Table of Content

1 INTRODUCTION 16
1.1 OBJECTIVES OF THE STUDY 16
1.2 MARKET DEFINITION 16
1.3 MARKET SCOPE 17
1.3.1 REGIONS COVERED 17
1.3.2 YEARS CONSIDERED FOR THE STUDY 18
1.4 CURRENCY 19
1.5 STAKEHOLDERS 19

2 RESEARCH METHODOLOGY 20
2.1 RESEARCH DATA 20
2.2 SECONDARY DATA 21
2.2.1 KEY DATA FROM SECONDARY SOURCES 21
2.3 PRIMARY DATA 22
2.3.1 KEY DATA FROM PRIMARY SOURCES 22
2.3.2 BREAKDOWN OF PRIMARY INTERVIEWS 23
2.4 MARKET SIZE ESTIMATION 23
2.4.1 MARKET SIZE ESTIMATION METHODOLOGY: BOTTOM-UP APPROACH 24
2.4.2 MARKET SIZE ESTIMATION METHODOLOGY: TOP-DOWN APPROACH 24
2.5 DATA TRIANGULATION 25
2.6 ASSUMPTIONS 26
2.7 LIMITATIONS 26

3 EXECUTIVE SUMMARY 27

4 PREMIUM INSIGHTS 31
4.1 ATTRACTIVE OPPORTUNITIES IN TANK INSULATION MARKET 31
4.2 APAC TANK INSULATION MARKET, BY END-USE INDUSTRY AND COUNTRY 31
4.3 TANK INSULATION MARKET, BY REGION 32
4.4 TANK INSULATION MARKET, BY REGION AND END-USE INDUSTRY 32
4.5 TANK INSULATION MARKET ATTRACTIVENESS 33

5 MARKET OVERVIEW 34
5.1 INTRODUCTION 34
5.2 MARKET DYNAMICS 34
5.2.1 DRIVERS 35
5.2.1.1 Increased demand from oil & gas and chemical industries 35
5.2.1.2 Use of renewable insulation materials 35
5.2.1.3 Growing demand for cryogenic insulation 35
5.2.2 RESTRAINTS 36
5.2.2.1 Fluctuating raw material prices 36
5.2.3 OPPORTUNITIES 36
5.2.3.1 Increasing industrialization in emerging economies 36
5.2.4 CHALLENGES 36
5.2.4.1 Health hazards and safety-related incidents 36
5.3 PORTER’S FIVE FORCES ANALYSIS 37
5.3.1 THREAT OF SUBSTITUTES 38
5.3.2 THREAT OF NEW ENTRANTS 38
5.3.3 BARGAINING POWER OF SUPPLIERS 38
5.3.4 BARGAINING POWER OF BUYERS 39
5.3.5 INTENSITY OF COMPETITIVE RIVALRY 39
5.4 MACROECONOMIC INDICATORS 40
5.4.1 GDP TRENDS AND FORECAST OF MAJOR ECONOMIES 40
5.4.2 TRENDS AND FORECAST OF THE OIL & GAS INDUSTRY AND ITS IMPACT ON THE TANK INSULATION MARKET 41

6 TANK INSULATION MARKET, BY MATERIAL 43
6.1 INTRODUCTION 44
6.2 PU & PIR 45
6.2.1 PU & PIR SEGMENT IS EXPECTED TO ACCOUNT FOR THE LARGEST MARKET SHARE 45
6.3 ROCKWOOL 45
6.3.1 INCREASING DEMAND FOR HOT INSULATION IS EXPECTED TO
DRIVE THE ROCKWOOL SEGMENT 45
6.4 ELASTOMERIC FOAM 45
6.4.1 RESISTANCE TO MOISTURE IS EXPECTED TO SPUR THE DEMAND FOR ELASTOMERIC FOAMS IN MULTIPLE APPLICATIONS 45
6.5 FIBERGLASS 46
6.5.1 INCREASING SCOPE OF APPLICATION IS DRIVING THE DEMAND FOR FIBERGLASS IN TANK INSULATION 46
6.6 EPS 46
6.6.1 INCREASING DEMAND FOR COLD STORAGE APPLICATIONS IS
EXPECTED TO DRIVE THE EPS SEGMENT 46
6.7 CELLULAR GLASS 46
6.7.1 HIGH DEMAND FOR STORAGE TANKS BOOSTS THE GROWTH OF
THE CELLULAR GLASS SEGMENT 46
6.8 OTHERS 47
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7 TANK INSULATION MARKET, BY TYPE 48
7.1 INTRODUCTION 49
7.2 STORAGE TANK INSULATION 50
7.2.1 APAC IS PROJECTED TO BE THE LARGEST MARKET FOR STORAGE
TANK INSULATION 50
7.3 TRANSPORTATION TANK INSULATION 51
7.3.1 HIGH DEMAND FOR LNG BOOSTS THE GROWTH OF THE TRANSPORTATION TANK INSULATION SEGMENT 51

