North America Tank Insulation Market Report

Insulation is a layer or coating of resistant material, which serves as a barrier to the targeted energy. Various industries use various types of insulation for the purpose of energy conservation and improve the efficiency of machines, systems, equipment and components. The tank insulations fulfil the purpose of protection and avoid energy loss from the body it is applied on to. Furthermore, the tank insulation is required to preserve the temperature inside the tank with any irregular shape.

Furthermore, the insulation is required to avoid sweating over the surfaces and for void free insulation also. On the industry level, the tank insulation system requires a jacketing and covering to reduce heat loss or heat gain for large, flat-bottomed tanks that store materials that are sensitive to temperature fluctuations. The insulation is used in several tank applications including, asphalt, crude & fire water tanks, thermal energy storage (TES) tanks, beverage & fermentation tanks, and equipment, coke drums & hot boxes.

North America Tank Insulation Market Trends

North America Tank Insulation Market Outlook

North America tank insulation has a developing potential, growth in chemical manufacturing capacities and huge production of oil are expected to drive the demand for North America tank insulations during the forecast period. Furthermore, increasing demand for tank insulation from oil & gas, food and beverage, and energy & power industry owing to various properties such as fire resistant, moisture resistant, heat transfer resistant, and others, is a major factor expected to drive growth of the North America tank insulation market over the forecast period.

North America Tank Insulation Market Country Trends

The North America tank insulation in studied in various key countries such as United States, Canada and Mexico. Among these, the North America tank insulation market was dominated by the United States in 2019. Owing to the rising demand for petrochemicals and their derivatives across application scopes such as tires, pharmaceuticals, high-tech materials, and paints among others across the region. Furthermore, U.S. has huge number of industries that are indulged in exploration for, production, refining, transportation, and commercialization of natural gas and petroleum products to the region and other parts of the country.

North America Tank Insulation Market Segmental Highlights

• Various types of tank insulations are storage tank insulation and transportation tank insulation. The transportation tank insulation is fuelled by growing demand of transportation of liquid natural gases, storage and transportation of cryogenic media etc. Thermal stress, vibrations and required safety provisions while transportation of gases, oils, liquids etc.
  
• The temperature studied in the North America tank insulation market are cold insulation and hot insulation. The types of materials used for cold insulation are fiber glass, polyurethane foam, polystyrene foam, phenolic foam, and others. Presently, the use of cold insulation has increased in the recent years, owing to its ability to protect the environment from greenhouse gases and increase the efficiency of these system where it is installed
  
• Major materials used in tank insulation are cellular glass, elastomeric foam, EPS, fiberglass, PU & PIR, rockwool and others. PU & PIR segment accounted for the largest market share in 2019. Insulation properties of polyurethane foam are much better than other insulating material hence it is preferred over other insulating materials. Polyurethane comprises open cellular structure called polyurethane foam, which are available as flexible, spray, and rigid foams
  
• The North America tank insulation is used in various end use industries such as chemical, energy & power, food & beverage, oil & gas and others. In oil & gas, these materials are used for insulation of storage tanks, where crude oil, LNG, and other oil are stored, and also in liquefaction plant, where conversion of natural gas into its liquid state is undertaken.
  

North America Tank Insulation Market Key Players

Prominent players in the global North America tank insulation market are Covestro AG, The Sherwin-Williams Company, PPG Industries, Akzonobel, BASF SE, Hempel, SIKA AG, Carboline, Rust-Oleum, Laticrete International, Indmar Coatings, Satyen Polymers, VIP Coatings Solutions, The Floor Company, Flexmar Polyaspartics, Prokem Speciality Chemicals, Lifetime Flooring Systems, Advantage Chemical Coatings, Rhino Lining Corporation, Shorecrete Coatings Llc, US Coatings and Polyset. New product launches, mergers & acquisitions are the key strategies adopted by market players to ensure their growth in the market.

North America Tank Insulation Market Recent Developments

• October 2018: Saint-Gobain acquired 100% equity shares of Kaimann GmbH International, which is one of Europe’s leading manufacturers of elastomeric insulation products. With this acquisition, the 18th this year, Saint-Gobain further enhances its range of insulating solutions, reinforcing its presence on the fast-growing segment of technical insulation
  
• March 2018: Huntsman Corporation acquired Demilec, one of North America’s leading manufacturers and distributors of spray polyurethane foam (SPF) insulation systems for residential and commercial applications, from an affiliate of Sun Capital Partners, Inc. Under terms of the agreement, Huntsman will pay $350 million in an all-cash transaction, funded from available liquidity.