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Tank Insulation Market Size, Share and Forecast 2026

(Entertainment-NewsWire.com, September 17, 2019 ) Market Overview
• Tank insulation is a combination of materials that add a shielding covering to tanks and diminishes the heat loss or heat gain from surfaces operating at temperatures above or below the surrounding temperature. Tank insulation is eco-friendly; it helps to reduce environmental pollution. Tank insulation is used for storage of gases like LPG, carbon dioxide, LNG, propylene, argon, ethylene, butane, nitrogen, chlorine, propane, LPG, ammonia, oxygen and hydrogen. By end user, the tank insulation market is segmented into chemical, oil & gas, power and food & beverage and others. Increasing urbanization, rapid industrialization and rising investment in the energy sector are the major drivers impacting the market in Asia Pacific in the forecast period.
• The global tank insulation market size was worth USD YY million in 2018 and is estimated to reach USD YY million by 2026, at a CAGR of YY% during the forecast period.

Market Dynamics
• Increasing the usage of renewable insulation materials and rising demand from oil & gas and chemical industries are the major driving factors for the market growth. The increasing production of oil in countries such as the US, Russia and gulf countries like Saudi Arabia, Iran drives the demand for tank insulation. The world’s energy system is going through a transition. Over the next thirty years it will change significantly in its composition as it decouples from carbon, population and economic growth. Demand growth for energy especially for oil and gas is expected to come from emerging economies, with the largest growth markets being China, India, South East Asia and Sub-Saharan Africa.

Market Segmentation
• By end user, the tank insulation market is segmented into chemical, oil & gas, power and food & beverage and others. Others include pharmaceutical, metal and water treatment. The global tank insulation market size by end user was worth USD YY million in 2018 and is estimated to reach USD YY million by 2026, at a CAGR of YY% during the forecast period. Oil and gas are expected to hold the major market share in the forecast period due to the rapid transformation of energy industry. The demand for LNG as a fuel worldwide is estimated to increase the demand for tank insulation in the oil & gas industry. In general, Oil & natural gases and liquefied natural gases (LNG) are stored in the liquefaction plant, where conversion of natural gas into a liquid state is undertaken. Tank insulations are being used for transportation & storage vessels purpose. Insulating tanks help in maintaining the actual form of LNG while storing and transporting.
• Based on the material, the material is classified into rockwool, elastomeric foam, polystyrene, rockwool, PU & PIR and others. Others include mineral wood and rubber. The global tank insulation market size by material was worth USD YY million in 2018 and is estimated to reach USD YY million by 2026, at a CAGR of YY% during the forecast period. The PU & PIR segment is expected to grab the major market share owing to the growth of oil& gas industry in the forecast period globally.
• By type, the insulation market is divided into transportation and storage.

Geographical Analysis
• The Asia Pacific tank insulation market size was worth USD YY million in 2018 and is estimated to reach USD YY million by 2026, at a CAGR of YY% during the forecast period.
• Increasing urbanization, rapid industrialization and rising investment in the energy sector are the major drivers impacting the market in Asia Pacific in the forecast period. For instance, the international equity investment in the India’s clean energy sector was USD 283 million in 2016, USD 532 million in 2017 and USD 1.02 billion in 2018. China and India are expected to garb major share in the forecast period due to the great demand for transporting and storing tank fluids from the industries like energy & power and chemicals. For instance, GIC Holdings Pte Ltd and Abu Dhabi Investment Authority (ADIA) that have agreed to invest an USD 329 million in Indian based company Greenko Energy Holdings.
Competitive Landscape
Some of the major players include
• BASF SE,
• Covestro AG,
• Cabot Corporation,
• Others

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