Tank Insulation Market worth $6.5 billion by 2023 | Key players Rockwool International A/S (Denmark), Owens Corning (US), Saint-Gobain (France), Kingspan Group (Republic of Ireland).

According to recent market research 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", 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. 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.

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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.

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.

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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).

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Rockwool International A/S is one of the leading manufacturers of tank insulations, globally. The company focuses on the strategies of acquisitions and expansions to maintain its leading position in the market. For instance, in November 2017, the company set up its first rockwool factory in Romania. The expansion helped the company to meet the growing demand for rockwool insulation materials. In addition to this, in November 2017, the company acquired Flumroc AG, a rockwool manufacturer in Switzerland. This helped the company to strengthen its product portfolio.

Owens Corning is another major player in the tank insulation market. The company has been focusing on acquisitions and new product launches as part of its growth strategies. In April 2018, the company acquired Guangde SKD Rock Wool Manufacture Co. Ltd. (China), a manufacturer of mineral wool. The acquisition helped the company to strengthen its presence in China. In February 2018, the company acquired Paroc Group, a leading producer of mineral wool insulation for building and technical applications in Europe. This acquisition strengthened the company's product portfolio of tank insulation products. Furthermore, in April 2017, the company introduced the first and only formaldehyde-free Thermafiber light-density mineral wool insulation. This helped the company to strengthen its product portfolio in the tank insulation market.

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