Global Tank Insulation Market By Type (Storage, Transportation), Material Type (Expanded Polystyrene (EPS), Rockwool, Cellular Glass, Fiberglass, Elastomeric Foam, Polyurethane (PU), Others), Temperature Type (Hot Insulation, Cold Insulation), Tank Type (Vertical Tank, Horizontal Tank, Fixed Tank, Mounted Tank), Tank Ends (Parabolic Dish, Flat), End-User (Oil & Gas, Energy and Power, Chemical, Food and Beverages, Water Purification, Waste water Purification, Others), Geography (North America, Europe, Asia-Pacific, Europe, South America, Middle East and Africa) – Industry Trends and Forecast to 2026
Tank insulation refers to the process in which different chemicals and materials are applied to the inside of tank and also to the surface, to maintain the temperature throughout its usage period. Tank insulation is done to preserve the temperature inside the tank in order to minimize the heat loss. Tanks are used in almost all the industries according to their variable size, shape and media temperature. There are various tanks that are used to store and transport liquid gases with low static evaporation.
Insulation is done by using material or a combination of materials that are applied to restrict the flow of heat. The five most common insulation materials used are: fiberglass, mineral wool, cellulose, polyurethane foam and polystyrene.
Fiberglass requires safe and efficient handling. Aerogel is the best insulation material that can be used for insulating tanks but, its high cost affects its usage. There are various tanks that are used to store and transport liquid gases with low static evaporation. Liquid nitrogen is often used in the packaging of medical supplies. With the rise in the demand for proper packaged pharmaceutical products, the demand for insulation of tanks is increasing.
Global tank insulation market is expected to register a substantial CAGR of 5.3% in the forecast period of 2019 -2026.
Segmentation: Global Tank Insulation Market
Global tank insulation market is segmented into six notable segments which are by type, material type, temperature type, tank type, tank ends and end-user.
- On the basis of type, the market is segmented into storage and transportation
- In March 2019, BASF SE announced new facilities Automotive Application Center and Process Catalysis Research & Development (R&D) to expand its regional innovation capabilities. The Automotive Application Center will strengthen collaboration with the automotive industry and the new research and development facility will offer new process catalysts for chemical industry.
- On the basis of material type, the market is segmented into expanded polystyrene (EPS), rockwool, cellular glass, fiberglass, elastomeric foam, polyurethane (PU) and others
- In April 2018, Cabot Corporation expanded its business of Specialty Compounds to extend its footprints globally. This helped the company to install a new manufacturing facility in Pepinster, Belgium.
- On the basis of temperature type, the market is segmented into hot insulation and cold insulation
- In October 2017, Owens Corning announced its agreement to acquire a European manufacturer of mineral wool insulation. This acquisition will help the company in advancing its building and technical applications by merging the acquired company’s products.
- On the basis of tank type, the market is segmented into vertical tank, horizontal tank, fixed tank and mounted tank
- In August 2018, Armacell acquired Guarto, a leading manufacturer of acoustic insulation solutions. This helped the company to merge the acquired company’s products and enhance its product portfolio.
- On the basis of tank ends, the market is segmented into parabolic dish and flat
- In December 2016, Gilsulate International, Inc. acquired the assets of Dritherm International, Inc(U.S.) .The acquisition provide more value to customers through more consistent and quality product in the underground granular insulation and company will able face the compition in the market.
- On the basis of end-user, the market is segmented into oil & gas, energy and power, chemical, food and beverages, water purification, wastewater purification and others.
- In February , BASF has founded the new company BASF Digital Solutions S.L. located in Spain to drive forward the digital transformation of BASF group and develop innovative IT solutions. BASF is expanding its digital expertise to create innovative digital solutions.
Competitive Analysis: Global Tank Insulation Market
Some of the major players operating in this market are Commercial Thermal Solutions, Inc., The Dow Chemical Company, GILSULATE INTERNATIONAL, INC., ITW INSULATION SYSTEMS, J.H. Ziegler GmbH, Knauf Insulation, PolarClad Tank Insulation, ARMACELL LLC, Kingspan Group, Synavax, Johns Manville, Mayes Coatings & Insulation, Inc., Thermacon, Gulf Cool Therm Factory LTD, ROCKWOOL International A/S, Cabot Corporation, SPX Transformer Solutions Inc., DUNMORE, T.F. Warren Group, Saint-Gobain, Huntsman International LLC , Corrosion Resistant Technologies, Inc., Röchling Group.
- In January 2019, T.F. Warren Group completed a 240,000 gallon stainless steel wastewater storage tank at Cumberland, VA. It will provide anaerobic digestion, sedimentation, chlorination and flocculation tanks.
- In December, T.F. Warren Group completed the installation of a hot process application for a manufacturing plant in Minnesota.
Research Methodology: Global Tank Insulation Market
Primary Respondents: Key Industry Participants, Subject-matter Experts (SMEs), C-level Executives of Key Market Players, Market Intelligence Managers, National Sales Managers and Industry Consultants.