Global Tank Insulation Market
Paper, Plastics, Rubber, Wood And Textile Manufacturing

How Is the Tank Insulation Market Expected To Grow Through 2023-2032?

The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032


The global tank insulation market is poised for significant growth, with a projected increase from $5.83 billion in 2022 to $6.11 billion in 2023, driven by a compound annual growth rate (CAGR) of 4.7%. Looking ahead, the momentum continues, with expectations pointing towards a market size of $7.35 billion in 2027, maintaining a steady CAGR of 4.7%.


Chemical Manufacturing Facilities: Fuelling Market Growth

  • Chemical Manufacturing Facilities as Catalysts: The surge in chemical manufacturing facilities is a key driver propelling the tank insulation market. These facilities, involved in the production of chemicals and derivatives, rely on insulation to maintain stable operating temperatures. Insulation minimizes heat gain, reduces the load on chillers or heaters, and ensures optimal processing conditions. The escalating insulation requirements for chemical tanks and containers are a direct result of the growth in chemical manufacturing facilities.
  • Economic Impact: Notably, the chemical industry, excluding pharmaceuticals, made substantial contributions in 2020. According to the Texas Comptroller of Public Accounts, it contributed $125 billion in exports, $486 billion to U.S. gross domestic product, and supplied 13% of the world’s chemicals. This economic impact underscores the critical role of insulation in supporting the efficiency and reliability of chemical manufacturing processes.


Industry Giants: Leaders Shaping the Tank Insulation Landscape

  • Prominent Players: Major players in the tank insulation market are powerhouses in shaping its trajectory. Companies such as Rockwool International A/S, Owens Corning, Saint-Gobain S.A., and Kingspan Group PLC. are at the forefront, leveraging their expertise to meet the evolving demands of the market.


Innovation Takes Center Stage: Pioneering Solutions in Tank Insulation

  • Focus on Product Innovation: A noteworthy trend in the tank insulation market is the emphasis on product innovation. Leading companies are committed to developing cutting-edge solutions to strengthen their market position. For instance, va-Q-tec, a German-based company, introduced va-Q-patch in April 2020. This innovative insulation system for energy-efficient hot water tank insulation provides ten times more insulation than standard materials, ensuring long-term optimal thermal insulation.


Navigating Segmentation: Understanding the Diverse Market Dynamics

The tank insulation market is diverse, segmented based on critical factors:

  1. By Type: Storage Tank Insulation, Transportation Tank Insulation.
  2. By Material: PU And PIR, Rockwool, Fiberglass, Elastomeric Foam, Cellular Glass, EPS, and Other Materials.
  3. By Temperature: Cold Insulation, Hot Insulation.
  4. By End-Use Industry: Oil And Gas, Chemical, Food And Beverage, Energy And Power, and Other End-Use Industries.


This segmentation provides a comprehensive view of the market, allowing stakeholders to tailor strategies to specific sectors and capitalize on emerging opportunities.


Global Dynamics: Asia-Pacific Takes Center Stage

  • Current Landscape: In 2022, Asia-Pacific emerged as the largest region in the tank insulation market. The region’s vibrant economic activities and industrial growth contributed significantly to this status.
  • Future Growth: Looking ahead, Asia-Pacific is anticipated to be the fastest-growing region in the global tank insulation market during the forecast period. The region’s increasing demand for tank insulation aligns with its role as an economic powerhouse.


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The Tank Insulation Global Market Report 2023  provides comprehensive insights on the tank insulation market size, trends and drivers, opportunities, strategies, and competitor analysis. The countries covered in the tank insulation market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA, and the major seven regions are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.


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