PUBLISHER: The Business Research Company | PRODUCT CODE: 1409841
PUBLISHER: The Business Research Company | PRODUCT CODE: 1409841
“Tank Insulation Global Market Report 2024 ” from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on tank insulation market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for tank insulation? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? “The tank insulation market global report ” from The Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
Tank insulation serves as an effective method for maintaining ideal temperatures and enhancing the operational efficiency of stored substances. It involves applying a substantial layer of material onto or around a tank container, pipe, or vessel to prevent heat loss and optimize the thermal conditions within the tank.
The primary categories of tank insulation include storage tank insulation and transportation tank insulation. Storage tank insulation pertains to insulating large containers or vessels utilized for storing liquids, compressed gases, or various mediums such as oil, gas, and other petrochemical products. A diverse range of materials is used for both cold and hot insulation purposes, including PU (polyurethane) and PIR (polyisocyanurate), rockwool, fiberglass, elastomeric foam, cellular glass, EPS (expanded polystyrene), among others. These materials are selected based on their capacity to withstand different temperature ranges and cater to various industries such as oil and gas, chemicals, food and beverage, energy and power sectors. Additionally, tank insulation finds applications in fields such as fire protection, water treatment, metal industries, pharmaceuticals, and more.
The tank insulation market research report is one of a series of new reports from The Business Research Company that provides tank insulation market statistics, including tank insulation industry global market size, regional shares, competitors with a tank insulation market share, detailed tank insulation market segments, market trends and opportunities, and any further data you may need to thrive in the tank insulation industry. This tank insulation market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The tank insulation market size has grown strongly in recent years. It will grow from $6.13 billion in 2023 to $6.44 billion in 2024 at a compound annual growth rate (CAGR) of 5.1%. The observed growth in the historical period can be attributed to several factors, including industrial expansion and growth leading to increased demand for tank insulation, the implementation of stringent energy efficiency regulations prompting the adoption of insulation solutions, a heightened focus on environmental sustainability driving the use of insulation materials, the importance of temperature control in chemical processing industries, the expansion of storage facilities in the food and beverage sector, and the growing demand for cryogenic insulation to support various applications requiring extremely low temperatures.
The tank insulation market size is expected to see strong growth in the next few years. It will grow to $7.99 billion in 2028 at a compound annual growth rate (CAGR) of 5.5%. The anticipated growth in the forecast period can be linked to several factors, including the expansion of renewable energy storage systems prompting increased demand for effective insulation, a continued emphasis on energy conservation driving the adoption of insulation solutions, global attention towards renewable fuels boosting the need for insulated storage, governmental incentives aimed at promoting energy-efficient practices, and the integration of insulation with heat recovery systems for improved efficiency. Key trends expected in this period encompass the emergence of smart insulation technologies that offer advanced functionalities, an increased focus on maintenance and retrofitting of existing insulation systems, shifts in global LNG (liquefied natural gas) trade dynamics impacting insulation needs, ongoing technological advancements enhancing insulation materials and techniques, and increased investments in the chemical and petrochemical industries affecting insulation requirements.
The expansion of chemical manufacturing facilities is poised to drive the growth of the tank insulation market in the foreseeable future. These facilities, engaged in diverse chemical production processes, benefit from insulation that regulates operating temperatures, minimizing heat gain and reducing stress on chillers or heaters. Insulated chemical tanks ensure consistent operating temperatures, control costs, and mitigate condensation issues resulting from sudden temperature fluctuations. The surge in chemical manufacturing facilities amplifies the demand for insulation in chemical tanks and containers, propelling growth in the tank insulation market. As of February 2023, BASF's report indicates a projected 2.0% increase in global chemical production (excluding pharmaceuticals) for 2023 compared to 2022 levels, with a further anticipated growth of 2.7% between 2023 and 2025.
