Chicago, Sept. 05, 2022 (GLOBE NEWSWIRE) -- The Storage Tank Insulation Market is projected to reach USD 2.60 billion by 2027, at a CAGR of 4.6% from USD 2.08 billion in 2022, according to a new exclusive report by MarketsandMarkets™. Storage tanks are static or fixed tanks that are used for storage and processing in various industries such as oil & gas, food & beverage, chemical, and energy & power. These tanks are widely used for storing oil and LNG in the oil & gas industry. The storage capacity and size of the tank has been increasing over time.
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Browse in-depth TOC on “Storage tank insulation Market”
254 - Tables
65 - Figures
List of Key Players in Storage Tank Insulation Market:
- Rockwool International A/S (Denmark),
- Owens Corning (US),
- Saint-Gobain (France),
- Kingspan Group PLC (Republic of Ireland),
- Armacell International S.A. (Germany),
- Cabot Corporation (US),
- Johns Manville (US),
- Knauf Insulation (US), and
- BASF SE (Germany) have undertaken various strategies in the storage tank insulation market.
Market Dynamics:
- Driver: Increased demand from oil & gas and chemical industries
- Restraints: High capital investment
- Opportunities: Growing use of renewable insulation materials
- Challenges: Complex installation process
Key findings of the Study:
- Rockwool was the largest material type for storage tank insulation market in 2021, in terms of value
- Oil & Gas was the largest end-use industry for storage tank insulation market in 2021, in terms of value
- Asia Pacific was the largest market for storage tank insulation in 2021, in terms of value.
The storage tank insulation market is mainly driven by the rising demand for safe, efficient, and sustainable storage 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 storage tank insulation market. Moreover, rising environmental awareness is also contributing to the growth of the market.
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“Based on material type, aerogel is projected to grow at highest CAGR during the forecast period”
Aerogel is the fastest growing segment during the forecast. Aerogel is a reusable material that can be used consecutively for a chain of applications and can be disposed of safely after completion of its lifecycle. Growing public and government awareness about environment-friendly insulating materials in the region is also expected to increase the demand for aerogel. However, due to its high price it is mostly considered for smaller storage tanks.
“Cold insulation is projected to be the fastest growing temperature range in storage tank insulation market, in terms of value”
The cold insulation segment accounted for the largest share in terms of value, of the global storage tank insulation market in 2021. It is projected to be the fastest growing segment during the forecast period. Growth in the market size of cold insulation is attributed to increased demand from end-use industries such as energy & power, oil & gas, and food & beverage.
“Asia Pacific is expected to be the fastest growing market for storage tank insulation during the forecast period, in terms of value and volume.”
Asia Pacific is the fastest-growing region for storage tank insulation market owing to the increasing demand for chemical and oil & gas, which need to be stored at specific temperature, which in turn has resulted in rising demand for storage tank insulation. The region’s developing industrial sector coupled with increasing production capacities of manufacturing companies also drive the market in the region.
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