Market Size of North America Tank Protection Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2020 - 2022 |
| CAGR | 1.50 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
North America Tank Protection Market Analysis
The North American tank protection market is expected to register a CAGR of over 1.5% during the forecast period.
The market was negatively impacted by COVID-19 in 2020. Presently the market has reached pre-pandemic levels.
- The tank protection market in the region is projected to prosper in the coming years due to increasing LNG exports that need special care in the cryogenic tanks and the growing oil and gas production in the country, leading to more storage and transportation.
- On the other hand, the stringent regulations for the material used for protection or insulation in North American countries can impede the market growth.
- Nevertheless, the technological advancements in the tank protection industry create tremendous opportunities for the market. As an example, spray-on foam insulation (SOFI) has been developed recently for use on cryogenic tanks.
- The United States is expected to dominate the market during the forecast period due to high LNG exports and oil and gas production.
North America Tank Protection Industry Segmentation
The tank protection market includes the materials which are used to conserve the oil and gas storage or transportation tanks by protecting them from corrosion or any other type of deterioration.
The North American tank protection market is segmented by material, application, and geography. By material, the market is segmented into PU (polyurethane), rockwool, fiberglass, cellular glass, and other materials. By application, the market is segmented into storage and transportation. For each segment, the market sizing and forecasts have been done based on revenue (USD billion).
| Material | |
| Polyurethane | |
| Rockwool | |
| Fiberglass | |
| Cellular Glass | |
| Other Materials |
| Application | |
| Storage | |
| Transportation |
| Geography | |
| United States | |
| Canada | |
| Mexico |
North America Tank Protection Market Size Summary
The North American tank protection market is poised for growth, driven by the increasing demand for storage and transportation solutions in the oil and gas sector, particularly due to rising LNG exports. The market has rebounded to pre-pandemic levels after the setbacks caused by COVID-19. However, the growth trajectory may face challenges from stringent regulatory standards governing the materials used for tank protection. Despite these challenges, technological advancements, such as the development of spray-on foam insulation for cryogenic tanks, present significant opportunities for market expansion. The United States is expected to lead the market, bolstered by its substantial LNG exports and robust oil and gas production activities.
Polyurethane foam is a key material in the tank protection industry, valued for its excellent thermal insulating properties and other beneficial characteristics like low moisture-vapor permeability and high mechanical strength. The demand for this material is fueled by the need for effective storage and transportation of liquid gases and volatile organic compounds. The ongoing and proposed LNG export terminal projects in Canada and Mexico further underscore the market's growth potential. In the United States, the continuous rise in crude oil and natural gas production, along with upcoming LNG plant projects, is anticipated to significantly boost the demand for storage tanks and tank protection solutions. The market is moderately consolidated, with major players like Rockwool International A/S, Saint Gobain, and Owens Corning actively participating in the industry landscape.
North America Tank Protection Market Size - Table of Contents
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1. MARKET OVERVIEW
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1.1 Introduction
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1.2 Market Size and Demand Forecast in USD billion, till 2027
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1.3 Recent Trends and Developments
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1.4 Government Policies and Regulations
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1.5 Market Dynamics
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1.5.1 Drivers
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1.5.2 Restraints
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1.6 Supply Chain Analysis
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1.7 Porter's Five Forces Analysis
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1.7.1 Bargaining Power of Suppliers
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1.7.2 Bargaining Power of Consumers
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1.7.3 Threat of New Entrants
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1.7.4 Threat of Substitutes Products and Services
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1.7.5 Intensity of Competitive Rivalry
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2. MARKET SEGMENTATION
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2.1 Material
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2.1.1 Polyurethane
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2.1.2 Rockwool
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2.1.3 Fiberglass
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2.1.4 Cellular Glass
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2.1.5 Other Materials
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2.2 Application
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2.2.1 Storage
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2.2.2 Transportation
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2.3 Geography
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2.3.1 United States
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2.3.2 Canada
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2.3.3 Mexico
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North America Tank Protection Market Size FAQs
What is the current North America Tank Protection Market size?
The North America Tank Protection Market is projected to register a CAGR of greater than 1.5% during the forecast period (2024-2029)
Who are the key players in North America Tank Protection Market?
Rockwool International A/S, Owens Corning, Saint Gobain, Kingspan Group and Armacell International SA are the major companies operating in the North America Tank Protection Market.
