The global tank insulation market revenue was around US$ 5.3 billion in 2021 and is estimated to reach US$ 8.5 billion by 2030, growing at a compound annual growth rate (CAGR) of 5.4% during the forecast period from 2022 to 2030.

Tank insulation is a substance or combination of materials used to add a protective cover to industrial tanks and reduce heat gain or loss from tank surfaces operating temperatures above or below the surrounding temperature.

Factors Influencing Market Growth

- The increased use of fiberglass tank insulation material is fueling the expansion of the global tank insulation market.
- The environment-friendly and lightweight characteristics of glass wool make it suitable to be used as a tank insulation material is the key factor driving the market growth.
- The global tank insulation market is estimated to possess high growth potential in the upcoming years. Since, tank insulation is used in a variety of end-use sectors including gas, oil food and beverages, chemical, and others.
- The risk of using tank insulation goods in interior tank systems is anticipated to restrain market expansion.

Study of the COVID-19 Pandemic

The COVID-19 pandemic had a severe impact on the global tank insulation market. Chemical, oil and gas, food and beverage, and energy and power industries are some of the key end-users of tank insulation. Thermal protection is provided by tank insulation in the oil and gas industry. The gas and oil industry are the highest energy consumer sector. Thus, the closure of oil and gas industry declined the market growth.

Regional Insights

Asia-Pacific is anticipated to develop at the highest CAGR during the forecast period and had the highest share of the tank insulation market in 2021. This is explained by the main market trend of elastomeric foam, which may provide excellent insulation for cold insulation tanks. In addition, elastomeric foam is suitable for use as cryogenic tank insulation due to its closed-cell structure and low water vapor permeability.
The demand for the tank insulation market in Asia-Pacific is driven by low thermal conductivity and thermal performance at high operating temperatures that make it viable to be utilized for the insulation of a wide variety of tanks. The main market trend is using glass wool as tank insulation because of how lightweight and environmentally beneficial it is. Additionally, due to its great thermal insulation properties, it further minimizes its detrimental environmental effects and finds creative ways to conserve energy.

Leading Competitors

The leading competitors in the global tank insulation market are:

- ROCKWOOL A/S
- BASF SE
- Armacell
- Arch-Tech Building Systems
- Gilsulate International
- Johns Manville
- Kingspan Group plc
- Omkar Puf Insulation Pvt Ltd
- Isolatie
- Combinatie Beverwijk B.V
- Cabot Corporation
- Others

Segmentation Analysis

The global tank insulation market segmentation focuses on Material Type, Temperature, End Use, and Region.

Segmentation based on Material Type

- Polyurethane
- Fiberglass
- Rockwool
- Elastomeric Foam
- Expanded Polystyrene
- Others

Segmentation based on Temperature

- Cold Insulation
- Hot Insulation

Segmentation based on End Use

- Chemical
- Oil and Gas
- Food and Beverages
- Energy and Power
- Others
Segmentation based on Region
? North America
- The U.S.
- Canada
- Mexico
- Europe
? Western Europe
- The UK
- Germany
- France
- Italy
- Spain
- Rest of Western Europe
? Eastern Europe
- Poland
- Russia
- Rest of Europe
? Asia Pacific
- China
- India
- Japan
- Australia & New Zealand
- ASEAN
- Rest of Asia Pacific

? Middle East & Africa (MEA)
- UAE
- Saudi Arabia
- South Africa
- Rest of MEA

? South America
- Brazil
- Argentina
- Rest of South America