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Tank Insulation Market by Material (PU & PIR, Rockwool, Fiberglass, Elastomeric Foam, EPS), Type (Storage, Transportation), Temperature (Hot, Cold), End-Use Industry (Oil & Gas, Chemical, Food & Beverage, Energy & Power) - Global Forecast to 2023

  • ID: 4744700
  • Report
  • January 2019
  • Region: Global
  • 126 Pages
  • Markets and Markets
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The Tank Insulation Market is Projected to Register a CAGR of 4.5% During the Forecast Period

FEATURED COMPANIES

  • BASF SE
  • Covestro AG
  • Huntsman Corporation
  • Johns Manville
  • Knauf Insulation
  • Owens Corning
  • MORE

The tank insulation market is projected to register a CAGR of 4.5% during the forecast period.

The tank insulation market size is projected to grow from USD 5.2 billion in 2018 to USD 6.5 billion by 2023. Growth in chemical manufacturing capacities and huge production of oil are expected to drive the demand for tank insulations during the forecast period. However, fluctuating raw materials prices act as a restraint to the growth of the tank insulation market.

The PU & PIR segment is expected to lead the tank insulation market, in terms of value, during the forecast period.

The PU & PIR segment is expected to lead the tank insulation market, in terms of value, from 2018 to 2023. PUR & PIR foams are lightweight, moisture and fire resistant, and have low thermal conductivity and density. They also provide better structural performance. These properties enable their use in extreme temperature conditions. They are used in various applications in oil & gas, chemical, and food & beverage industries.

The oil & gas end-use industry is projected to account for the largest share of the overall tank insulation market, in terms of value, between 2018 and 2023.

Oil & gas is the largest market for tank insulation materials. In oil & gas, these materials are used for insulation of storage tanks, where crude oil, LNG, and other oil are stored, and also in liquefaction plant, where conversion of natural gas into its liquid state is undertaken. These storage tanks can also be used for storage of other gases including butane, ammonia, chlorine, propane, propylene, carbon dioxide, LNG, LPG, ethylene, oxygen, argon, nitrogen, and hydrogen. This insulation system limits the entry of outside heat inside the systems to keep the liquid cool and allowing it to retain its properties.

APAC is expected to be the fastest-growing tank insulation market during the forecast period, in terms of value.

The APAC tank insulation market is estimated to witness considerable growth owing to rising demand for storing and transporting tank fluids in a wide range of end-use industries such as chemicals, oil & gas, and energy & power. Increasing investment in the energy sector is expected to drive the tank insulation market in the region during the forecast period. In addition, continued industrialization and growth in the manufacturing sector of the region drive the demand for tank insulation.

In the process of determining and verifying the market size for several segments and subsegments gathered through secondary research, extensive primary interviews were conducted. A breakdown of the profiles of the primary interviewees are as follows:

  • By Company Type: Tier 1 - 46%, Tier 2 - 31%, and Tier 3 - 23%
  • By Designation: C-Level - 46%, Director Level - 27%, and Others - 27%
  • By Region: North America - 33%, Europe - 27%, APAC - 27%, Middle East & Africa - 6%, and South America - 7%

Key players profiled in the report include Rockwool International A/S (Denmark), Owens Corning (US), Saint-Gobain (France), Kingspan Group (Republic of Ireland), Armacell International S.A. (Germany), Cabot Corporation (US), Johns Manville (US), Knauf Insulation (US), BASF SE (Germany), and Covestro AG (Germany).

Research Coverage
This report segments the market for tank insulation on the basis of material, type, temperature, end-use industry, and region, and provides estimations for the overall value of the market across various regions. A detailed analysis of key industry players has been conducted to provide insights into their business overviews, products & services, key strategies, new product launches, expansions, and agreements associated with the market for tank insulation.

