Press release
Tank Insulation Industry Outlook 2025-2029: Market Set to Cross $8.44 Billion Milestone
Tank Insulation
How Large Will the Tank Insulation Market Size By 2025?
In recent times, there has been a consistent growth in the tank insulation market size. Expectations are that it will increase from its current value of $6.4 billion in 2024 to approximately $6.65 billion in 2025, exhibiting a compound annual growth rate (CAGR) of 4.0%.
How Big Is the Tank Insulation Market Size Expected to Grow by 2029?
The market size for tank insulation is set to experience notable acceleration in its growth over the forthcoming years, expecting to reach $8.44 billion in 2029, developing at a compound annual growth rate (CAGR) of 6.1%. The growth during this forecast period can be linked to the expansion of renewable energy storage, implementation of energy conservation measures, the universal push for renewable fuels, government encouragement for energy efficiency and the integration with heat recovery systems. The forecast period also sees major trends emerging, including cutting-edge insulation technologies, maintenance and retrofitting services, alterations in global LNG trade, technological breakthroughs, and investments in the chemical and petrochemical industries.
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Which Key Market Drivers Powering Tank Insulation Market Expansion and Growth?
The expansion of facilities that manufacture chemicals is projected to stimulate the tank insulation market's advancement. Such facilities are engaged in various processes and production activities related to chemicals and their derivatives. Insulation plays a crucial role in maintaining steady operating temperatures by reducing heat gain and easing the burden on chillers or heaters. To achieve efficient processing, chemical tanks are insulated to ensure uniform operating temperatures. Insulating storage tanks is cost-effective, controls temperature and mitigates issues stemming from sudden temperature fluctuations. The growth in the chemical manufacturing sector leads to increased insulation needs for chemical tanks and containers, thereby fueling the growth of the tank insulation market. For instance, a report by BASF, a Germany-based chemical manufacturer, showed in February 2023 that excluding pharmaceuticals, the global chemical production is set to rise by 2.0% in 2023 from 2022 levels. Furthermore, chemical production is expected to see an increase of 2.7% from 2023 to 2025. These increases in chemical manufactures are, therefore, catalyzing the growth of the tank insulation market.
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Which Fast-Growing Trends Are Poised to Disrupt the Tank Insulation Market?
Product advancement is a significant trend in the market for tank insulation. Key companies in this market are focusing their efforts on developing pioneering solutions to consolidate their place in the market. For example, in October 2022, Skipper Limited, a company based in India specialising in power infrastructure and polymer production, is set to launch a range of water tanks branded 'Marina.' The Marina tanks, intended for both domestic and commercial uses, integrate state-of-the-art insulation technology with four and three layers of foam to guarantee sanitary and anti-bacterial water storage. Made with the innovative Roto Mold technology and reinforced with extra ribs, these tanks provide enhanced strength and longevity.
What Are the Emerging Segments in the Tank Insulation Market?
The tank insulation market covered in this report is segmented -
1) By Type: Storage Tank Insulation, Transportation Tank Insulation
2) By Material: PU And PIR, Rockwool, Fiberglass, Elastomeric Foam, Cellular Glass, EPS, Other Materials
3) By Temperature: Cold Insulation, Hot Insulation
4) By End-Use Industry: Oil And Gas, Chemical, Food And Beverage, Energy And Power, Other End-Use Industries
Subsegments:
1) By Storage Tank Insulation: Vertical Storage Tank Insulation, Horizontal Storage Tank Insulation
2) By Transportation Tank Insulation: Insulated Tank Trailers, Insulated Rail Tank Cars, Insulated Shipping Containers
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Who Are the Global Leaders in the Tank Insulation Market?
Major companies operating in the tank insulation market include Rockwool A/S, Owens Corning, Saint-Gobain S, Kingspan Group PLC, Armacell International S, Johns Manville, Knauf Insulation Inc., BASF SE, Gilsulate International Inc., Commercial Thermal Solutions Inc., The Dow Chemical Company, ITW Insulation Systems FZE, J H Ziegler GmbH, Huntsman Corporation, Isolatek International, L'ISOLANTE K-FLEX SpA, MBI Products Company Inc., Microtherm NV, Morgan Advanced Materials, NMC SA., Pacor Inc., Pittsburgh Corning Corporation, Polyguard Products Inc., Rmax Operating LLC, Roxul Inc., Sika AG, Superlon Worldwide, Thermafiber Inc., Unifrax I LLC
Which are the Top Profitable Regional Markets for the Tank Insulation Industry?
Asia-Pacific was the largest region in the tank insulation market in 2024. Asia-Pacific is expected to be the fastest-growing region in the tank insulation market during the forecast period. The regions covered in the tank insulation market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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