Tank Insulation Market report is a comprehensive overview of the market’s situation thoroughly examined and compiled by Stratview Research. This new report provides past progress, current market conditions, and a future prospect from the year 2022 to 2028. It also offers accurate overview of the growth strategies, market size, mergers & acquisitions, and upcoming products/services of leading key players in this market.
Market Insights
The report analyses the market thoroughly and collects data in order to offer reliable data to the users. Tank insulation market is likely to grow from USD 4.94 billion in 2021 to USD 6.78 billion by 2028 at a healthy CAGR of 4.58% during the forecast period. The market for tank insulation is majorly propelled by the huge production of oil across the globe, rising demand from end-use industries, such as oil & gas, chemical, and energy & power for the storage of oil, and stringent regulations to insulate tanks.
Market Segments' Analysis
According to Stratview Research, the Tank Insulation Market is segmented by Material Type (PU & PIR, Rockwool, Fiberglass, Elastomeric Foam, EPS, Cellular Glass, and Others), by Type (Storage Tank Insulation, Transportation Tank Insulation), by Temperature Type (Cold Insulation, Hot Insulation), by End-Use Industry Type (Oil & Gas, Chemical, Food & Beverage, Energy & Power, and Others), by Region (North America, Europe, Asia-Pacific, and Rest of the World).
Based on the material type, the market is segmented as PU & PIR, rockwool, fiberglass, elastomeric foam, EPS, cellular glass, and others. The polyurethane (PU) & polyisocyanurate (PIR) held the largest share of the market in 2021, and is expected to remain dominant during the forecast period owing to its properties, such as lightweight, moisture and fire resistant. Further, low thermal conductivity and density provides better structural performance.
Based on the type, the market is segmented as storage tank insulation and transportation tank insulation. The storage tank insulation segment held the larger share of the market in 2021, and is expected to remain dominant during the forecast period due to its increasing demand from end-use industries such as oil & gas, chemical, and energy & power for the storage of oil, chemicals, LNG, and thermal energy.
Top key vendors in the market:
The report mentions a list of key players in the Tank Insulation Market. Some of them are mentioned below –
· Rockwool International A/S
· Owens Corning
· Saint-Gobain
· Kingspan Group
· Armacell International S.A.
· Cabot Corporation
· Johns Manville
· Knauf Insulation
· BASF SE
· Covestro AG
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