Reasons to Buy this Report
This research report is focused on various levels of analysis — industry analysis (industry trends), market ranking analysis of top players, and company profiles, which together provide an overall view on the competitive landscape; emerging and high-growth segments of the tank insulation market; high-growth regions; and market drivers, restraints, opportunities, and challenges.

The report provides insights on the following pointers:

  • Market Penetration: Comprehensive information on tank insulation offered by top players in the global tank insulation market
  • Product Development/Innovation: Detailed insights on upcoming technologies, research & development activities, and new product launches in the tank insulation market
  • Market Development: Comprehensive information about lucrative emerging markets — the report analyzes the market for tank insulations across regions
  • Market Diversification: Exhaustive information about new products, untapped regions, and recent developments in the global tank insulation market
  • Competitive Assessment: In-depth assessment of market shares, strategies, products, and manufacturing capabilities of leading players in the tank insulation market
Note: Product cover images may vary from those shown
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FEATURED COMPANIES

  • BASF SE
  • Covestro AG
  • Huntsman Corporation
  • Johns Manville
  • Knauf Insulation
  • Owens Corning
  • MORE

1 Introduction
1.1 Objectives of the Study
1.2 Market Definition
1.3 Market Scope
1.3.1 Regions Covered
1.3.2 Years Considered for the Study
1.4 Currency
1.5 Stakeholders

2 Research Methodology
2.1 Research Data
2.2 Secondary Data
2.2.1 Key Data From Secondary Sources
2.3 Primary Data
2.3.1 Key Data From Primary Sources
2.3.2 Breakdown of Primary Interviews
2.4 Market Size Estimation
2.4.1 Market Size Estimation Methodology: Bottom-Up Approach
2.4.2 Market Size Estimation Methodology: Top-Down Approach
2.5 Data Triangulation
2.6 Assumptions
2.7 Limitations

3 Executive Summary

4 Premium Insights
4.1 Attractive Opportunities in Tank Insulation Market
4.2 APAC Tank Insulation Market, By End-Use Industry and Country
4.3 Tank Insulation Market, By Region
4.4 Tank Insulation Market, By Region and End-Use Industry
4.5 Tank Insulation Market Attractiveness

5 Market Overview
5.1 Introduction
5.2 Market Dynamics
5.2.1 Drivers
5.2.1.1 Increased Demand From Oil & Gas and Chemical Industries
5.2.1.2 Use of Renewable Insulation Materials
5.2.1.3 Growing Demand for Cryogenic Insulation
5.2.2 Restraints
5.2.2.1 Fluctuating Raw Material Prices
5.2.3 Opportunities
5.2.3.1 Increasing Industrialization in Emerging Economies
5.2.4 Challenges
5.2.4.1 Health Hazards and Safety-Related Incidents
5.3 Porter’s Five Forces Analysis
5.3.1 Threat of Substitutes
5.3.2 Threat of New Entrants
5.3.3 Bargaining Power of Suppliers
5.3.4 Bargaining Power of Buyers
5.3.5 Intensity of Competitive Rivalry
5.4 Macroeconomic Indicators
5.4.1 GDP Trends and Forecast of Major Economies
5.4.2 Trends and Forecast of the Oil & Gas Industry and Its Impact on the Tank Insulation Market

6 Tank Insulation Market, By Material
6.1 Introduction
6.2 Pu & Pir
6.2.1 Pu & Pir Segment is Expected to Account for the Largest Market Share
6.3 Rockwool
6.3.1 Increasing Demand for Hot Insulation is Expected to Drive the Rockwool Segment
6.4 Elastomeric Foam
6.4.1 Resistance to Moisture is Expected to Spur the Demand for Elastomeric Foams in Multiple Applications
6.5 Fiberglass
6.5.1 Increasing Scope of Application is Driving the Demand for Fiberglass in Tank Insulation
6.6 EPS
6.6.1 Increasing Demand for Cold Storage Applications is Expected to Drive the EPS Segment
6.7 Cellular Glass
6.7.1 High Demand for Storage Tanks Boosts the Growth of the Cellular Glass Segment
6.8 Others

