October 12, 2022 06:32 ET | Source: Adroit Market Research Adroit Market Research
Dallas/ Texas, Oct. 12, 2022 (GLOBE NEWSWIRE) -- The ability to control high temperatures and pressure within the industrial infrastructure will significantly drive the global tank insulation market growth. Tank insulation acts as major protection of industrial machinery and equipment towards extreme heat or cold temperatures. The ability to eliminate accumulation and escape of thermal energy from the tanks will help maximize the demand for the global tank insulation market. Increased demand from several end-use industries including chemicals, energy and food processing industries will expand demand for the global tank insulation market. The global tank insulation market will achieve an estimated market value of USD 9.34 Billion with an expected CAGR of 6.43% by 2030. The market size for tank insulation is USD 5.93 billion in 2021.
Insulation helps to prevent the corrosivity of tanks due to exposure to varying temperatures and also maintains a clean tank surface. Industries use tank insulation methods to reduce energy wastage and keep provide suitable temperatures for the liquid inside the tanks. Tank insulation eliminates pipework freezing during extreme winter and reduces heat gain during summer. Various chemical as well as food processing industries widely use tank insulation methods for efficient storage purposes. Tank insulation helps industries maintain weatherproof machinery and equipment.
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Furthermore, the tank insulation market can be classified into transportation and storage types of tank insulation. Storage tank insulation is highly preferable to maintain constant temperatures and protect the inside contents from extremely high or low temperatures. The use of foam provides a simplified process towards the thermal insulation of storage tanks. The ability to provide retention and equalization of heat will significantly increase demand for storage tank insulations in industries. Storage tank insulation can also serve as a crucial source for energy-saving purposes during several industrial processes. Insulation highly benefits transport by serving as a heat protection layer and preventing fire thus it is utilized by aerospace as well as in automotive. The maximized tank life and safety of workers are major factors contributing to the growth of the global tank insulation market.
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The global market has wins the top of sussecss owing to recent developments and innovations. Dyplast Product LLC was acquired by Kingspan Insulation LLC in 2021 to strengthen the company’s position in the American region. De Xu, a foam manufacturing company was acquired by Armacell International which helped strengthen the company’s position and expand its manufacturing capacity across China. The global tank insulation market will get immensely benefitted due to the latest developments and acquisitions made.
Key Insights Offered in Tank Insulation Market Survey
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An estimated proportion of the global market will be captured by Asia-Pacific in 2030. The maximized focus on industrialization and infrastructural development will significantly boost the regional tank insulation market. High investments made in the power and energy sector will increase demand for tank insulation services. Advancements made due to constant research and development will contribute to regional market growth. The rapid expansion of the pharmaceutical and food industry will immensely boost the growth of the tank insulation market in this region. The major proportion of the regional tank insulation market is held by China due to the presence of key market players and rising demand from the end-use industries in the country.
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