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Tank insulation is a material or combination of materials that provide a protective cover to tanks and minimize heat loss or heat gain from surfaces working above or below the ambient temperature. Insulation of the tank is done to maintain the temperature inside the tank to prevent the loss of heat. According to their variable scale, shape and media insulation tanks are used in almost all industries such as oil & gas, energy & power, chemicals and others. There are several insulation tanks used for storing and transporting liquid gases with low static evaporation. Insulation is achieved by using material or a mixture of materials used to reduce heat flow.
Key Market Driver -
Strong demand from pharmaceuticals, food processing, and chemicals industries drives the tank insulation market.
Key Market Restraint -
Implementation of stringent environmental standards imposed by lawmakers around the globe, in response to the toxic nature of certain insulation materials has restrained the market growth.
High demand from various industries such as pharmaceuticals, food processing, and chemicals is expected to drive the demand for tank insulations. Rising demand for LNG gas, increasing investment in the energy sector, urbanization, industrialization, and infrastructural growth are expected to drive the tank insulation market.
However, the presence of stringent regulations regarding the use of insulation materials that comply with Registration, Evaluation, Authorisation, and Restriction of Chemicals (REACH) can hinder the growth of this market.
Based on type, the market of tank insulation is segmented into storage tank insulation and transportation tank insulation. On the basis of the end-use industry, the market is segmented into oil & gas, chemical, food & beverage, energy & power, and others. Based on material, the market is segmented into PU & PIR, rock wool, fiberglass, elastomeric foam, cellular glass, and others.
From a geographical standpoint, the market is categorized into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa.
The global tank insulation market is fairly fragmented, with a number of global & regional players operating. Some of the key players in the tank insulation market include Rockwool International A/S, Owens Corning, Saint-Gobain, Kingspan Group, Armacell International S.A., Cabot Corporation, Johns Manville, Knauf Insulation, BASF SE, Covestro AG and others.
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Based on geography, the tank insulation market is categorized into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. Asia-Pacific is expected to contribute to the largest market share of tank insulation due to increased demand for storage and transportation of tank fluids in a wide range of end-use industries such as oil & gas, chemicals, food & beverage, energy & power and more. North America is projected to see significant growth during the forecast period owing to increased investment and continued industrialization and development in the manufacturing sector in this area. Product demand for energy & power and oil & gas caters to the scope of growth in the Middle East as the market in the region is driven by the high demand from these end-use industries. The presence of various manufacturers like Rockwool International A/S, Owens Corning, Saint-Gobain, Kingspan Group of tank insulation in the European region drives its demand in Europe. Latin America is expected to have a sluggish growth rate due to a preference for substitutes.
By End-Use Industries
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