(MENAFN- GlobeNewsWire - Nasdaq) Stringent Energy Efficiency Regulations and Expansion of Industrial Infrastructure Fueling Demand for Tank Insulation. Industries prioritize energy efficiency, driving tank insulation demand. Market to hit US$ 6.2 Billion by 2024, soaring to US$ 10.2 Billion by 2034 at 5.1% CAGR. Oil & gas, chemicals, and food and beverage sectors adopt insulation to cut costs and boost energy efficiency. Rising LNG/LPG demand fuels global insulated tank growth, with Asia-Pacific, Middle East, and Africa leading due to infra projects.
NEWARK, Del, March 19, 2024 (GLOBE NEWSWIRE) -- The demand for tank insulation solutions is growing at an impressive rate as industries prioritize energy efficiency and sustainability. The tank insulation market is expected to reach US$ 6.2 billion in 2024 and is expected to escalate to US$ 10.2 billion by 2034. The market is expected to rise at a CAGR of 5.1% through 2034. The oil & gas, chemical processing, and food & beverage sectors are among the industries that are increasingly using tank insulation solutions to minimize operational costs and curtail heat loss or gain, thereby enhancing their energy efficiency.
The increasing demand for liquefied natural gas (LNG) and liquefied petroleum gas (LPG), maintaining cryogenic temperatures has become essential, further driving insulated tanks globally. The growth of infrastructure development projects and industrialization, particularly in Asia-Pacific, the Middle East, and Africa, is driving the demand for insulated tanks across various industries, including oil & gas, petrochemicals, and chemical processing. With stringent environmental regulations and increasing awareness about reducing greenhouse gas emissions, businesses are investing in tank insulation solutions.
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Technological advancements in insulation materials also facilitate the development of high-performance solutions that offer superior thermal efficiency, durability, and corrosion resistance, catering to the market's evolving needs.
Despite the growth prospects, challenges such as significant initial investments, complexity in installation, and the need for more awareness about the benefits of tank insulation persist. Regulatory compliance and maintenance requirements also pose hurdles for businesses.
Industries are increasingly recognizing the advantages of insulated tanks in maintaining optimal storage conditions, minimizing environmental impact, and complying with regulations. Notably, the United Kingdom, the United States, China, South Korea, and Japan are driving the global expansion of the tank insulation market.
“Investing in research and development can improve product performance, sustainability, and access to new markets. Collaborating with regulatory bodies can streamline compliance processes,” comments Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.)
Key Takeaways from the Market Study
The demand for polyurethane is expected to rise at a 5.0% CAGR through 2034. The cold insulation segment is expected to grow at a 4.9% CAGR from 2024 to 2034. The tank insulation market in South Korea has the potential to increase at a 7.4% CAGR through 2034. The tank insulation in Japan is projected to inflate at a CAGR of 6.2% through 2034. The tank insulation market in the United Kingdom is predicted to rise at a 5.5% CAGR through 2034. The tank insulation in China is anticipated to develop at a CAGR of 5.3% through 2034. The tank insulation in the United States is estimated to rise at a 5.2% CAGR through 2034.
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Competitive Landscape
Tank insulation companies are expanding their global presence through initiatives like product innovation, strategic partnerships, and geographic expansion. They invest heavily in R&D to introduce advanced insulation materials and cater to the evolving needs of industries like oil & gas, chemical processing, and food & beverage. Strategic collaborations with key stakeholders in the supply chain enable companies to penetrate new markets and strengthen their position.
Geographic expansion involves establishing manufacturing facilities, distribution centers, and sales offices in regions with high demand, allowing them to serve local customers better and capitalize on emerging opportunities.
Key Companies in the Market
BASF SE Johns Manville Omkar Puf Insulation Pvt. Ltd. Isolatie Combinatie Beverwijk B.V. Rockwool International A/S Cabot Corporation Owens Corning Saint-Gobain Kingspan Group Armacell International S.A. Knauf Insulation Covestro AG
Recent Developments
PASSER Marine received approval for its innovative LNG fuel tank insulation system. Saint-Gobain acquired Kaimann GmbH International, a major producer of elastomeric insulation materials in Europe. Armacell International acquired De Xu, an elastomeric insulation foam manufacturer based in China.
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Market Segmentation
By Material Type:
Polyurethane Fiberglass Rockwool Elastomeric Foam Expanded Polystyrene Others
By Temperature:
Cold Insulation Hot Insulation
By End Use:
Chemical Oil and Gas Food and Beverages Energy and Power Others
By Region:
North America Latin America Asia Pacific Middle East and Africa (MEA) Europe
About the Chemicals and Materials Division at Future Market Insights (FMI)
The chemicals and materials division of Future Market Insights (FMI) offers a distinct and pinpoint analysis of the chemicals and materials industry. This exhaustive coverage extends from commodity, bulk, specialty, and petrochemicals to advanced materials, composites, and nanotechnology in particular, with special emphasis on 'green alternatives, recycling and renewable technology developments, supply-demand-trade assessment. Our research studies serve as referencing market guidelines for chemical manufacturers, research institutions, channel partners, and government bodies for developing – 'The Way Forward'.
Author by:
Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.
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The global industrial insulation market is projected to have an average-paced CAGR of 5% during the forecast period. The market value of the industrial insulation market is anticipated to surpass a valuation of US$ 12.66 Billion by the year 2032.
The cold insulation market is expected to grow at a CAGR of 8.1% during the period 2022 to 2032. The market is valued at US$ 6835.6 million as of 2022. By 2032, the market is expected to reach a valuation of US$ 14894.8 million.
In 2022, the global building thermal insulation market size is estimated to be worth US$ 29,034 Million. The market is expected to grow at a CAGR of 4.3% during the forecast period. Furthermore, the market is expected to be worth US$ 44,233.7 Million in 2032.
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The electrical insulation materials market is expected to increase at a 6.6% CAGR during the forecast period. The market is expected to reach from US$ 10.70 billion in 2023 to US$ 20.28 billion by 2033.
The current valuation of the fireproof insulation market in 2022 is US$ 27.5 billion and it is projected to grow at a modest CAGR of 3.5% during the forecast period to reach a market value of US$ 38.79 billion by 2032.
The global OEM insulation market size was predicted to reach around US$ 13,727.6 million in 2018. It is anticipated to cross revenues of US$ 15,224.6 million in 2023. The market is projected to reach US$ 23,284.8 million by the end of 2033, representing a 4.3% CAGR between 2023 and 2033.
The high-performance insulation materials market is expected to achieve a net worth of US$ 13.43 Billion in 2022 to reach over US$ 38.13 Billion by 2032. The market is growing at an impressive CAGR of 11% during the forecast period.
According to the latest market survey conducted by Future Market Insights, the global HVAC insulation market is relishing a market valuation of US$ 4.7 Billion in 2022 and is all set to expand with a CAGR of 5.7% during the 2022 to 2032 period.
The corrosion under insulation (CUI) and spray-on insulation (SOI) coating is predicted to rise at a moderate CAGR of 5.3% from 2024 to 2034. The global market is anticipated to reach US$ 3.6 billion by 2034.
The spray foam insulation market is projected to rise at a CAGR of 6.5% from 2022 to 2032, reaching US$ 3,560 million in 2032.
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