8 TANK INSULATION MARKET, BY TEMPERATURE 52
8.1 INTRODUCTION 53
8.2 COLD INSULATION 54
8.2.1 INCREASING DEMAND FOR FOOD STORAGE AND CHEMICALS STORAGE IS EXPECTED TO PROPEL THE COLD TANK INSULATION MARKET 54
8.3 HOT INSULATION 55
8.3.1 ESTABLISHMENT OF NEW INDUSTRIES IN THE ENERGY & POWER SECTOR IS EXPECTED TO DRIVE THE DEMAND FOR HOT TANK INSULATION 55

9 TANK INSULATION MARKET, BY END-USE INDUSTRY 56
9.1 INTRODUCTION 57
9.2 OIL & GAS 58
9.2.1 OIL & GAS INDUSTRY IS THE LARGEST CONSUMER OF TANK INSULATION 58
9.3 CHEMICAL 59
9.3.1 GROWING CHEMICAL INDUSTRY IN EMERGING ECONOMIES IS EXPECTED TO DRIVE THE DEMAND FOR TANK INSULATION 59
9.4 FOOD & BEVERAGE 60
9.4.1 RISE IN NUMBER OF FOOD & BEVERAGE PROCESSING EQUIPMENT IS EXPECTED TO DRIVE THE MARKET FOR TANK INSULATION 60
9.5 ENERGY & POWER 61
9.5.1 GROWTH OF THE POWER GENERATION INDUSTRY IS EXPECTED TO
DRIVE THE MARKET FOR TANK INSULATION 61
9.6 OTHERS 62

