In a world propelled by industrial optimization and environmental accountability, the Global Tank Insulation Market has firmly established itself as a vital cornerstone of thermal efficiency, material integrity, and operational cost-reduction across multiple sectors. Valued at approximately USD 2.31 billion in 2024, the market is forecast to ascend at a healthy CAGR of 5.40% between 2025 and 2035, reaching USD 4.12 billion by the end of the forecast period. Tank insulation, which encompasses materials such as polyurethane (PU), polyisocyanurate (PIR), rockwool, fiberglass, and cellular glass, plays a transformative role in maintaining temperature stability and preventing energy loss in storage and transportation applications. This technology is becoming increasingly indispensable in industries like oil & gas, chemicals, food & beverages, and power generation, where the containment of volatile or temperature-sensitive contents is mission-critical.
A significant portion of the market's growth can be attributed to the uptick in energy consumption and the expansion of cold chain logistics, which necessitate efficient and long-term thermal containment solutions. Additionally, with the rapid modernization of oil refineries and petrochemical plants, manufacturers are consistently turning toward advanced insulation materials that offer better resistance to extreme temperatures, corrosion, and environmental degradation. PU and PIR, in particular, are leading the charge due to their superior thermal conductivity and moisture resistance. Meanwhile, elastomeric foam and fiberglass continue to see increased adoption in transport tanks where flexibility and weight reduction are key design considerations.
Regionally, North America continues to maintain a competitive edge due to its robust oil & gas infrastructure, growing LNG (liquefied natural gas) distribution network, and ongoing upgrades in utility and power generation facilities. The United States, in particular, is witnessing heightened retrofitting activities in aging industrial tanks, fueling insulation demand. Europe follows suit, driven by stringent energy efficiency regulations and a surge in renewable energy storage solutions that rely on advanced tank insulation. However, it is the Asia Pacific region that is expected to lead in terms of growth rate throughout the forecast period. Rising industrialization, expanding chemical manufacturing hubs, and urban energy needs in emerging economies such as India and China are catalyzing this upward momentum. Moreover, government-backed infrastructure projects and increasing FDI (foreign direct investment) in cold storage and food processing plants are set to boost regional adoption.
Major market players included in this report are:
- BASF SE
- Croda International Plc.
- Halliburton Company
- Schlumberger Limited
- Impact Fluid Solutions
- Baker Hughes Company
- M&D Industries Of Louisiana, Inc.
- Trican Well Service Ltd.
- Eltherm GmbH
- Henkel AG & Co. KGaA
- Johns Manville
- Rockwool International A/S
- Coverflex Insulations Ltd.
- Cryogel Insulation
- Armacell International S.A.
Global Tank Insulation Market Report Scope:
- Historical Data - 2023, 2024
- Base Year for Estimation - 2024
- Forecast Period - 2025-2035
- Report Coverage - Revenue forecast, Company Ranking, Competitive Landscape, Growth factors, and Trends
- Regional Scope - North America; Europe; Asia Pacific; Latin America; Middle East & Africa
- Customization Scope - Free report customization (equivalent up to 8 analysts' working hours) with purchase. Addition or alteration to country, regional & segment scope*
The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values for the coming years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within the countries involved in the study. The report also provides detailed information about crucial aspects, such as driving factors and challenges, which will define the future growth of the market. Additionally, it incorporates potential opportunities in micro-markets for stakeholders to invest, along with a detailed analysis of the competitive landscape and product offerings of key players.
The detailed segments and sub-segments of the market are explained below:
By Material:
- Polyurethane (PU) & Polyisocyanurate (PIR)
- Rockwool
- Fiberglass
- Elastomeric Foam
- Cellular Glass
By Type:
- Storage Tank Insulation
- Transportation Tank Insulation
By End-Use Industry:
- Oil & Gas
- Chemical
- Food & Beverage
- Energy & Power
- Others
By Region:
- North America
- U.S.
- Canada
- Europe
- UK
- Germany
- France
- Spain
- Italy
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- Australia
- South Korea
- Rest of Asia Pacific
- Latin America
- Brazil
- Mexico
- Middle East & Africa
- UAE
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
Key Takeaways:
- Market Estimates & Forecast for 10 years from 2025 to 2035.
- Annualized revenues and regional level analysis for each market segment.
- Detailed analysis of geographical landscape with Country level analysis of major regions.
- Competitive landscape with information on major players in the market.
- Analysis of key business strategies and recommendations on future market approach.
- Analysis of competitive structure of the market.
- Demand side and supply side analysis of the market.
Table of Contents
Chapter 1. Global Tank Insulation Market Report Scope & Methodology
- 1.1. Research Objective
- 1.2. Research Methodology
- 1.2.1. