Due to the rise in demand for fuel storage, market favorable for new investments
Posted by rohan on January 16th, 2020
The tank insulation market is a very steady market and is anticipated to elevate in terms of revenue in the forecast as mentioned earlier period. The market is favorable for new investments as the rise in demand for fuel storage (like LNG, LPG, Rocket fuel, etc.), as an output of expanding industrialization ensures the tank insulation market to grow with a CAGR of 4.6%. TF Warren Group has developed a tank insulation service to Globaltherm which provides a wide range of insulation services. Globaltherm provided manufacturing and design of both horizontal prefabricated tank and vertical standing seam and vessel insulation systems for both thermal and cryogenic storage applications. The Global Tank Insulation market size was around USD 2.86 billion by revenue, at the end of 2018. It is expected to grow at CAGR of 4.6% to reach USD 6.51 billion by 2023.
Market Drivers and Restraints:
Rising demand for LNG & LPG in the industries, increasing investment in the energy sector, industrialization, urbanization, and infrastructural development are a few drivers of the tank insulation market globally in the forecast period. In addition to that, high growth in other dependent sectors such as pharmaceuticals, food processing, and chemicals also contribute to pushing the demand for tank insulations in the region. Limitation to the temperature range which could be insulated is one drawback of the tank insulation market. However, R&Ds are working on the rectifying of this problem and are estimated to bare fruitful results in the forecast period. Environmental limitations on the material used as insulator add to the preventions of the tank insulation market.
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Report segmented as:
By End-use Industry:
Geographically, the Global Tank Insulation market is segregated into Latin America, Europe, Asia Pacific, Middle-East & Africa, and North America. Asia Pacific is anticipated to be the quickets-growing market, attributed to its high CAGR, increasing demand for developing industries and scope of future opportunities, mainly in growing economies like India and China. Europe had the second highest Global Tank Insulation market share in 2018followed by North America. The Middle East and Africa and Latin America regions, being in the low developing countries due to the contribution of low GDP countries, have fewer chances for industry growth. Hence, the tank insulation markets in these regions are slow growing in nature.
Important Market Players:
The essential leading shareholders of the Global Tank Insulation Market by the end of 2018 are, Rockwool International A/S (Denmark), Owens Corning (US), Saint Gobain (France), Johns Manville (US), Kingspan-Group(Republic of Ireland), Cabot Corporation (US), Armacell International S.A(Germany), Knauf Insulation (US), BASF SE (Germany), Covestro AG (Germany), Huntsman Corporation (US) , ITW Insulation Systems (US), Rochling Group (Germany), Dunmore (US), NMC International SA (Belgium ), Gilsulate International (US), and Sekisui Foam (Thailand).
These companies are mainly focused on the research & development of the kind of insulation, temperature specific insulation and capacity of the insulation (in terms of the upper/ lower temperature limits).
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The Scope of the report:
This report offers the current product and services market evaluation and the future estimation of the market. It helps us understand the market better through size anticipation and CAGR calculation to estimate the next market. It has a broader segmentation for better understanding of the enterprising of the market at a low level by segregating the market into smaller sectors.
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About the Authorrohan
Joined: September 20th, 2017
Articles Posted: 1,346
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