Rise in usage of fiberglass tank insulation materials for ensuring high compression strength and rigidity and wide adoption across commercial, oil & gas, and chemical industry drive the growth of the global tank insulation market. Asia-Pacific held the largest share in 2021, accounting for more than one-third of the total market share. In addition, this region is projected to continue its dominance in terms of revenue by 2031.
Portland, OR, Sept. 29, 2022 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global tank insulation market generated $5.3 billion in 2021, and is expected to reach $9.0 billion by 2031, witnessing a CAGR of 5.4% from 2022 to 2031. The report offers a detailed analysis of changing market trends, key segments, competitive landscape, regional scenario, and value chain. This research offers insights on current market size and estimations for leading players, shareholders, investors, and startups to help them devise strategies for sustainable growth and competitive advantage in the market.
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Report Coverage & Details:
Market Size in 2021
Market Size in 2031
No. of Pages in Report
Material Type, Temperature, End Use, and Region.
Rise in usage of fiberglass tank insulation materials for ensuring high compression strength and rigidity
Wide adoption across commercial, oil & gas, and chemical industry
Usage of polyurethane as insulating material on vertical tanks
Emergence of lightweight materials for insulating and minimizing the fuel costs in transport
Risks associated with usage of tank insulation products in interior tank systems
The Covid-19 pandemic impacted the tank insulation market adversely due to lowered demand from end-use industry. Major end-use industries of tank insulation include oil & gas, chemical, food & beverages, and energy & power. Daily operations in these industries were stopped partially or completely due to lockdown restrictions and stringent regulations by governments.
Lockdown restriction presented many hindrances in carrying out manufacturing activities in the oil & gas, chemical, and other industries. It also created shortage of workforce as companies took measures to curb the spread of coronavirus. This, in turn, reduced the demand for tank insulation.
Post-pandemic, the demand for tank insulation is estimated to recover as there is a high potential of jobs in the oil & gas industry and other recovery measures including transformation toward digitalization and sustainability taken by major players.
The research provides detailed segmentation of the global tank insulation market based on material type, temperature, end use, and region. The report analyzes segments and their sub-segments with the help of tabular and graphical formats. Market players, investors, and stakeholders can devise strategies for business growth as per highest revenue-generating and fastest-growing segments mentioned in the report.
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Based on material type, the polyurethane segment held the highest share in 2021, accounting for nearly one-third of the total share, and is expected to continue its leadership status during the forecast period. However, the rockwool segment is expected to register the highest CAGR of 5.9% from 2022 to 2031. The report also analyzes the segments including fiberglass, elastomeric foam, expanded polystyrene, and others.
Based on temperature, the hot Insulation segment accounted for the highest share in 2021, contributing to nearly three-fifths of the total share, and is expected to maintain its lead throughout the forecast period. Moreover, this segment is estimated to manifest the highest CAGR of 5.6% from 2022 to 2031. The report also analyzes the cold insulation segment.
Based on end use, the oil and gas segment accounted for the highest share in 2021, holding around one-third of the global tank insulation market, and will maintain its dominance during the forecast period. However, the chemical segment is estimated to grow at the highest CAGR of 6.0% during the forecast period. The research also discusses segments including food and beverages, energy and power, and others.
Based on region, Asia-Pacific held the largest share in 2021, accounting for more than one-third of the total market share. In addition, this region is projected to continue its dominance in terms of revenue by 2031. The same region is expected to manifest the fastest CAGR of 5.9% during the forecast period. The research also analyzes regions including North America and LAMEA.
The report offers an extensive analysis of leading market players of the global tank insulation market. These players include ROCKWOOL A/S, Armacell, BASF SE, Gilsulate, Arch Tech, Kingspan, Johns Manville, Isolatie Combinatie, Omkar PUF, and Cabot.
The report provides a detailed analysis of aforementioned leading players of the market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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