Storage Tank Insulation Market by Material (PU & PIR, Rockwool, Glasswool, Aerogel), End-Use Industry (Oil & Gas, Chemical, Food & Beverage, Energy & Power), Temperature Range (Hot, Cold) and Region - Global Forecast to 2030
The storage tank insulation market is projected to reach USD 3.0 billion by 2030, at a CAGR of 4.6% from USD 2.08 billion in 2022. 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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Market Dynamics
Driver: Increased demand from oil & gas and chemical industries
The oil & gas and chemical industries are the major contributors to the world economy. It is a knowledge-based industry that requires significant investment in R&D. The oil & gas industry is a contributor or supplier to almost every sector of the economy including chemical. Safe, efficient, and sustainable storage, logistics, and transportation are critical parameters in the oil & gas and chemical industries. Ensuring safe handling of the products, and compliance with the environmental regulations are of high importance in both the industries. Apart from this, the efficiency of supply chain operations and optimization of the available resources are the key growth factors for the storage tank insulation market.
Restraints: High capital investment
Storage tank insulation is a capital-intensive process. The installation requires high capital investment. Moreover, the installed materials are continuously exposed to volatile chemicals and adverse environmental conditions. This results in higher corrosion rate of insulation materials. Thus, continuous monitoring and maintenance becomes very crucial for storage tank insulation materials. In case of adverse effects, it becomes necessary to replace the material.
Opportunities: Growing use of renewable insulation materials
In the wake of growing concern towards environment, industries are focusing on renewable materials to reduce carbon footprint. These renewable materials are sustainable and can be recycled. For instance, recycled glass are used in manufacturing glass wool insulation materials. Several companies have already developed insulation products that are made from recycled materials, thereby, saving extra energy that is required for manufacturing an entirely new product.
Challenges: Complex installation process
Key challenge for installing tank insulation products is the technical know-how about the process. The process of installation of any product is very complicated and time-consuming. Also, after installation the structures are not easy to maintain for compliance and monitor. Industrialists are looking for products which can be easily installed and offer less maintenance cost.
“Rockwool was the largest material type for storage tank insulation market in 2021, in terms of value”
Rockwool accounted for the largest share within storage tank insulation market in 2021. It is widely used in various industries as it can withstand high temperature up to 800°C. Since, it is obtained from molten materials (volcanic rock), it has inbuilt property for thermal and sound insulation. Moreover, the non-combustible nature of the material makes it ideal for application in various industries including oil & gas, chemical and others.
“Oil & Gas was the largest end-use industry for storage tank insulation market in 2021, in terms of value”
Oil & gas is the largest end-use industry of storage tank insulation. There is a growing need for oil & gas storage, especially in the coastal areas and in the Middle Eastern region, thereby increasing the demand for corrosion-resistant, durable, and lightweight storage tanks. In addition, the boom in shale oil exploration and increasing demand for corrosion-resistant tanks are expected to drive the demand for tank insulation in the oil & gas industry.
“Asia Pacific was the largest market for storage tank insulation in 2021, in terms of value.”
Asia Pacific is the leading storage tank insulation market, in terms of value. It is projected to be the fastest-growing market during the forecast period. Rising demand for oil & gas, increasing investment in the energy sector, urbanization, industrialization, and infrastructural development are expected to drive the tank insulation market during the forecast period.
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Key Market Players
The key players in this 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). Continuous developments in the market—including new product launches, mergers & acquisitions, agreements, and expansions—are expected to help the market grow. Leading manufacturers of storage tank insulation market have opted for new product launches to sustain their market position.
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Scope of the Report
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Report Metric |
Details |
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Years considered for the study |
2017-2030 |
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Base Year |
2021 |
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Forecast period |
2022–2030 |
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Units considered |
Value (USD Million) |
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Segments |
Material Type, End-Use Industry, Temperature range, and Region |
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Regions |
Asia Pacific, North America, Europe, Middle East & Africa, and South America |
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Companies |
The key players in this market are 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). |
This report categorizes the global storage tank insulation market based on material type, end-use industry, temperature range, and region
On the basis of material type, the storage tank insulation market has been segmented as follows:
- PU & PIR
- Rockwool
- Glass wool
- Aerogel
- Elastomeric Foam
- Others
On the basis of end-use industry, the storage tank insulation market has been segmented as follows:
- Oil & Gas
- Chemical
- Food & Beverage
- Power Generation
- Others
On the basis of temperature range, the storage tank insulation market has been segmented as follows:
- Cold insulation
- Hot insulation
On the basis of region, the storage tank insulation market has been segmented as follows:
- Asia Pacific
- Europe
- North America
- Middle East & Africa
- South America
Frequently Asked Questions (FAQ):
What is the expected growth rate of storage tank insulation market?