7 Tank Insulation Market, By Type
7.1 Introduction
7.2 Storage Tank Insulation
7.2.1 APAC is Projected to Be the Largest Market for Storage Tank Insulation
7.3 Transportation Tank Insulation
7.3.1 High Demand for LNG Boosts the Growth of the Transportation Tank Insulation Segment

8 Tank Insulation Market, By Temperature
8.1 Introduction
8.2 Cold Insulation
8.2.1 Increasing Demand for Food Storage and Chemicals Storage is Expected to Propel the Cold Tank Insulation Market
8.3 Hot Insulation
8.3.1 Establishment of New Industries in the Energy & Power Sector is Expected to Drive the Demand for Hot Tank Insulation

9 Tank Insulation Market, By End-Use Industry
9.1 Introduction
9.2 Oil & Gas
9.2.1 Oil & Gas Industry is the Largest Consumer of Tank Insulation
9.3 Chemical
9.3.1 Growing Chemical Industry in Emerging Economies is Expected to Drive the Demand for Tank Insulation
9.4 Food & Beverage
9.4.1 Rise in Number of Food & Beverage Processing Equipment is Expected to Drive the Market for Tank Insulation
9.5 Energy & Power
9.5.1 Growth of the Power Generation Industry is Expected to Drive the Market for Tank Insulation
9.6 Others

10 Tank Insulation Market, By Region
10.1 Introduction
10.2 APAC
10.2.1 China
10.2.1.1 China is the Fastest-Growing Tank Insulation Market
10.2.2 India
10.2.2.1 Growing Chemical Production Will Contribute Significantly to the Growth of the Market
10.2.3 Japan
10.2.3.1 Increasing Imports of Natural Gas Will Boost the Demand for Tank Insulation
10.2.4 South Korea
10.2.4.1 High Demand From the Chemical Industry Will Positively Impact the Tank Insulation Market
10.2.5 Indonesia
10.2.5.1 Rising Oil Production Will Propel the Tank Insulation Market Growth
10.2.6 Australia
10.2.6.1 Increasing Investment in the Oil & Gas Sector is Expected to Drive the Market
10.2.7 Malaysia
10.2.7.1 Growing Demand for LNG Transportation and Storage to Augment the Demand for Tank Insulations
10.2.8 Rest of APAC
10.3 Europe
10.3.1 Germany
10.3.1.1 Increase in Export and Import of Chemicals Act as an Opportunity in the Tank Insulation Market
10.3.2 Italy
10.3.2.1 Growth in the Manufacturing Industry Will Drive the Market
10.3.3 France
10.3.3.1 Increasing Demand for Tanks From the Food & Beverage Industry Will Drive the Market
10.3.4 UK
10.3.4.1 Surging Production of Oil & Gas Will Significantly Influence the Market
10.3.5 Russia
10.3.5.1 Russia Accounted for the Largest Share in the Tank Insulation Market in Europe
10.3.6 Netherlands
10.3.6.1 Increasing Oil & Gas Import in the Country is Expected to Drive the Market
10.3.7 Rest of Europe
10.4 North America
10.4.1 US
10.4.1.1 The US is the Largest Tank Insulation Market in North America
10.4.2 Canada
10.4.2.1 Canada is the Fastest-Growing Tank Insulation Market in North America
10.4.3 Mexico
10.4.3.1 Government Initiatives to Increase the Production of Oil & Gas are Driving the Tank Insulation Market
10.5 Middle East & Africa
10.5.1 Saudi Arabia
10.5.1.1 Increasing Demand From the Energy & Power Industry is Expected to Drive the Market
10.5.2 Iran
10.5.2.1 Iran is the Fastest-Growing Tank Insulation Market in the Middle East & Africa
10.5.3 UAE
10.5.3.1 The Chemical Segment Will Significantly Impact the Tank Insulation Market Growth
10.5.4 Rest of Middle East & Africa
10.6 South America
10.6.1 Brazil
10.6.1.1 The Oil & Gas Industry Aids the Tank Insulation Market Growth Significantly
10.6.2 Argentina
10.6.2.1 High Requirement of Tank Insulations in the Oil & Gas Segment Will Support the Market Growth
10.6.3 Venezuela
10.6.3.1 Rising Demand for Gas-Based Electricity Will Have A Positive Impact on the Tank Insulation Market
10.6.4 Rest of South America

