Tank Insulation Market worth $6.5 billion by 2023 | Key Players include Rockwool International A/S, Owens Corning, Saint-Gobain, Kingspan Group, Armacell International S.A., Cabot Corporation, Johns Manville, Knauf Insulation, BASF SE, and Covestro AG.

According to recent research "Tank Insulation Market by Material (PU & PIR, Rockwool, Fiberglass, Elastomeric Foam, EPS), Type (Storage, Transportation), Temperature (Hot, Cold), End-Use Industry (Oil & Gas, Chemical, Food & Beverage, Energy & Power) - Global Forecast to 2023", published by MarketsandMarkets™, The tank insulation market is projected to reach USD 6.5 billion by 2023, at a CAGR of 4.50% from USD 5.2 billion in 2018.

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Transportation and storage of various materials are the major applications of tank insulations in the oil & gas and chemical sectors. In addition, the necessity to insulate tanks to save energy is another reason driving the tank insulation market. The growing production of oil in countries such as the US, Saudi Arabia, Iran, and Russia is also fueling the market growth. Rapid industrialization in APAC, especially in China and India, is another factor driving the demand for tank insulation materials in industrial plants.

The tank insulation market size is projected to reach USD 6.5 billion by 2023 from USD 5.2 billion, at a CAGR of 4.50% between 2018 and 2023. Tank insulation helps in energy conservation and enables to control the process temperature in storage and transportation tanks. Tank insulation uses high performance insulation materials such as cellular glass, polyurethane, polyisocyanurate, EPS, fibeeglass, rockwool, and others to achieve the required thermal conductivity at various temperatures. It is widely used in transportation and storage of oil & gases and chemicals. The tank insulation market is mainly driven by the growth in various process industries such as pharmaceuticals, food& beverage processing, oil & gas and chemicals.

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Rising environmental awareness is contributing to the growth of the market. Growing demand for insulation technologies in the oil & gas and chemical industries has created various opportunities for tank insulation manufacturers. However, volatile raw material prices act as a restraint for the market growth.

The major players in the tank insulation market include Rockwool International A/S (Denmark), Owens Corning (US), Saint-Gobain (France), Kingspan Group (Republic of Ireland), Armacell International S.A. (Germany), Cabot Corporation (US), Johns Manville (US), Knauf Insulation (US), BASF SE (Germany), and Covestro AG (Germany).These players have adopted various growth strategies, such as expansions, acquisitions, new product launches, and agreements to expand their presence and increase their shares in the tank insulation market. Expansions and acquisitions have been the most adopted strategies by major players from 2016 to 2018, which have helped them to expand their regional presence and strengthen their product offerings.

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Rockwool International A/S is one of the leading manufacturers of tank insulations, globally. The company focuses on the strategies of acquisitions and expansions to maintain its leading position in the market. For instance, in November 2017, the company set up its first rockwool factory in Romania. The expansion helped the company to meet the growing demand for rockwool insulation materials. In addition to this, in November 2017, the company acquired Flumroc AG, a rockwool manufacturer in Switzerland. This helped the company to strengthen its product portfolio.

Owens Corning is another major player in the tank insulation market. The company has been focusing on acquisitions and new product launches as part of its growth strategies. In April 2018, the company acquired Guangde SKD Rock Wool Manufacture Co. Ltd. (China), a manufacturer of mineral wool. The acquisition helped the company to strengthen its presence in China. In February 2018, the company acquired Paroc Group, a leading producer of mineral wool insulation for building and technical applications in Europe. This acquisition strengthened the company’s product portfolio of tank insulation products. Furthermore, in April 2017, the company introduced the first and only formaldehyde-free Thermafiber light-density mineral wool insulation. This helped the company to strengthen its product portfolio in the tank insulation market.

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