Global Tank Insulation Market was valued at US$ 4.9 Bn in 2019, and is expected to reach US$ 7.02 Bn by 2027, at a CAGR of 4.6 % during forecast period.

The report includes the analysis of impact of COVID-19 lock-down on the revenue of market leaders, followers, and disrupters. Since lock down was implemented differently in different regions and countries, impact of same is also different by regions and segments. The report has covered the current short term and long term impact on the market, same will help decision makers to prepare the outline for short term and long term strategies for companies by region.

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.

The report study has analyzed revenue impact of covid-19 pandemic on the sales revenue of market leaders, market followers and disrupters in the report and same is reflected in our analysis.

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.

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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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