11 Competitive Landscape
11.1 Overview
11.2 Key Market Players
11.3 Competitive Situation and Trends
11.3.1 Expansion
11.3.2 New Product Launch
11.3.3 Acquisition
11.3.4 Agreement
11.3.5 Investment

12 Company Profiles
12.1 Rockwool International A/S
12.2 Armacell International S.A.
12.3 Owens Corning
12.4 Saint-Gobain
12.5 Cabot Corporation
12.6 Kingspan Group PLC
12.7 Johns Manville
12.8 Knauf Insulation
12.9 BASF SE
12.10 Covestro AG
12.11 Other Market Players
12.11.1 Huntsman Corporation
12.11.2 Itw Insulation Systems
12.11.3 Rochling Group
12.11.4 Dunmore Corporation
12.11.5 Nmc Sa
12.11.6 Gilsulate International, Inc.
12.11.7 Sekisui Foam Australia

13 Appendix
13.1 Insights From Industry Experts
13.2 Discussion Guide
13.3 Knowledge Store: Subscription Portal
13.4 Available Customizations
13.5 Related Reports
13.6 Author Details

List of Tables
Table 1 Trends and Forecast of GDP, 2018–2023 (USD Billion)
Table 2 Tank Insulation Market Size, By Material, 2016–2023 (USD Million)
Table 3 Tank Insulation Market Size, By Type, 2016–2023 (USD Million)
Table 4 Storage Tank Insulation Market Size, By Region, 2016–2023 (USD Million)
Table 5 Transportation Tank Insulation Market Size, By Region, 2016–2023 (USD Million)
Table 6 Tank Insulation Market Size, By Temperature, 2016–2023 (USD Million)
Table 7 Cold Insulation Market Size, By Region, 2016–2023 (USD Million)
Table 8 Hot Insulation Market Size, By Region, 2016–2023 (USD Million)
Table 9 Tank Insulation Market Size, By End-Use Industry, 2016–2023 (USD Million)
Table 10 Tank Insulation Market Size in Oil & Gas Industry, By Region, 2016–2023 (USD Million)
Table 11 Tank Insulation Market Size in Chemical Industry, By Region, 2016–2023 (USD Million)
Table 12 Tank Insulation Market Size in Food & Beverage Industry, By Region, 2016–2023 (USD Million)
Table 13 Tank Insulation Market Size in Energy & Power Industry, By Region, 2016–2023 (USD Million)
Table 14 Tank Insulation Market Size in Other End-Use Industries, By Region, 2016–2023 (USD Million)
Table 15 Tank Insulation Market Size, By Region, 2016–2023 (USD Million)
Table 16 APAC: Tank Insulation Market Size, By Country, 2016–2023 (USD Million)
Table 17 APAC: Tank Insulation Market Size, By Type, 2016–2023 (USD Million)
Table 18 APAC: Tank Insulation Market Size, By Temperature, 2016–2023 (USD Million)
Table 19 APAC: Tank Insulation Market Size, By End-Use Industry, 2016–2023 (USD Million)
Table 20 China: Tank Insulation Market Size, By End-Use Industry, 2016–2023 (USD Million)
Table 21 India: Tank Insulation Market Size, By End-Use Industry, 2016–2023 (USD Million)
Table 22 Japan: Tank Insulation Market Size, By End-Use Industry, 2016–2023 (USD Million)
Table 23 South Korea: Tank Insulation Market Size, By End-Use Industry, 2016–2023 (USD Million)
Table 24 Indonesia: Tank Insulation Market Size, By End-Use Industry, 2016–2023 (USD Million)
Table 25 Australia: Tank Insulation Market Size, By End-Use Industry, 2016–2023 (USD Million)
Table 26 Malaysia: Tank Insulation Market Size, By End-Use Industry, 2016–2023 (USD Million)
Table 27 Rest of APAC: Tank Insulation Market Size, By End-Use Industry, 2016–2023 (USD Million)
Table 28 Europe: Tank Insulation Market Size, By Country, 2016–2023 (USD Million)
