The tank insulation market size is estimated to be USD 5.2 billion in 2018 and is projected reach USD 6.5 billion by 2023, at a CAGR of 4.50% between 2018 and 2023. Tank insulation is a material or combination of materials that add a protective covering to tanks and reduces the heat loss or heat gain from surfaces operating at temperatures above or below the surrounding temperature. The growing production of oil in countries such as the US, Saudi Arabia, Iran, and Russia drives the demand for tank insulation. Also, stringent regulations to insulate tanks drive the demand for tank insulations.
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PU & PIR is the largest segment in the tank insulation market
The PU & PIR segment is estimated to account for the largest share of the tank insulation market during the forecast period, in terms of value. The dominance of the PU & PIR segment is expected to continue during the forecast period due to its increasing use in the oil & gas industry. PU & PIR are majorly used in storage and transportation facilities of materials where cold or cryogenic conditions are required. Furthermore, these are also used in cold stores and food processing plants.
Increasing demand for LNG as a fuel to drive the market for tank insulation in the oil & gas segment
The oil & gas segment is estimated to be the largest end-use industry of tank insulation during the forecast period. In the oil & gas segment, tank insulation is used in transportation & storage vessels, where oil and natural gases/liquefied natural gases (LNG) are stored and in the liquefaction plant, where conversion of natural gas into a liquid state is undertaken. Insulating tanks help in maintaining the actual form of LNG while storing and transporting. Hence, demand for LNG as a fuel across the globe is expected to increase the demand for tank insulation in the oil & gas industry.
The APAC tank insulation market is estimated to witness considerable growth on account of the rapidly growing chemical industry. China is estimated to account for the largest share of the tank insulation market in the APAC region during the forecast period, in terms of value, owing to the high demand for storing and transporting tank fluids from a wide range of growing end-use industries such as chemicals and energy & power. Increasing investment in the energy sector, urbanization, industrialization, and infrastructural development are expected to drive the tank insulation market during the forecast period.
The key market players profiled in the report include Rockwool International A/S (Denmark), Owens Corning (US), Saint-Gobain (France), Kingspan Group (Republic of Ireland), Armacell International S.A. (Germany), Cabot Corporation (US), Johns Manville (US), Knauf Insulation (US), BASF SE (Germany), and Covestro AG (Germany).
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