Tank insulation helps in covering of bulk storage tanks and jacketing to reduce heat loss or gain for large, flat-bottomed tank that store materials which are sensitive to temperature fluctuations.
The source of heat for a boiler is combustion of any of the fuels such as wood, coal, oil, or natural gas. Tank insulation transfers the heat to water, which circulates through the radiators for heating purpose. Efforts are taken to lower the emission of harmful gases in bulk storage tanks and improve the air quality through the use of tank insulation. Tank insulation is used for storage of gases such as butane, ammonia, chlorine, propane, propylene, carbon dioxide, LNG, LPG, ethylene, oxygen, argon, nitrogen, and hydrogen.
The tank insulation market can be segmented based on type, temperature, material, end-user industry, and region. Based on material, the tank insulation market can be divided into rockwool, fiberglass, and elastomeric foam. In terms of type, the tank insulation market can be bifurcated into storage and transportation. Based on temperature, the tank insulation market can be classified into hot and cold. In terms of end-user industry, the market can be segregated into oil & gas, chemical, food & beverages, and energy & power. Tank insulation is widely used in storing and transporting tank fluids in the oil & gas industry. Rise in industrialization and growth in the manufacturing sector are driving the demand for tank insulation across the globe.
Tank insulation is eco-friendly; it helps curb environmental pollution. This is one of the advantages of tank insulation. High quality of heat is generated for tank insulation. This helps save electricity. Companies are introducing new technologies and various products to further develop and lower the costs of tank insulation. Maximum thermal efficiency is obtained with the help of tank insulation. Governments of various countries are providing subsidies for the installation of tank insulation in order to curtail pollution. Tank insulation is a capital intensive market. This is a major restraint of the tank insulation market. Furthermore, maintenance and installation of tank insulation is complex and need to be tackled skillfully. Appropriate dimensions of tanks are required before the installation. Poorly insulated tanks could reduce efficiency, add energy costs, and accelerate equipment failures that would ultimately increase safety risks in an industrial facility.
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In terms of region, the global tank insulation market can be split into North America, Europe, Asia Pacific, Middle East & Africa, and Latin America. The market in countries in Asia Pacific such as India, China, and Japan has witnessed significant growth in the last few years due to the rise in concerns about environment pollution and increase in demand for electricity. North America is an major region of the global tank insulation market owing to the significant growth in the industrial sector and rise in efforts toward reducing emissions in the region. Growth in chemical manufacturing capacities and high production of oil in the U.S. are expected to drive the demand for tank insulation in the region. Countries such as the U.K., Germany, and France in Europe have been promoting the usage of tank insulation owing to the industrial advancement and rise in efforts to curb the emission of harmful gases. Furthermore, demand for tank insulation has increased significantly in countries in Latin America such as Brazil and Mexico. Countries in Africa such as South Africa and Angola are projected to offer lucrative opportunities for the tank insulation market in the next few years as efforts are being taken to lower emission of harmful gases.
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Key players operating in global tank insulation market include Rockwool International, Owens Corning, Saint-Gobain, Kingspan Group, BASF SE, Coverstro AG, and Armacell International S.A.
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