Wed, 01 Dec 2021

The Global Tank Insulation Market report added by Reports and Data analyzes the industry from a panoramic perspective to offer in-depth insights about the Tank Insulation industry to help the readers understand crucial aspects of the market. The report offers basic details about the market description, market overview, product portfolio, market scope, specifications, applications and types. It covers details about market size, market share, revenue contribution, revenue share, industry growth rate, key statistical data, market trends, and overall industry overview.

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.

Tank insulation is a capital intensive market and acts as a significant restraint for the market for tank insulation. Installation and maintenance of tank insulation can be a complex process and furthermore poorly insulated tanks can also add energy cost, reduce efficiency, and speed up equipment failure that can lead to safety issue. These factors hamper the growth of the market.

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Over the recent past, chemical and materials industry has observed rapid digital transformation, innovations and advancements in chemical processing, globalization, sustainability, and development of robust supply chain. Increasing incidence of uncertainties in chemical production and development have further increased focus on risk management solutions. Chemical and materials industry supplies raw materials to a number of end-use industries such as petrochemicals, solvents, manufacturing and construction, and healthcare, among others. Increasing integration of advanced technology in the manufacturing and production processes along with a growing focus on producing environmentally sustainable chemicals and materials is further expected to revolutionize the Tank Insulation market over the forecast period.

The report further offers key insights into strategic alliances and ventures undertaken by key companies in the market to cater to the growing global demand, capitalize on lucrative opportunities, and gain a robust footing in the market. It focuses on mergers and acquisitions, joint ventures, collaborations, product launches, brand promotions, and deals.

Key players operating in the market:

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.

The report further offers a regional segmentation of the Tank Insulation market with regards to production and consumption rate, revenue share, market share, trends, consumer preference, regulatory framework, economic factors, investment and funding opportunities, R&D activities, technological advancements, product launches, import/export, supply and demand ratio, and presence of key players in each region. The report divides the Tank Insulation market into 5 key regions such as North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The global Tank Insulation market report also offers a country-wise analysis to impart a clear picture of the growth of the Tank Insulation market in each region.

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Type Outlook (Volume: Kilo Tons; Revenue: USD Billion; 2018-2028)

Storage Tank Insulation

Transportation Tank Insulation

End-Use Industry Outlook (Volume: Kilo Tons; Revenue: USD Billion; 2018-2028)

Oil and Gas

Chemical

Food and Beverage

Energy and Power

Others

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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.

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