Market Size of Tank Protection Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 3.00 % |
| Fastest Growing Market | Middle East and Africa |
| Largest Market | Middle East and Africa |
| Market Concentration | Low |
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?
Tank Protection Market Analysis
The tank protection market is expected to register a CAGR of over 3% during the forecast period.
COVID-19 adversely affected the market due to the dampened oil demand that led to less oil production and buffering of oil stock in storage tanks.
- Over the medium term, the tank protection market is projected to prosper in the coming years due to the increasing demand for oil and natural gas at the global level and the rising demand for LNG gas that needs special protection for cryogenic tanks.
- On the other hand, the stringent regulations for the material used for protection or insulation in many countries can impede the market growth.
- Nevertheless, the mergers and acquisitions taking place in the insulation industry may create tremendous opportunities for the tank protection market. For example, Saint Gobain, one of the leading industry players, acquired Glava, the Norway-based insulation solutions company. Such acquisitions pave the way for knowledge sharing and new product launches.
- The Middle East and African region is expected to capture the highest market share due to high oil and gas production and exports from the region.
Tank Protection Industry Segmentation
The tank protection market includes the materials used to conserve the oil and gas storage or transportation tanks by protecting them from corrosion or any other type of deterioration.
The tank protection market is segmented by material, application, and geography. The material 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).
Tank Protection Market Size Summary
The tank protection market is poised for growth over the forecast period, driven by the increasing global demand for oil and natural gas, alongside the rising need for LNG gas storage solutions. Despite the initial setbacks caused by the COVID-19 pandemic, which dampened oil demand and affected production levels, the market is expected to recover and expand. The Middle East and Africa are anticipated to dominate the market due to their substantial oil and gas production and export activities. However, stringent regulations regarding insulation materials in various countries could pose challenges to market growth. Nonetheless, strategic mergers and acquisitions within the insulation industry, such as Saint Gobain's acquisition of Glava, are likely to create new opportunities for innovation and product development in the tank protection sector.
Polyurethane foam emerges as a key material in the tank protection industry, valued for its superior thermal insulating properties and resistance to moisture and water absorption. The demand for this material is bolstered by the need for secure storage and transportation of liquid gases and volatile organic compounds, with LNG exports being a significant driver. The United States and Qatar are leading LNG exporters, with their growing export volumes necessitating advanced tank protection solutions. The Middle Eastern region, with its high levels of crude oil and natural gas production, is expected to see increased demand for storage and transportation tanks, further fueling the market. The global tank protection market remains moderately fragmented, with key players like Saint Gobain, Rockwool International, and Kingspan Group actively engaging in strategic expansions and collaborations to enhance their market presence.
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 PU (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 Transportation
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2.2.2 Storage
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2.3 Geography
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2.3.1 North America
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2.3.1.1 United States
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2.3.1.2 Canada
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2.3.1.3 Mexico
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2.3.1.4 Rest of North America
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2.3.2 South America
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2.3.2.1 Brazil
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2.3.2.2 Venezuela
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2.3.2.3 Rest of South America
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2.3.3 Europe
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2.3.3.1 Norway
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2.3.3.2 United Kingdom
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2.3.3.3 Russian Federation
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2.3.3.4 Rest of Europe
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2.3.4 Middle East and Africa
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2.3.4.1 Saudi Arabia
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2.3.4.2 United Arab Emirates
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2.3.4.3 Qatar
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2.3.4.4 Iran
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2.3.4.5 Nigeria
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2.3.4.6 Algeria
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2.3.4.7 Rest of Middle East and Africa
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2.3.5 Asia-Pacific
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2.3.5.1 China
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2.3.5.2 India
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2.3.5.3 Japan
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2.3.5.4 Australia
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2.3.5.5 Rest of Asia-Pacific
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Tank Protection Market Size FAQs
What is the current Tank Protection Market size?
The Tank Protection Market is projected to register a CAGR of greater than 3% during the forecast period (2024-2029)
Who are the key players in Tank Protection Market?
Rockwool International A/S, Owens Corning, Saint Gobain, Kingspan Group and Armacell International SA are the major companies operating in the Tank Protection Market.
