Global Tank Insulation Market Forecast, 2019-2023: Increased Demand From Oil & Gas and Chemical Industries

DUBLIN, Jan. 21, 2019 /PRNewswire/ --

The "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" report has been added to ResearchAndMarkets.com's offering.

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.

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).

Key Topics Covered:

1 Introduction

2 Research Methodology

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

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

For more information about this report visit https://www.researchandmarkets.com/research/twqwjh/global_tank?w=5

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