Tank Insulation

Tank Insulation

Global Tank Insulation Market to Reach US$9.9 Billion by 2030

The global market for Tank Insulation estimated at US$6.5 Billion in the year 2023, is expected to reach US$9.9 Billion by 2030, growing at a CAGR of 6.2% over the analysis period 2023-2030. PU & PIR Material, one of the segments analyzed in the report, is expected to record a 7.2% CAGR and reach US$4.8 Billion by the end of the analysis period. Growth in the Rockwool Material segment is estimated at 5.1% CAGR over the analysis period.

The U.S. Market is Estimated at US$1.7 Billion While China is Forecast to Grow at 9.3% CAGR

The Tank Insulation market in the U.S. is estimated at US$1.7 Billion in the year 2023. China, the world`s second largest economy, is forecast to reach a projected market size of US$2.3 Billion by the year 2030 trailing a CAGR of 9.3% over the analysis period 2023-2030. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at a CAGR of 3.3% and 5.6% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 3.9% CAGR.

Global Tank Insulation Market - Key Trends and Drivers Summarized

How Is Tank Insulation Ensuring Thermal Efficiency and Safety?

Tank insulation involves applying insulating materials to storage tanks to maintain the temperature of the stored substance, minimize heat loss or gain, and enhance energy efficiency. Used across industries like oil and gas, chemicals, food processing, and water storage, tank insulation helps reduce energy consumption, prevent condensation, and maintain safety standards. Insulating materials include fiberglass, polyurethane foam, mineral wool, and cellular glass, each chosen based on thermal properties, chemical resistance, and durability. As industries focus on energy conservation and safety compliance, the demand for effective tank insulation solutions has been on the rise, supporting operational efficiency.

What Are the Key Segments in the Tank Insulation Market?

Key materials include fiberglass, polyurethane foam, mineral wool, and cellular glass, with polyurethane foam leading the segment due to its high thermal resistance and versatility across different tank applications. Temperature segments cover hot and cold insulation, with hot insulation representing a significant share driven by its use in oil and gas tanks to maintain product temperature. End-users include the oil and gas industry, chemical industry, food processing, and water treatment, with oil and gas leading the market as insulated tanks play a critical role in refining, storage, and transportation processes.

How Is Tank Insulation Integrated Across Industrial Applications?

In the oil and gas sector, tank insulation helps maintain the temperature of crude oil, liquefied natural gas (LNG), and refined products, ensuring optimal viscosity and preventing condensation or freezing. In the chemical industry, insulated tanks store volatile chemicals at controlled temperatures, enhancing safety and reducing risks. In the food processing industry, tank insulation is used for cold storage of dairy, beverages, and other perishables, minimizing energy use and preserving product quality. Additionally, water treatment facilities rely on insulated tanks to prevent freezing in cold climates, ensuring consistent water supply and system efficiency.

What Factors Are Driving the Growth in the Tank Insulation Market?

The growth in the Tank Insulation market is driven by several factors, including increasing demand for energy efficiency, rising safety standards in industrial storage, and expanding oil and gas infrastructure. Advancements in insulation materials, such as better thermal performance, fire resistance, and durability, have supported broader adoption across industrial applications. The focus on reducing operational costs, improving energy conservation, and complying with safety regulations has further fueled demand, as tank insulation enhances both performance and safety. Additionally, growing chemical production, food processing expansion, and increased investments in infrastructure development have contributed to market growth, encouraging the use of advanced tank insulation solutions across industries.

SCOPE OF STUDY:

The report analyzes the Tank Insulation market in terms of US$ Million by the following End-Use; Material; Type, and Geographic Regions/Countries:

Segments:
Material (PU & PIR, Rockwool, Fiberglass, Elastomeric Foam, Other Materials); Type (Storage, Transportation); End-Use (Oil & Gas, Chemical, Food & Beverage, Energy & Power, Other End-Uses)

Geographic Regions/Countries:
World; United States; Canada; Japan; China; Europe (France; Germany; Italy; United Kingdom; Spain; Russia; and Rest of Europe); Asia-Pacific (Australia; India; South Korea; and Rest of Asia-Pacific); Latin America (Argentina; Brazil; Mexico; and Rest of Latin America); Middle East (Iran; Israel; Saudi Arabia; United Arab Emirates; and Rest of Middle East); and Africa.

Select Competitors (Total 37 Featured) -

• Armacell International S.A.
• BASF SE
• Cabot Corporation
• Compagnie de Saint-Gobain S.A.
• Covestro AG
• Dunmore Corporation
• Gilsulate International, Inc.
• Huntsman Corporation
• ITW Insulation Systems
• Johns Manville Corporation
• Kingspan Group plc
• Knauf Insulation, Inc.
• Nmc SA
• Owens Corning
• Rochling Group
• Rockwool International A/S
• Sekisui Foam Australia

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