Dublin, Jan. 21, 2019 (GLOBE NEWSWIRE) -- The "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" report has been added to ResearchAndMarkets.com's offering.
The market size of tank insulation is estimated to be USD 5.23 billion in 2018 and is projected to reach USD 6.51 billion by 2023, at a CAGR of 4.5%.
The market is estimated to grow at a relatively higher rate in the Middle East & Africa and APAC. APAC is the largest market for tank insulation and is expected to grow rapidly during the forecast period. One of the primary drivers is the increasing demand for transportation and storage of oil & gas in this region. The tank insulation market is mainly driven by the rising demand for safe, efficient, and sustainable storage; logistics; and transportation of oil & gas in developed and developing economies. Rising demand for high-quality tanks in various sectors such as food & beverage, water treatment, and power generation is also boosting the growth of the tank insulation market. Moreover, rising environmental awareness is also contributing to the growth of the market. Volatile raw material prices is the key challenge faced in the tank insulation market. In addition, some raw materials used while manufacturing insulation, could pose a number of health hazards to human when exposed for a longer time. Growing demand for safe containment in industries such as pharmaceutical and metal has created various growth opportunities for the tank insulation manufacturers.
The global and regional players have sizable shares in the tank insulation market. The key players in the market are focusing on strategies, such as new product launches, agreements, acquisitions, investments, and expansions, to expand their businesses, globally.
Key Topics Covered:
1 Introduction 2 Research Methodology 3 Executive Summary 4 Premium Insights 4.1 Attractive Opportunities in Tank Insulation Market 4.2 APAC Tank Insulation Market, By End-Use Industry and Country 4.3 Tank Insulation Market, By Region 4.4 Tank Insulation Market, By Region and End-Use Industry 4.5 Tank Insulation Market Attractiveness 5 Market Overview 5.1 Introduction 5.2 Market Dynamics 5.2.1 Drivers 5.2.1.1 Increased Demand From Oil & Gas and Chemical Industries 5.2.1.2 Use of Renewable Insulation Materials 5.2.1.3 Growing Demand for Cryogenic Insulation 5.2.2 Restraints 5.2.2.1 Fluctuating Raw Material Prices 5.2.3 Opportunities 5.2.3.1 Increasing Industrialization in Emerging Economies 5.2.4 Challenges 5.2.4.1 Health Hazards and Safety-Related Incidents 5.3 Porter's Five Forces Analysis 5.3.1 Threat of Substitutes 5.3.2 Threat of New Entrants 5.3.3 Bargaining Power of Suppliers 5.3.4 Bargaining Power of Buyers 5.3.5 Intensity of Competitive Rivalry 5.4 Macroeconomic Indicators 5.4.1 GDP Trends and Forecast of Major Economies 5.4.2 Trends and Forecast of the Oil & Gas Industry and Its Impact on the Tank Insulation Market 6 Tank Insulation Market, By Material 6.1 Introduction 6.2 Pu & Pir 6.2.1 Pu & Pir Segment is Expected to Account for the Largest Market Share 6.3 Rockwool 6.3.1 Increasing Demand for Hot Insulation is Expected to Drive the Rockwool Segment 6.4 Elastomeric Foam 6.4.1 Resistance to Moisture is Expected to Spur the Demand for Elastomeric Foams in Multiple Applications 6.5 Fiberglass 6.5.1 Increasing Scope of Application is Driving the Demand for Fiberglass in Tank Insulation 6.6 EPS 6.6.1 Increasing Demand for Cold Storage Applications is Expected to Drive the EPS Segment 6.7 Cellular Glass 6.7.1 High Demand for Storage Tanks Boosts the Growth of the Cellular Glass Segment 6.8 Others 7 Tank Insulation Market, By Type 7.1 Introduction 7.2 Storage Tank Insulation 7.2.1 APAC is Projected to Be the Largest Market for Storage Tank Insulation 7.3 Transportation Tank Insulation 7.3.1 High Demand for LNG Boosts the Growth of the Transportation Tank Insulation Segment 8 Tank Insulation Market, By Temperature 8.1 Introduction 8.2 Cold Insulation 8.2.1 Increasing Demand for Food Storage and Chemicals Storage is Expected to Propel the Cold Tank Insulation Market 8.3 Hot Insulation 8.3.1 Establishment of New Industries in the Energy & Power Sector is Expected to Drive the Demand for Hot Tank Insulation 9 Tank Insulation Market, By End-Use Industry 9.1 Introduction 9.2 Oil & Gas 9.2.1 Oil & Gas Industry is the Largest Consumer of Tank Insulation 9.3 Chemical 9.3.1 Growing Chemical Industry in Emerging Economies is Expected to Drive the Demand for Tank Insulation 9.4 Food & Beverage 9.4.1 Rise in Number of Food & Beverage Processing Equipment is Expected to Drive the Market for Tank Insulation 9.5 Energy & Power 9.5.1 Growth of the Power Generation Industry is Expected to Drive the Market for Tank Insulation 9.6 Others 10 Tank Insulation Market, By Region 11 Competitive Landscape 11.1 Overview 11.2 Key Market Players 11.3 Competitive Situation and Trends 11.3.1 Expansion 11.3.2 New Product Launch 11.3.3 Acquisition 11.3.4 Agreement 11.3.5 Investment 12 Company Profiles 12.1 Rockwool International A/S 12.2 Armacell International S.A. 12.3 Owens Corning 12.4 Saint-Gobain 12.5 Cabot Corporation 12.6 Kingspan Group PLC 12.7 Johns Manville 12.8 Knauf Insulation 12.9 BASF SE 12.10 Covestro AG 12.11 Other Market Players 12.11.1 Huntsman Corporation 12.11.2 Itw Insulation Systems 12.11.3 Rochling Group 12.11.4 Dunmore Corporation 12.11.5 Nmc Sa 12.11.6 Gilsulate International, Inc. 12.11.7 Sekisui Foam Australia
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