The global tank insulation market is forecast to reach USD 7,681.6 Million by 2028, according to a new report by Reports and Data. Tank insulation is used to cover bulk storage tanks and reduce heat gain or loss for a large tank that store temperature-sensitive materials.
Tank insulation is used to transfer the heat to the water for heating purpose. Efforts are taken to reduce the emission of harmful gases in bulk storage tanks and enhance the air quality by insulating the tanks. It is also used for storage of gases such as ammonia, chlorine, oxygen, propylene, carbon dioxide, nitrogen, butane, propane, ethylene, LNG, LPG, argon, and hydrogen.
Tank insulation is environment friendly, and high quality of heat is generated for it, which helps in saving electricity. Manufacturers are trying to develop cost-effective truck insulation. Governments of various countries are boosting the market by providing subsidies for the installation of tank insulation to reduce the level of pollution.
Key participants include Armacell International S.A., Saint-Gobain, Johns Manville, BASF SE, Rockwool International A/S, Owens Corning, Covestro AG, Huntsman Corporation, Dunmore Corporation, and Gilsulate International, Inc., among others.
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Major Points Covered in the Global Tank Insulation Market Report:
- Market Coverage: This section of the report provides significant details on key market aspects including the key market segments, product innovation scope, and macro-economic and micro-economic growth indicators. In addition, the report segments the global Tank Insulation market based on product type, technology landscape, and application range.
- Executive Summary: Under this section, the global market growth rate, competitive landscape, drivers and constraints, trends, limitations, and the key market segments have been discussed.
- Regional Analysis: In this section, the latest report highlights the extensive global presence of the Tank Insulation market. This section offers key insights into the latest trends in the regional markets including North America, Asia Pacific, Europe, Latin America, and Middle East & Africa.
- Competitive Landscape: This section of the report highlights the key players in the global Tank Insulation market. It further emphasizes the leading products and services offered by these companies.
- Manufacturers’ portfolios: This section includes detailed information regarding the product portfolio of each local and global manufacturer, their strengths and weaknesses, product catalogue, production value and capacity, and other vital information.
Further key findings from the report suggest
- Storage Tank Insulation held a market share of 68.2% in the year 2018. The high demand from oil and gas, chemical, and energy & power industries is forecasted to boost the market for tank insulation. These tanks are used to store Liquefied natural gas (LNG), oils, chemicals, and thermal energy.
- Hot insulation is forecasted to hold a market share of 54.2% in the year 2026. Insulation for hot tanks reduces energy consumption, accelerates the heating process, and maintain the required operating temperature.
- Polyurethane (PU) & Polyisocyanurate (PIR) held a market share of 27.8% in the year 2018. The PU or PIR foam used is resistant to moisture and fire, is lightweight and has low thermal density and conductivity. It also provides better structural performance. These features make it perfect to be used in cold climate.
- The chemical industry held a market share of 24.3% in the year 2018. The demand for tank insulation, the increase in the number of chemical companies in the world, especially in the Asia-Pacific region, is expected to boost the market for tank insulation.
- The Asia Pacific region held a market share of 34.8% in the year 2018. High demand from growing industries in countries such as India and China, rising demand for LNG, and increased investment in the energy sector is expected to drive the market for tank insulation in the region. Furthermore, high growth in several industries such as food processing, pharmaceuticals, and chemicals are anticipated to drive the market for tank insulations.
For the purpose of this report, Reports and Data have segmented into the global Tank Insulation market on the basis of type, material, temperature, end-use industry, and region:
Type Outlook (Volume: Kilo Tons; Revenue: USD Billion; 2018-2028)
- Storage Tank Insulation
- Transportation Tank Insulation
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Material Outlook (Volume: Kilo Tons; Revenue: USD Billion; 2018-2028)
- Polyurethane (PU) & Polyisocyanurate (PIR)
- Elastomeric Foam
- Expanded Polystyrene (EPS)
- Cellular Glass
Temperature Outlook (Volume: Kilo Tons; Revenue: USD Billion; 2018-2028)
- Cold Insulation
- Hot Insulations
End-Use Industry Outlook (Volume: Kilo Tons; Revenue: USD Billion; 2018-2028)
- Oil and Gas
- Food and Beverage
- Energy and Power
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Regional Outlook (Volume: Kilo Tons; Revenue: USD Billion; 2018-2028)
- North America
- Asia Pacific
- Latin America
Explore Reports and Data’s Prime Analysis of the global Materials and Chemicals Industry:
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