The forecast period for storage tank insulation market in this study is 2022-2030. The storage tank insulation market is projected to grow at CAGR of 4.6%, in terms of value, during the forecast period.
Who are the major 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).
What is the average selling price trend for storage tank insulation market?
Prices are low in Asian countries (primarily China and India) compared to those in Europe and North America due to the low prices of raw materials and the availability of low-cost workforces in Asia Pacific. .
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Table of content
1 Introduction
1.1 Objective of the study
1.2 Market definition
1.3 Market Scope
1.3.1 Years considered for the study
1.4 Currency
1.5 Unit Considered
1.6 Stakeholders
2 Research Methodology
2.1 Research Data
2.2 Secondary Data
2.2.1 Key data from secondary sources
2.3 Primary Data
2.3.1 Key data from primary sources
2.3.2 Breakdown of Primary Interviews
2.4 Market Size Estimation
2.4.1 Bottom-Up Approach
2.4.2 Top-Down Approach
2.5 Data Triangulation
2.6 Assumptions
2.7 Limitations
3 Executive Summary
4 Premium Insights
4.1 Opportunities in Storage Tank Insulation Market
4.2 Storage Tank Insulation Market, By Material Type
4.3 Storage Tank Insulation Market, By End-use Industry
4.4 Storage Tank Insulation Market, By Temperature Range
4.5 Storage Tank Insulation Market, By Region
5 Market Overview and Industry Trends
5.1 Introduction
5.2 Market Dynamics
5.2.1 Drivers
5.2.2 Restraints
5.2.3 Opportunities
5.2.4 Challenges
5.3 Supply Chain Analysis
5.3.1 Raw Material
5.3.2 Manufacturers
5.3.3 Distribution
5.3.4 End-Use Industry
5.4 Porter’s Five Forces Analysis
5.4.1 Threat of New Entrants
5.4.2 Threat of Substitutes
5.4.3 Bargaining Power of Buyers
5.4.4 Bargaining Power of Suppliers
5.4.5 Intensity of Competitive Rivalry
5.5 Average Selling Price
5.6 Regulatory Landscape
5.7 Industry Outlook
6 Storage Tank Insulation Market, By Material Type
6.1 Introduction
6.2 PU & PIR
6.3 Rockwool
6.4 Glass wool
6.5 Aerogel
6.6 Elastomeric Foam
6.7 Others
7 Storage Tank Insulation Market, By End-Use Industry
7.1 Introduction
7.2 Oil & Gas
7.3 Chemical
7.4 Food & Beverage
7.5 Power Generation
7.6 Others
8 Storage Tank Insulation Market, By Temperature Range
8.1 Introduction
8.2 Cold Insulation
8.3 Hot Insulation
9 Storage Tank Insulation Market, By Region
9.1 Introduction
9.2 Asia Pacific
9.2.1 China
9.2.2 India
9.2.3 Japan
9.2.4 South Korea
9.2.5 Rest of Asia Pacific
9.3 North America
9.3.1 U.S.
9.3.2 Canada
9.3.3 Mexico
9.4 Europe
9.4.1 Germany
9.4.2 France
9.4.3 Italy
9.4.4 U.K.
9.4.5 Rest of Europe
9.5 Middle East & Africa
9.5.1 Egypt
9.5.2 Saudi Arabia
9.5.3 South Africa
9.5.4 Rest of Middle East & Africa
9.6 South America
9.6.1 Brazil
9.6.2 Argentina
9.6.3 Rest of South America
10 Competitive Landscape
10.1 Introduction
10.2 Market Share Analysis
10.3 Company Evaluation Quadrant
10.4 Competitive Situation & Trends
10.4.1 New Product Launches
10.4.2 Contracts & Agreements
10.4.3 Partnerships & Collaborations
10.4.4 Joint Ventures
10.4.5 Expansions
11 Company Profile
11.1 Rockwool International A/S
11.1.1 Business Overview
11.1.2 Products Offered
11.1.3 Recent Development
11.1.4 MnM View
11.1.4.1 Key Strengths
11.1.4.2 Strategic choices made
11.1.4.3 Threat from competition
11.2 Armacell International SA
11.3 Owens Corning
11.4 Saint Gobain
11.5 Cabot Corporation
11.6 Kingspan Group PLC
11.7 Johns Manville
11.8 Knauf Insulation
11.9 BASF SE
11.1 Etex Group
11.11 List of other key market players
12 Appendix
12.1 Insights from Industry Experts
12.2 Discussion Guide
12.3 Related Reports
The study involved four major activities to estimate the size of storage tank insulation market. Exhaustive secondary research was done to collect information on the market, the peer market, and the parent market. The next step was to validate these findings, assumptions, and sizing with industry experts across the value chain through primary research. Both top-down and bottom-up approaches were employed to estimate the complete market size. Thereafter, the market breakdown and data triangulation procedures were used to estimate the market size of the segments and subsegments.
Secondary Research
In the secondary research process, various secondary sources have been referred to for identifying and collecting information for this study. These secondary sources include annual reports, press releases, investor presentations of companies, white papers, certified publications, trade directories, certified publications, articles from recognized authors, gold standard and silver standard websites, and databases.