Table 29 Europe: Tank Insulation Market Size, By Type, 2016–2023 (USD Million)
Table 30 Europe: Tank Insulation Market Size, By Temperature, 2016–2023 (USD Million)
Table 31 Europe: Tank Insulation Market Size, By End-Use Industry, 2016–2023 (USD Million)
Table 32 Germany: Tank Insulation Market Size, By End-Use Industry, 2016–2023 (USD Million)
Table 33 Italy: Tank Insulation Market Size, By End-Use Industry, 2016–2023 (USD Million)
Table 34 France: Tank Insulation Market Size, By End-Use Industry, 2016–2023 (USD Million)
Table 35 UK: Tank Insulation Market Size, By End-Use Industry, 2016–2023 (USD Million)
Table 36 Russia: Tank Insulation Market Size, By End-Use Industry, 2016–2023 (USD Million)
Table 37 Netherlands: Tank Insulation Market Size, By End-Use Industry, 2016–2023 (USD Million)
Table 38 Rest of Europe: Tank Insulation Market Size, By End-Use Industry, 2016–2023 (USD Million)
Table 39 North America: Tank Insulation Market Size, By Country, 2016–2023 (USD Million)
Table 40 North America: Tank Insulation Market Size, By Type, 2016–2023 (USD Million)
Table 41 North America: Tank Insulation Market Size, By Temperature, 2016–2023 (USD Million)
Table 42 North America: Tank Insulation Market Size, By End-Use Industry, 2016–2023 (USD Million)
Table 43 US: Tank Insulation Market Size, By End-Use Industry, 2016–2023 (USD Million)
Table 44 Canada: Tank Insulation Market Size, By End-Use Industry, 2016–2023 (USD Million)
Table 45 Mexico: Tank Insulation Market Size, By End-Use Industry, 2016–2023 (USD Million)
Table 46 Middle East & Africa: Tank Insulation Market Size, By Country, 2016–2023 (USD Million)
Table 47 Middle East & Africa: Tank Insulation Market Size, By Type, 2016–2023 (USD Million)
Table 48 Middle East & Africa: Tank Insulation Market Size, By Temperature, 2016–2023 (USD Million)
Table 49 Middle East & Africa: Tank Insulation Market Size, By End-Use Industry, 2016–2023 (USD Million)
Table 50 Saudi Arabia: Tank Insulation Market Size, By End-Use Industry, 2016–2023 (USD Million)
Table 51 Iran: Tank Insulation Market Size, By End-Use Industry, 2016–2023 (USD Million)
Table 52 UAE: Tank Insulation Market Size, By End-Use Industry, 2016–2023 (USD Million)
Table 53 Rest of Middle East & Africa: Tank Insulation Market Size, By End-Use Industry, 2016–2023 (USD Million)
Table 54 South America: Tank Insulation Market Size, By Country, 2016–2023 (USD Million)
Table 55 South America: Tank Insulation Market Size, By Type, 2016–2023 (USD Million)
Table 56 South America: Tank Insulation Market Size, By Temperature, 2016–2023 (USD Million)
Table 57 South America: Tank Insulation Market Size, By End-Use Industry, 2016–2023 (USD Million)
Table 58 Brazil: Tank Insulation Market Size, By End-Use Industry, 2016–2023 (USD Million)
Table 59 Argentina: Tank Insulation Market Size, By End-Use Industry, 2016–2023 (USD Million)
Table 60 Venezuela: Tank Insulation Market Size, By End-Use Industry, 2016–2023 (USD Million)
Table 61 Rest of South America: Tank Insulation Market Size, By End-Use Industry, 2016–2023 (USD Million)
Table 62 Expansion, 2016–2018
Table 63 New Product Launch, 2016–2018
Table 64 Acquisition, 2016–2018
Table 65 Agreement, 2016–2018
Table 66 Investment, 2016-2018