10 TANK INSULATION MARKET, BY REGION 63
10.1 INTRODUCTION 64
10.2 APAC 66
10.2.1 CHINA 68
10.2.1.1 China is the fastest-growing tank insulation market 68
10.2.2 INDIA 69
10.2.2.1 Growing chemical production will contribute significantly to
the growth of the market 69
10.2.3 JAPAN 70
10.2.3.1 Increasing imports of natural gas will boost the demand for
tank insulation 70
10.2.4 SOUTH KOREA 70
10.2.4.1 High demand from the chemical industry will positively impact
the tank insulation market 70
10.2.5 INDONESIA 71
10.2.5.1 Rising oil production will propel the tank insulation market growth 71
10.2.6 AUSTRALIA 71
10.2.6.1 Increasing investment in the oil & gas sector is expected to drive
the market 71
10.2.7 MALAYSIA 72
10.2.7.1 Growing demand for LNG transportation and storage to augment
the demand for tank insulations 72
10.2.8 REST OF APAC 72
10.3 EUROPE 73
10.3.1 GERMANY 76
10.3.1.1 Increase in export and import of chemicals act as an opportunity
in the tank insulation market 76
10.3.2 ITALY 76
10.3.2.1 Growth in the manufacturing industry will drive the market 76
10.3.3 FRANCE 77
10.3.3.1 Increasing demand for tanks from the food & beverage industry will drive the market 77
10.3.4 UK 77
10.3.4.1 Surging production of oil & gas will significantly influence the market 77
10.3.5 RUSSIA 78
10.3.5.1 Russia accounted for the largest share in the tank insulation
market in Europe 78
10.3.6 NETHERLANDS 79
10.3.6.1 Increasing oil & gas import in the country is expected to drive
the market 79
10.3.7 REST OF EUROPE 79
10.4 NORTH AMERICA 80
10.4.1 US 82
10.4.1.1 The US is the largest tank insulation market in North America 82
10.4.2 CANADA 83
10.4.2.1 Canada is the fastest-growing tank insulation market in
North America 83
10.4.3 MEXICO 83
10.4.3.1 Government initiatives to increase the production of oil &
gas are driving the tank insulation market 83
10.5 MIDDLE EAST & AFRICA 84
10.5.1 SAUDI ARABIA 86
10.5.1.1 Increasing demand from the energy & power industry is
expected to drive the market 86
?
10.5.2 IRAN 87
10.5.2.1 Iran is the fastest-growing tank insulation market in the
Middle East & Africa 87
10.5.3 UAE 87
10.5.3.1 The chemical segment will significantly impact the
tank insulation market growth 87
10.5.4 REST OF MIDDLE EAST & AFRICA 88
10.6 SOUTH AMERICA 88
10.6.1 BRAZIL 90
10.6.1.1 The oil & gas industry aids the tank insulation market
growth significantly 90
10.6.2 ARGENTINA 90
10.6.2.1 High requirement of tank insulations in the oil &
gas segment will support the market growth 90
10.6.3 VENEZUELA 91
10.6.3.1 Rising demand for gas-based electricity will have a
positive impact on the tank insulation market 91
10.6.4 REST OF SOUTH AMERICA 92
11 COMPETITIVE LANDSCAPE 93
11.1 OVERVIEW 93
11.2 KEY MARKET PLAYERS 95
11.3 COMPETITIVE SITUATION AND TRENDS 96
11.3.1 EXPANSION 96
11.3.2 NEW PRODUCT LAUNCH 96
11.3.3 ACQUISITION 97
11.3.4 AGREEMENT 97
11.3.5 INVESTMENT 98
12 COMPANY PROFILES 99
(Business Overview, Products Offered, Recent Developments, SWOT Analysis, MnM View)*
12.1 ROCKWOOL INTERNATIONAL A/S 99
12.2 ARMACELL INTERNATIONAL S.A. 101
12.3 OWENS CORNING 103
12.4 SAINT-GOBAIN 106
12.5 CABOT CORPORATION 108
12.6 KINGSPAN GROUP PLC 110
12.7 JOHNS MANVILLE 112
12.8 KNAUF INSULATION 113
12.9 BASF SE 114
12.10 COVESTRO AG 115
*Details on Business Overview, Products Offered, Recent Developments, SWOT Analysis, MnM View might not be captured in case of unlisted companies.
12.11 OTHER MARKET PLAYERS 116
12.11.1 HUNTSMAN CORPORATION 116
12.11.2 ITW INSULATION SYSTEMS 116
12.11.3 ROCHLING GROUP 116
12.11.4 DUNMORE CORPORATION 116
12.11.5 NMC SA 116
12.11.6 GILSULATE INTERNATIONAL, INC. 117
12.11.7 SEKISUI FOAM AUSTRALIA 117
13 APPENDIX 118
13.1 INSIGHTS FROM INDUSTRY EXPERTS 118
13.2 DISCUSSION GUIDE 119
13.3 KNOWLEDGE STORE: MARKETSANDMARKETS’ SUBSCRIPTION PORTAL 122
13.4 AVAILABLE CUSTOMIZATIONS 124
13.5 RELATED REPORTS 124
13.6 AUTHOR DETAILS 125