Secondary research has been used to obtain key information about the value chain of the industry, monetary chain of the market, the total pool of key players, market classification and segmentation according to industry trends to the bottom-most level, and regional markets. It was also used to obtain information about the key developments from a market-oriented perspective.
Primary Research
The storage tank insulation market comprises several stakeholders in the value chain, which include raw material suppliers, manufacturers, distributors, and end users. Various primary sources from the supply and demand sides of the storage tank insulation market have been interviewed to obtain qualitative and quantitative information.
The primary interviewees from the demand side include key opinion leaders in end-use sectors. The primary sources from the supply side include manufacturers, associations, and institutions involved in the insulation industry.
The breakdown of profiles of the primary interviewees is illustrated in the figure below:
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Market Size Estimation
The top-down and bottom-up approaches have been used to estimate and validate the size of the storage tank insulation market.
- The key players in the industry have been identified through extensive secondary research.
- The supply chain of the industry has been determined through primary and secondary research.
- All percentage shares, splits, and breakdowns have been determined using secondary sources and verified through primary sources.
- All possible parameters that affect the markets covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to obtain the final quantitative and qualitative data.
- The research includes the study of reports, reviews, and newsletters of the key market players, along with extensive interviews for opinions with leaders such as directors and marketing executives.
Storage Tank Insulation Market: Bottom-Up Approach 1
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Data Triangulation
After arriving at the total market size from the estimation process explained above, the overall market has been split into several segments and sub-segments. To complete the overall market engineering process and arrive at the exact statistics for all the segments and sub-segments, the data triangulation and market breakdown procedures have been employed, wherever applicable. The data has been triangulated by studying various factors and trends from both the demand and supply sides. Along with this, the market size has been validated by using both the top-down and bottom-up approaches and primary interviews. Hence, for every data segment, there have been three sources—top-down approach, bottom-up approach, and expert interviews. The data was assumed correct when the values arrived from the three sources matched.
Report Objectives
- To define, describe, and forecast the size of the storage tank insulation market, in terms of value
- To provide detailed information regarding the major factors (drivers, opportunities, restraints, and challenges) influencing the growth of the market
- To estimate and forecast the market size based on material type, end-use industry, temperature range, and region
- To forecast the size of the market with respect to major regions, namely, Europe, North America, Asia Pacific, and Middle East & Africa, and South America along with their key countries
- To strategically analyze micromarkets1 with respect to individual growth trends, prospects, and their contribution to the overall market
- To analyze opportunities in the market for stakeholders and provide a competitive landscape of market leaders
- To track and analyze recent developments such as expansions, new product launches, partnerships & agreements, and acquisitions in the market
- To strategically profile key market players and comprehensively analyze their core competencies2
Available Customizations
Along with the given market data, MarketsandMarkets offers customizations according to the company’s specific needs. The following customization options are available for the report:
- Regional Analysis
Further breakdown of a region with respect to a particular country or additional application
- Company Information
Detailed analysis and profiles of additional market players
Growth opportunities and latent adjacency in Storage Tank Insulation Market