Global Tank Insulation Market 2020 (Includes Business Impact of COVID-19)

                                          
“Global Tank Insulation Market Analysis Trends, Applications, Analysis, Growth, and Forecast to 2027” is a recent report generated by Trusted Business Insights. The global tank insulation market report has been segmented on the basis of material, type, temperature, end-use industry, and region.

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Global Tank Insulation Market: Overview

Tank insulation process is used to cover the walls of tank which are further used for various applications in order to resist fire, moisture, or heat and maintain the appropriate temperature according to requirement. Tank insulation is widely used in various industries such as oil & gas, chemical, food & beverage, energy & power, and others.

Global Tank Insulation Market: Dynamics

Increasing demand for tank insulation from oil & gas, food and beverage, and energy & power industry owing to various properties such as fire resistant, moisture resistant, heat transfer resistant, and others, is a major factor expected to drive growth of the global tank insulation market over the forecast period. In addition, rising demand for cryogenic insulation in space applications is another factor estimated to fuel growth of the target market during the forecast period. Moreover, increasing adoption of biodegradable insulation materials by manufacturers which is obtained by renewable sources, is among some factors anticipated to propel growth of the potential market over the long run.

However, high cost of raw materials and regulations pertaining to health hazards and safety are among the factors which may hamper demand for tank insulation and restrain growth of the target market over the forecast period.

Increasing demand for tank insulation in emerging economies due to rapid industrialization is a factor expected to create a lucrative opportunity for growth of the potential market over the forecast period.

Global Tank Insulation Market: Segment Analysis

On the basis of material, the polyurethane & polyisocyanurate segment is expected to account for highest revenue share in the target market during the forecast period. Among type, the storage tank insulation segment is estimated to register for highest share in terms of revenue in the target market in the next coming years. Among temperature segment, the hot insulation segment is anticipated to witness significant revenue growth in the target market over the forecast period. Among end-use industry, the oil & gas segment is anticipated to witness significant revenue growth in the target market over the forecast period.

Global Tank Insulation Market: Regional Analysis

The tank insulation market in the Asia Pacific accounts for highest share in terms of revenue in the target market and is projected to witness fastest growth rate over the forecast period. Increasing demand for tank insulation in energy & power industry coupled with rapid industrialization and infrastructural development in countries such as China and India in the region, are some factors estimated to fuel growth of the Asia Pacific tank insulation market over the forecast period. China and India are anticipated to contribute considerable share in terms of revenue in the target market during the forecast period. North America is expected to register for significant growth rate in the target market in the next coming years, owing to increasing investments and initiatives by government in oil & gas sector which in turn support revenue growth of tank insulation in the region. The Europe tank insulation market projected to register for moderate revenue share in the target market over the forecast period.

Global Tank Insulation Market Segmentation:

Segmentation on the Basis of Material:

Polyurethane (PU) & Polyisocyanurate (PIR)
Rockwool
Elastomeric Foam
Fiberglass
Expanded Polystyrene (EPS)
Cellular Glass
Others (Calcium Silicate and Perlite)

Segmentation on the Basis of Type:

Storage Tank Insulation
Transportation Tank Insulation

Segmentation on the Basis of Temperature:

Cold Insulation
Hot Insulation

Segmentation on the Basis of End-use Industry:

Oil & Gas
Chemical
Food & Beverage
Energy & Power
Other