Global Tank Insulation Market Trends, Applications, Analysis, Growth, and Forecast: 2018 to 2027

The Tank Insulation Market report has been segmented on the basis of material, type, temperature, end-use industry, and region.

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Global Tank Insulation Market: Overview

“The Tank Insulation Market size is expected to be worth around US$ xx Billion by 2021 from US$ X.xx million in 2031, growing at a CAGR of X.x% during the forecast period 2021 to 2031.”

The tank insulation process is used to cover the walls of the tank which are further used for various applications in order to resist fire, moisture, or heat and maintain the appropriate temperature according to requirement.

Tank insulation is widely used in various industries such as oil & gas, chemical, food & beverage, energy & power, and others.

Global Tank Insulation Market: Dynamics

Increasing demand for tank insulation from oil & gas, food, and beverage, and energy & power industries owing to various properties such as fire resistance, moisture resistant, heat transfer-resistant, and others, is a major factor expected to drive the growth of the global tank insulation market over the forecast period.

In addition, the rising demand for cryogenic insulation in space applications is another factor estimated to fuel the growth of the target market during the forecast period.

Moreover, increasing adoption of biodegradable insulation materials by manufacturers which is obtained from renewable sources, is among some factors anticipated to propel the growth of the potential market over the long run.

However, the high cost of raw materials and regulations pertaining to health hazards and safety are among the factors which may hamper demand for tank insulation and restrain the growth of the target market over the forecast period.

Increasing demand for tank insulation in emerging economies due to rapid industrialization is a factor expected to create a lucrative opportunity for the growth of the potential market over the forecast period.

Global Tank Insulation Market: Segment Analysis

On the basis of material, the polyurethane & polyisocyanurate segment is expected to account for the highest revenue share in the target market during the forecast period.

Among types, the storage tank insulation segment is estimated to register the highest share in terms of revenue in the target market in the next coming years.

Among the temperature segments, the hot insulation segment is anticipated to witness significant revenue growth in the target market over the forecast period. Among the end-use industry, the oil & gas segment is anticipated to witness significant revenue growth in the target market over the forecast period.

Global Tank Insulation Market: Regional Analysis

The tank insulation market in the Asia Pacific accounts for the highest share in terms of revenue in the target market and is projected to witness the fastest growth rate over the forecast period.

Increasing demand for tank insulation in the energy & power industry coupled with rapid industrialization and infrastructural development in countries such as China and India in the region are some factors estimated to fuel the growth of the Asia Pacific tank insulation market over the forecast period.

China and India are anticipated to contribute a considerable share in terms of revenue in the target market during the forecast period.

North America is expected to register for a significant growth rate in the target market in the next coming years, owing to increasing investments and initiatives by the government in the oil & gas sector which in turn support revenue growth of tank insulation in the region.

The Europe tank insulation market is projected to register for moderate revenue share in the target market over the forecast period.

Global Tank Insulation Market Segmentation:

Segmentation on the Basis of Material:

• Polyurethane (PU) & Polyisocyanurate (PIR)
• Rockwool
• Elastomeric Foam
• Fiberglass
• Expanded Polystyrene (EPS)
• Cellular Glass
• Others (Calcium Silicate and Perlite)

Segmentation on the basis of Type:

• Storage Tank Insulation
• Transportation Tank Insulation

Segmentation on the Basis of Temperature:

• Cold Insulation
• Hot Insulation

Segmentation on the Basis of End-use Industry:

• Oil & Gas
• Chemical
• Food & Beverage
• Energy & Power
• Other

Segmentation on the Basis of Region:

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa