Market research firm FutureWise has predicted the global tank insulation market will value over $7 billion by 2026 end and grow at a CAGR of over 4 percent during the forecast period 2019 to 2026.
Tank insulation is the process of applying various chemicals and materials to the surface and inside of the tank. Nearly all industries use tanks depending on the shape and size. Different tanks are utilised to transport and stock liquid gases alongside low static evaporation. Tank Insulation is also utilised for the preservation of gases like LPG, Chlorine, Ammonia, Hydrogen, butane, oxygen and argon.
The tank insulation market is segmented in fibreglass, polystyrene polyurethane foam, elastometric foam and rockwool. Fibreglass demands efficient and safe handling. Various end-user industries like energy & power, food, chemical and oil & gas. Tank Insulation is used for the packaging of medical supplies. Advancement in technologies has led to affordable prices of tank insulation which has generated more growth of the market. Since it curbs pollution, governments of various countries are giving subsidies for the establishment of tank insulation. Furthermore, the gradually increasing oil production in countries like Saudi Arabia, Iran and the U.S. is driving the growth of the market. Expansion of chemical and gas sectors is also contributing to the rapid growth of the market.
The requirement for tank insulation in the chemical industry is anticipated to progress as a result of growing chemical manufacturing activities globally. The chemical segment is determined to witness second highest growth, in terms of value, during the forecast period.
The storage tank segment is anticipated to hold the largest share in terms of value during the forecast period. The dominance is foreseen to sustain owing to its rising demand from end-use industries namely chemical, oil & gas, and energy & power for the storage of chemicals, oil, thermal energy and LNG.
Tank insulation is capital-intensive market and requires advanced skills for installation and maintenance which has hindered the growth of the market. Poorly installed insulated tanks could add safety risks, energy costs and reduce efficiency. This has further restrained the growth of the market.
North America currently holds a vast market share of the tank insulation market because of rising efforts to reduce emissions and growth of the industrial sector. It is followed by Europe, which controls significant market share in the global market.
The Asia Pacific is expected to grow at a fast pace as well owing to rising awareness about environmental pollution. Developing Asian nations like India, Japan and China have witnessed a gradual increase in demand for electricity.
Key players of the market are Owens Corning, Kingspan, Armacell International, BASF SE and Rockwool International.
Significant market players are consistently investing in R&D activities and focusing on emerging economies to sustain their competitive position and increase their share in the global tank insulation market.
For more information visit FutureWise Market Research