The rising global demand for crude oil and natural gas is expected to be a significant driver for the tank insulation market. Tank insulation in oil and gas production addresses diverse challenges, including temperature control, energy efficiency, safety, environmental compliance, and operational optimization. Notably, the US Energy Information Administration forecasts an increase in U.S. crude oil output to 12.4 million b/d in 2023, up from the record-high of 11.7 million b/d in 2022. Additionally, as of September 2022, the US experienced its highest annual consumption of natural gas, averaging 86.6 billion cubic feet per day (Bcf/d), further emphasizing the growing demand. Consequently, the escalating need for crude oil and natural gas is a driving force behind the growth of the tank insulation market.
Product innovation emerges as a noteworthy trend shaping the tank insulation market, with major companies concentrating on developing inventive solutions to fortify their market positions. An example of this trend is evident in Skipper Limited, an India-based power infrastructure and polymer manufacturing company. In October 2022, Skipper Limited introduced the 'Marina' water tank product line, designed for both residential and commercial applications. These tanks feature advanced insulation technology with 4 and 3 layers of foam, ensuring hygienic and anti-bacterial water storage. Crafted using innovative Roto Mold technology, the Marina tanks incorporate additional ribs for heightened strength and durability, reflecting the industry's commitment to continuous product innovation.
Major players in the tank insulation market are strategically focusing on the development of cutting-edge products, particularly energy-saving tank insulation systems, to secure a competitive edge. Energy-saving tank insulation systems aim to stabilize internal tank temperatures, leading to substantial energy savings, enhanced product quality, and a commitment to environmental sustainability, particularly within the beverage industry. A noteworthy example is BevZero, a US-based innovator in the beverage sector, which introduced its advanced energy-saving tank insulation system, 'BevClad,' in Europe in November 2023. Already successful in the US wine industry, BevClad boasts up to 96% energy savings, contributing to improved product quality, sustainability benefits, and increased durability. With key features such as unparalleled energy efficiency and a focus on environmental sustainability, BevClad addresses the growing demand for state-of-the-art insulation solutions within the dynamic beverage industry.
In May 2022, Seal for Life Industries, LLC, a Netherlands-based chemical manufacturing company, completed the acquisition of Mascoat Ltd. and Verdia, Inc., two industrial coatings companies, for an undisclosed amount. This strategic acquisition enhances Seal for Life's ability to provide high-performance solutions for safeguarding vital infrastructure assets. Notably, Mascoat Ltd., a US-based manufacturer, specializes in thermal insulation coatings, anti-condensation coatings, and sound-dampening coatings within the tank insulation market. Similarly, Verdia, Inc., a US-based polymer flooring manufacturer, adds further capabilities to Seal for Life's diverse portfolio, reinforcing its position in delivering comprehensive solutions for a range of client needs within the tank insulation market.
Major companies operating in the tank insulation market report are Rockwool A/S, Owens Corning, Saint-Gobain S, Kingspan Group PLC, Armacell International S, Cabot Corporation, Johns Manville, Knauf Insulation Inc., BASF SE, Covestro AG, Gilsulate International Inc., Commercial Thermal Solutions Inc., The Dow Chemical Company, ITW Insulation Systems FZE, J H Ziegler GmbH, Huntsman Corporation, Insul-Therm International Inc., Isolatek International, L'ISOLANTE K-FLEX SpA, MBI Products Company Inc., Microtherm NV, Morgan Advanced Materials, NMC SA., Pacor Inc., Pittsburgh Corning Corporation, Polyguard Products Inc., Rmax Operating LLC, Roxul Inc., Sika AG, Superlon Worldwide, Dynavax Technologies Corporation, Thermafiber Inc., Unifrax I LLC .
Asia-Pacific was the largest region in the tank insulation market in 2023. Asia-Pacific is expected to be the fastest-growing region in the tank insulation market during the forecast period. The regions covered in the tank insulation market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
The countries covered in the tank insulation market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The tank insulation market includes revenues earned by entities by providing services such as thermal insulation, heat tracing, acoustic insulation, fire protection, and cryogenic insulation. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.