List of Figures
Figure 1 Tank Insulation Market: Research Design
Figure 2 Tank Insulation Market: Data Triangulation
Figure 3 Elastomeric Foam to Be the Fastest-Growing Material Type in the Market
Figure 4 Oil & Gas End-Use Industry Accounted for the Largest Share in the Market in 2017
Figure 5 Storage Tank to Be the Larger Segment of the Market
Figure 6 Cold Insulation Segment to Lead the Tank Insulation Market
Figure 7 APAC Accounted for the Largest Share of the Tank Insulation Market in 2017
Figure 8 Increasing Demand From Oil & Gas and Chemical Sectors to Drive the Market
Figure 9 China Led the APAC Tank Insulation Market in 2017
Figure 10 APAC Accounted for the Largest Market Share in 2017
Figure 11 Oil & Gas End-Use Industry Accounted for the Largest Share in the Middle East & Africa in 2017
Figure 12 China to Be the Fastest-Growing Market Between 2018 and 2023
Figure 13 Drivers, Restraints, Opportunities, and Challenges: Tank Insulation Market
Figure 14 Tank Insulation Market: Porter’s Five Forces Analysis
Figure 15 Global Oil Production, 2012–2017
Figure 16 Global Oil Consumption, 2012–2017
Figure 17 Global Natural Gas Production, 2012–2017
Figure 18 Elastomeric Foam Segment to Register the Highest CAGR in the Tank Insulation Market
Figure 19 Storage Tank Segment to Register the Higher CAGR in the Tank Insulation Market
Figure 20 Cold Insulation Segment to Register the Higher CAGR in the Tank Insulation Market
Figure 21 Market in the Chemical Segment to Register the Highest CAGR
Figure 22 APAC to Be the Fastest-Growing Tank Insulation Market
Figure 23 APAC: Tank Insulation Market Snapshot
Figure 24 Europe: Tank Insulation Market Snapshot
Figure 25 North America: Tank Insulation Market Snapshot
Figure 26 Acquisition Was the Key Growth Strategy Adopted By the Market Players Between 2016 and 2018
Figure 27 Rockwool International A/S: Company Snapshot
Figure 28 Rockwool International A/S: SWOT Analysis
Figure 29 Armacell International S.A.: Company Snapshot
Figure 30 Armacell International S.A.: SWOT Analysis
Figure 31 Owens Corning: Company Snapshot
Figure 32 Owens Corning: SWOT Analysis
Figure 33 Saint-Gobain: Company Snapshot
Figure 34 Saint-Gobain: SWOT Analysis
Figure 35 Cabot Corporation: Company Snapshot
Figure 36 Cabot Corporation: SWOT Analysis
Figure 37 Kingspan Group PLC: Company Snapshot
Figure 38 BASF SE: Company Snapshot
Figure 39 Covestro AG: Company Snapshot

Note: Product cover images may vary from those shown
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  • Armacell International S.A.
  • BASF SE
  • Cabot Corporation
  • Covestro AG
  • Dunmore Corporation
  • Gilsulate International, Inc.
  • Huntsman Corporation
  • Itw Insulation Systems
  • Johns Manville
  • Kingspan Group PLC
  • Knauf Insulation
  • Nmc Sa
  • Owens Corning
  • Rochling Group
  • Rockwool International A/S
  • Saint-Gobain
  • Sekisui Foam Australia
Note: Product cover images may vary from those shown
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