List of Figures



FIGURE 1 TANK INSULATION MARKET: RESEARCH DESIGN 20
FIGURE 2 TANK INSULATION MARKET: DATA TRIANGULATION 25
FIGURE 3 ELASTOMERIC FOAM TO BE THE FASTEST-GROWING MATERIAL TYPE
IN THE MARKET 28
FIGURE 4 OIL & GAS END-USE INDUSTRY ACCOUNTED FOR THE LARGEST SHARE
IN THE MARKET IN 2017 28
FIGURE 5 STORAGE TANK TO BE THE LARGER SEGMENT OF THE MARKET 29
FIGURE 6 COLD INSULATION SEGMENT TO LEAD THE TANK INSULATION MARKET 29
FIGURE 7 APAC ACCOUNTED FOR THE LARGEST SHARE OF THE TANK INSULATION
MARKET IN 2017 30
FIGURE 8 INCREASING DEMAND FROM OIL & GAS AND CHEMICAL SECTORS TO DRIVE
THE MARKET 31
FIGURE 9 CHINA LED THE APAC TANK INSULATION MARKET IN 2017 31
FIGURE 10 APAC ACCOUNTED FOR THE LARGEST MARKET SHARE IN 2017 32
FIGURE 11 OIL & GAS END-USE INDUSTRY ACCOUNTED FOR THE LARGEST SHARE
IN THE MIDDLE EAST & AFRICA IN 2017 32
FIGURE 12 CHINA TO BE THE FASTEST-GROWING MARKET BETWEEN 2018 AND 2023 33
FIGURE 13 DRIVERS, RESTRAINTS, OPPORTUNITIES, AND CHALLENGES:
TANK INSULATION MARKET 34
FIGURE 14 TANK INSULATION MARKET: PORTER’S FIVE FORCES ANALYSIS 37
FIGURE 15 GLOBAL OIL PRODUCTION, 2012–2017 41
FIGURE 16 GLOBAL OIL CONSUMPTION, 2012–2017 41
FIGURE 17 GLOBAL NATURAL GAS PRODUCTION, 2012–2017 42
FIGURE 18 ELASTOMERIC FOAM SEGMENT TO REGISTER THE HIGHEST CAGR IN
THE TANK INSULATION MARKET 44
FIGURE 19 STORAGE TANK SEGMENT TO REGISTER THE HIGHER CAGR IN
THE TANK INSULATION MARKET 49
FIGURE 20 COLD INSULATION SEGMENT TO REGISTER THE HIGHER CAGR IN
THE TANK INSULATION MARKET 53
FIGURE 21 MARKET IN THE CHEMICAL SEGMENT TO REGISTER THE HIGHEST CAGR 57
FIGURE 22 APAC TO BE THE FASTEST-GROWING TANK INSULATION MARKET 64
FIGURE 23 APAC: TANK INSULATION MARKET SNAPSHOT 66
FIGURE 24 EUROPE: TANK INSULATION MARKET SNAPSHOT 74
FIGURE 25 NORTH AMERICA: TANK INSULATION MARKET SNAPSHOT 80
FIGURE 26 ACQUISITION WAS THE KEY GROWTH STRATEGY ADOPTED BY
THE MARKET PLAYERS BETWEEN 2016 AND 2018 94
FIGURE 27 ROCKWOOL INTERNATIONAL A/S: COMPANY SNAPSHOT 99
FIGURE 28 ROCKWOOL INTERNATIONAL A/S: SWOT ANALYSIS 100
FIGURE 29 ARMACELL INTERNATIONAL S.A.: COMPANY SNAPSHOT 101
FIGURE 30 ARMACELL INTERNATIONAL S.A.: SWOT ANALYSIS 102
FIGURE 31 OWENS CORNING: COMPANY SNAPSHOT 103
FIGURE 32 OWENS CORNING: SWOT ANALYSIS 104
FIGURE 33 SAINT-GOBAIN: COMPANY SNAPSHOT 106
FIGURE 34 SAINT-GOBAIN: SWOT ANALYSIS 107
FIGURE 35 CABOT CORPORATION: COMPANY SNAPSHOT 108
FIGURE 36 CABOT CORPORATION: SWOT ANALYSIS 109
FIGURE 37 KINGSPAN GROUP PLC: COMPANY SNAPSHOT 110
FIGURE 38 BASF SE: COMPANY SNAPSHOT 114
FIGURE 39 COVESTRO AG: COMPANY SNAPSHOT 115

 

