the oil & gas industry. In general, Oil & natural gases and liquefied natural gases (LNG) are stored in the liquefaction plant, where conversion of natural gas into a liquid state is undertaken. Tank insulations are being used for transportation & storage vessels purpose. Insulating tanks help in maintaining the actual form of LNG while storing and transporting.

Based on the material, the material is classified into rockwool, elastomeric foam, polystyrene, rockwool, PU & PIR and others. Others include mineral wood and rubber. The global tank insulation market size by material was worth USD YY million in 2018 and is estimated to reach USD YY million by 2026, at a CAGR of YY% during the forecast period. The PU & PIR segment is expected to grab the major market share owing to the growth of oil& gas industry in the forecast period globally.

Rigid polyurethane (PUR) or polyisocyanurate (PIR) foam blocks manufactured through a controlled foaming process, free of CFC and HCFC. The manufactured products are excellent thermal insulators with high mechanical properties, high rigidity and light weight. These are used in food processing plants and cold stores. Companies are focusing to expand their operations. For instance, in January 2019, Duna-USA announced has completed a multi-million-dollar expansion of its headquarters and polyurethane foam manufacturing facility in Baytown.

By type, the insulation market is divided into transportation and storage.

Geographical Analysis

The Asia Pacific tank insulation market size was worth USD YY million in 2018 and is estimated to reach USD YY million by 2026, at a CAGR of YY% during the forecast period.

Increasing urbanization, rapid industrialization and rising investment in the energy sector are the major drivers impacting the market in Asia Pacific in the forecast period. For instance, the international equity investment in the India’s clean energy sector was USD 283 million in 2016, USD 532 million in 2017 and USD 1.02 billion in 2018. China and India are expected to garb major share in the forecast period due to the great demand for transporting and storing tank fluids from the industries like energy & power and chemicals. For instance, GIC Holdings Pte Ltd and Abu Dhabi Investment Authority (ADIA) that have agreed to invest an USD 329 million in Indian based company Greenko Energy Holdings.

Competitive Landscape

The tank insulation market is a competitive with existing players in the market.

Some of the major players include BASF SE, Covestro AG, Cabot Corporation, Johns Manville, Knauf Insulation, Saint-Gobain, Owens Corning, Rockwool International A/S, Armacell International S.A and Kingspan Group PLC

Companies are focusing to expand their operations. For instance, in January 2019, Duna-USA announced that they have completed a multi-million-dollar expansion of its headquarters and polyurethane foam manufacturing facility in Baytown.

In October 2018, Saint-Gobain has acquired Kaimann GmbH International a leading manufacturers of elastomeric insulation products.

In May 2018, Armacell acquired De Xu elastomeric insulation foams to strengthen its production capacity in China.

 

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