The value of the Tank Insulation market is projected to grow to $ 9.0 billion with an estimated CAGR of 5.4% by 2031

Growing production of oil and gas countries, stringent regulations regarding tank insulation for better product delivery, beneficial properties, and widespread applications of tank applications is driving the global tank insulation market.

Covid-19 Impact and Market Status

The global tank insulation market was significantly impacted by COVID-19, which resulted in an increased level of risk for a huge number of people. Additionally, this market is a world leader in a number of different global brands. The Organization for Economic Co-operation and Development (OECD) reports that the epidemic has also had an effect on other major economies. The unexpected cessation of all economic activity across all countries in the region has had a significant and negative impact on the oil and gas industry as well as the maritime sector.

Asia-Pacific Will Dominate The Tank Insulation Market

The high level of demand from expanding industries in the region's emerging economies, such as China and India, is the primary factor driving the market in that region. During the period covered by this estimate, the tank insulation market is anticipated to be driven by factors such as the growing demand for LNG, the increasing investment in the energy sector, urbanization, industrialization, and the development of infrastructure. Also, North America is expected to record a good market growth in global tank insulation market. Because of rising investment as well as ongoing industrialization and expansion in the region's manufacturing sector, North America is projected to experience significant growth in the market over the course of the forecast period. This growth is expected to contribute significantly to the overall expansion of the market. Additionally, a substantial expansion in a variety of industries like pharmaceuticals, food processing, and chemicals is anticipated to fuel demand for tank insulations in the region. This demand is predicted to be driven by the region

Transport Tank Insulation Segment Will Dominate The Tank Insulation Market

Storage tank insulation and transportation tank insulation are the two submarkets that make up the overall market for transportation tank insulation. During the time period covered by this research, it is anticipated that the storage tank segment would account for the biggest proportion of the market for tank insulation. Because of the rising demand from end-use industries like oil and gas, chemical and energy, and power for the storage of oil, chemicals, LNG, and thermal energy, the storage tank segment is anticipated to maintain its dominant position throughout the forecast period. This is due to the fact that these end-use industries need more space to keep their products.

Owing to benefits such as increased lifespan, better protection to product inside the tank, optimal performance, improved products delivery, and sustainability, has increased the demand of tank insulation furthering remarkable progress of global tank insulation market.

It is expected that the market size for tank insulation will reach USD 8.44 billion by 2029, at a CAGR of 4.80% between the years 2022 and 2029. The market size for tank insulation is estimated to be USD 5.93 billion in 2021.

The need for tank insulations is anticipated to be driven by high demand from a variety of industries, including the pharmaceuticals industry, the food processing industry, and the chemical industry. The tank insulation market is predicted to be driven by factors such as the growing demand for LNG gas, the increasing investment in the energy sector, the increase in urbanization and industrialization, and the expansion of infrastructure.

Tank insulation is necessary not only to prevent sweating over the surfaces but also to ensure that there are no voids in the insulation. Large, flat-bottomed tanks that store contents that are sensitive to temperature variations are required to have an insulating jacketing and to cover as part of the tank insulation system. The insulation is utilized in various tank applications, such as those that store asphalt, petroleum, and fire water; thermal energy storage; beverage and fermentation tanks; equipment; and coke drums and hot boxes.

Insulation systems for industrial tanks reduce the amount of heat that is lost or gained, hence maintaining a constant temperature for stored liquids and reducing the amount of energy required to do so. Thermal energy industrial storage tanks also fall into this category.

The insulation of the tank is completed so that the temperature within the tank may be maintained. The tanks can be fixed in a vertical or horizontal orientation, or they can be installed on vehicles for mobility. The ends might have a parabolic dish shape or be flat, depending on what the requirement is. The insulation of carbon dioxide tanks and ammonia tanks is carried out on a very large scale.

However, the expansion of this market may be hampered by the presence of stringent rules concerning the application of insulation materials that are in accordance with Registration, Evaluation, Authorization, and Restriction of Chemicals.

The market for tank insulation is predicted to expand at a large rate over the course of the coming years as a direct result of the expansion of chemical manufacturing capacities and the massive production of oil that is taking place all over the world. Specifically, this demand will be for the storage of oil, chemicals, and LNG.

The global and regional competitors participating in the global tank insulation market are BASF SE, Johns Manville, Covestro AG Knauf Insulation, Kingspan Group, Owens Corning, Cabot Corporation, Armacell International, Saint-Gobain, Rockwool International A/S, and others are some of the major competitors in the market for tank insulation.

Recent Developments in Global Tank Insulation Market: A Snapshot

• In October of 2018, Saint-Gobain, which has its headquarters in France and is a designer, manufacturer, and distributor of materials and solutions, signed an agreement to purchase one hundred percent of the equity shares held by Kaimann GmbH International, which is one of the largest producers of elastomeric insulation materials in Europe. This acquisition will further extend its range of insulation products and will increase the presence in the insulation sector.
• In April of 2017, Owens Corning was the first and only company in North America to introduce a formaldehyde-free version of their Thermafiber light density mineral wool insulation. Wool is a game-changer for architects, specifiers, and contractors working toward green building standards, and this product is a breakthrough in the industry.
• In November of 2016, Rockwool International A/S, a company that specializes in the production of mineral wool and has its headquarters in Denmark, completed the acquisition of Flumroc AG, a stone wool manufacturer located in Switzerland. It is anticipated that the acquisition will assist the company in growing into the market for tank insulation, and it will also create new prospects for the company to increase its position in the insulation industry in Switzerland.

Tank Insulation Market Scope

Key Segments In ‘Global Tank Insulation Market’

Type Overview (USD Billion)

• Transportation Tank Insulation
• Storage Tank Insulation

End-User Overview (USD Billion)

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

Application Overview (USD Billion)

• Tank Heating
• Long Pipeline Heating
• Frost Heave Prevention
• Tank Insulation           
• Pipe Freeze Protection

Regional Overview (USD Billion)

North America

• U.S
• Canada

Europe

• Germany
• France
• UK
• Rest of Europe

Asia Pacific

• China
• India
• Japan
• Rest of Asia Pacific

South America

• Mexico
• Brazil
• Rest of South America

Middle East and South Africa