List of Tables



TABLE 1 TRENDS AND FORECAST OF GDP, 2018–2023 (USD BILLION) 40
TABLE 2 TANK INSULATION MARKET SIZE, BY MATERIAL, 2016–2023 (USD MILLION) 44
TABLE 3 TANK INSULATION MARKET SIZE, BY TYPE, 2016–2023 (USD MILLION) 49
TABLE 4 STORAGE TANK INSULATION MARKET SIZE, BY REGION 2016–2023 (USD MILLION) 50
TABLE 5 TRANSPORTATION TANK INSULATION MARKET SIZE, BY REGION 2016–2023 (USD MILLION) 51
TABLE 6 TANK INSULATION MARKET SIZE, BY TEMPERATURE, 2016–2023 (USD MILLION) 53
TABLE 7 COLD INSULATION MARKET SIZE, BY REGION, 2016–2023 (USD MILLION) 54
TABLE 8 HOT INSULATION MARKET SIZE, BY REGION, 2016–2023 (USD MILLION) 55
TABLE 9 TANK INSULATION MARKET SIZE, BY END-USE INDUSTRY 2016–2023 (USD MILLION) 57
TABLE 10 TANK INSULATION MARKET SIZE IN OIL & GAS INDUSTRY, BY REGION 2016–2023 (USD MILLION) 58
TABLE 11 TANK INSULATION MARKET SIZE IN CHEMICAL INDUSTRY, BY REGION 2016–2023 (USD MILLION) 59
TABLE 12 TANK INSULATION MARKET SIZE IN FOOD & BEVERAGE INDUSTRY, BY REGION, 2016–2023 (USD MILLION) 60
TABLE 13 TANK INSULATION MARKET SIZE IN ENERGY & POWER INDUSTRY, BY REGION, 2016–2023 (USD MILLION) 61
TABLE 14 TANK INSULATION MARKET SIZE IN OTHER END-USE INDUSTRIES, BY REGION, 2016–2023 (USD MILLION) 62
TABLE 15 TANK INSULATION MARKET SIZE, BY REGION, 2016–2023 (USD MILLION) 65
TABLE 16 APAC: TANK INSULATION MARKET SIZE, BY COUNTRY, 2016–2023 (USD MILLION) 67
TABLE 17 APAC: TANK INSULATION MARKET SIZE, BY TYPE, 2016–2023 (USD MILLION) 67
TABLE 18 APAC: TANK INSULATION MARKET SIZE, BY TEMPERATURE 2016–2023 (USD MILLION) 67
TABLE 19 APAC: TANK INSULATION MARKET SIZE, BY END-USE INDUSTRY 2016–2023 (USD MILLION) 68
TABLE 20 CHINA: TANK INSULATION MARKET SIZE, BY END-USE INDUSTRY 2016–2023 (USD MILLION) 68
TABLE 21 INDIA: TANK INSULATION MARKET SIZE, BY END-USE INDUSTRY 2016–2023 (USD MILLION) 69
TABLE 22 JAPAN: TANK INSULATION MARKET SIZE, BY END-USE INDUSTRY 2016–2023 (USD MILLION) 70
TABLE 23 SOUTH KOREA: TANK INSULATION MARKET SIZE, BY END-USE INDUSTRY 2016–2023 (USD MILLION) 70
TABLE 24 INDONESIA: TANK INSULATION MARKET SIZE, BY END-USE INDUSTRY 2016–2023 (USD MILLION) 71
TABLE 25 AUSTRALIA: TANK INSULATION MARKET SIZE, BY END-USE INDUSTRY 2016–2023 (USD MILLION) 71
TABLE 26 MALAYSIA: TANK INSULATION MARKET SIZE, BY END-USE INDUSTRY 2016–2023 (USD MILLION) 72
TABLE 27 REST OF APAC: TANK INSULATION MARKET SIZE, BY END-USE INDUSTRY 2016–2023 (USD MILLION) 72
TABLE 28 EUROPE: TANK INSULATION MARKET SIZE, BY COUNTRY 2016–2023 (USD MILLION) 74
TABLE 29 EUROPE: TANK INSULATION MARKET SIZE, BY TYPE, 2016–2023 (USD MILLION) 75
TABLE 30 EUROPE: TANK INSULATION MARKET SIZE, BY TEMPERATURE 2016–2023 (USD MILLION) 75
TABLE 31 EUROPE: TANK INSULATION MARKET SIZE, BY END-USE INDUSTRY 2016–2023 (USD MILLION) 75
TABLE 32 GERMANY: TANK INSULATION MARKET SIZE, BY END-USE INDUSTRY 2016–2023 (USD MILLION) 76
TABLE 33 ITALY: TANK INSULATION MARKET SIZE, BY END-USE INDUSTRY 2016–2023 (USD MILLION) 76
