CHICAGO, January 10, 2019 /PRNewswire/ --
According to the new research report "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", published by MarketsandMarkets™, the Tank Insulation Market is projected to reach USD 6.5 billion by 2023, at a CAGR of 4.50% from USD 5.2 billion in 2018.
Browse in-depth TOC on "Tank Insulation Market"
66 - Tables
39 - Figures
125 - Pages
View detailed Table of Content here:
Transportation and storage of various materials are the major applications of tank insulations in the oil & gas and chemical sectors. In addition, the necessity to insulate tanks to save energy is another reason driving the Tank Insulation Market. The growing production of oil in countries such as the US, Saudi Arabia, Iran, and Russia is also fueling the market growth. Rapid industrialization in APAC, especially in China and India, is another factor driving the demand for tank insulation materials in industrial plants.
PU & PIR is the largest segment in the Tank Insulation Market in 2018
The PU & PIR segment is estimated to account for the largest share of the Tank Insulation Market during the forecast period, in terms of value. The dominance of the PU & PIR segment is expected to continue during the forecast period due to its increasing use in the oil & gas industry. PU & PIR are majorly used in storage and transportation facilities of materials where cold or cryogenic conditions are required. Furthermore, these are also used in cold stores and food processing plants.
Increasing demand for LNG as a fuel to drive the market for tank insulation in the oil & gas segment during the forecast period
The oil & gas segment is estimated to be the largest end-use industry of tank insulation during the forecast period. In the oil & gas segment, tank insulation is used in transportation & storage vessels, where oil and natural gases/liquefied natural gases (LNG) are stored and in the liquefaction plant, where conversion of natural gas into a liquid state is undertaken. Insulating tanks help in maintaining the actual form of LNG while storing and transporting. Hence, demand for LNG as a fuel across the globe is expected to increase the demand for tank insulation in the oil & gas industry.
Get Free 10% Customization on this Report:
APAC is estimated to be the largest market for tank insulation in 2018.
The APAC Tank Insulation Market is estimated to witness considerable growth on account of the rapidly growing chemical industry. China is estimated to account for the largest share of the Tank Insulation Market in the APAC region during the forecast period, in terms of value, owing to the high demand for storing and transporting tank fluids from a wide range of growing end-use industries such as chemicals and energy & power. Increasing investment in the energy sector, urbanization, industrialization, and infrastructural development are expected to drive the Tank Insulation Market during the forecast period.
The key market 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).
Browse Adjacent Markets: Foam and Insulation Market Research Reports & Consulting
Cryogenic Insulation Market by Type (PU & PIR, Cellular Glass, Polystyrene, Fiberglass, Perlite), Cryogenic Equipment (Tanks, Valves), End-Use Industry (Energy & Power, Chemicals, Metallurgical, Electronics, Shipping) - Global Forecast to 2023
Building Thermal Insulation Market by Material (Glass Wool, Stone Wool, Polystyrene), Application (Flat Roof, Pitched Roof, External Wall, Internal Wall, Cavity Wall, Floor), Building Type (Residential, Non-residential) - Global Forecast to 2022
MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies' revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.
Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model - GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.
MarketsandMarkets's flagship competitive intelligence and market research platform, "Knowledge Store" connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.
Mr. Shelly Singh
630 Dundee Road
Northbrook, IL 60062
Research Insight: https://www.marketsandmarkets.com/ResearchInsight/tank-insulation-market.asp
Visit Our Website: https://www.marketsandmarkets.com