TABLE 34 FRANCE: TANK INSULATION MARKET SIZE, BY END-USE INDUSTRY 2016–2023 (USD MILLION) 77
TABLE 35 UK: TANK INSULATION MARKET SIZE, BY END-USE INDUSTRY 2016–2023 (USD MILLION) 78
TABLE 36 RUSSIA: TANK INSULATION MARKET SIZE, BY END-USE INDUSTRY 2016–2023 (USD MILLION) 78
TABLE 37 NETHERLANDS: TANK INSULATION MARKET SIZE, BY END-USE INDUSTRY 2016–2023 (USD MILLION) 79
TABLE 38 REST OF EUROPE: TANK INSULATION MARKET SIZE, BY END-USE INDUSTRY, 2016–2023 (USD MILLION) 79
TABLE 39 NORTH AMERICA: TANK INSULATION MARKET SIZE, BY COUNTRY 2016–2023 (USD MILLION) 81
TABLE 40 NORTH AMERICA: TANK INSULATION MARKET SIZE, BY TYPE 2016–2023 (USD MILLION) 81
TABLE 41 NORTH AMERICA: TANK INSULATION MARKET SIZE, BY TEMPERATURE 2016–2023 (USD MILLION) 81
TABLE 42 NORTH AMERICA: TANK INSULATION MARKET SIZE, BY END-USE INDUSTRY, 2016–2023 (USD MILLION) 82
TABLE 43 US: TANK INSULATION MARKET SIZE, BY END-USE INDUSTRY 2016–2023 (USD MILLION) 82
TABLE 44 CANADA: TANK INSULATION MARKET SIZE, BY END-USE INDUSTRY 2016–2023 (USD MILLION) 83
TABLE 45 MEXICO: TANK INSULATION MARKET SIZE, BY END-USE INDUSTRY 2016–2023 (USD MILLION) 84
TABLE 46 MIDDLE EAST & AFRICA: TANK INSULATION MARKET SIZE, BY COUNTRY 2016–2023 (USD MILLION) 84
TABLE 47 MIDDLE EAST & AFRICA: TANK INSULATION MARKET SIZE, BY TYPE 2016–2023 (USD MILLION) 85
TABLE 48 MIDDLE EAST & AFRICA: TANK INSULATION MARKET SIZE, BY TEMPERATURE, 2016–2023 (USD MILLION) 85
TABLE 49 MIDDLE EAST & AFRICA: TANK INSULATION MARKET SIZE, BY END-USE INDUSTRY, 2016–2023 (USD MILLION) 85
TABLE 50 SAUDI ARABIA: TANK INSULATION MARKET SIZE, BY END-USE INDUSTRY 2016–2023 (USD MILLION) 86
TABLE 51 IRAN: TANK INSULATION MARKET SIZE, BY END-USE INDUSTRY 2016–2023 (USD MILLION) 87
TABLE 52 UAE: TANK INSULATION MARKET SIZE, BY END-USE INDUSTRY 2016–2023 (USD MILLION) 87
TABLE 53 REST OF MIDDLE EAST & AFRICA: TANK INSULATION MARKET SIZE BY END-USE INDUSTRY, 2016–2023 (USD MILLION) 88
TABLE 54 SOUTH AMERICA: TANK INSULATION MARKET SIZE, BY COUNTRY 2016–2023 (USD MILLION) 88
TABLE 55 SOUTH AMERICA: TANK INSULATION MARKET SIZE, BY TYPE 2016–2023 (USD MILLION) 89
TABLE 56 SOUTH AMERICA: TANK INSULATION MARKET SIZE, BY TEMPERATURE 2016–2023 (USD MILLION) 89
TABLE 57 SOUTH AMERICA: TANK INSULATION MARKET SIZE, BY END-USE INDUSTRY 2016–2023 (USD MILLION) 89
TABLE 58 BRAZIL: TANK INSULATION MARKET SIZE, BY END-USE INDUSTRY 2016–2023 (USD MILLION) 90
TABLE 59 ARGENTINA: TANK INSULATION MARKET SIZE, BY END-USE INDUSTRY 2016–2023 (USD MILLION) 91
TABLE 60 VENEZUELA: TANK INSULATION MARKET SIZE, BY END-USE INDUSTRY 2016–2023 (USD MILLION) 91
TABLE 61 REST OF SOUTH AMERICA: TANK INSULATION MARKET SIZE BY END-USE INDUSTRY, 2016–2023 (USD MILLION) 92
TABLE 62 EXPANSION, 2016–2018 96
TABLE 63 NEW PRODUCT LAUNCH, 2016–2018 96
TABLE 64 ACQUISITION, 2016–2018 97
TABLE 65 AGREEMENT, 2016–2018 97
TABLE 66 INVESTMENT, 2016-2018 98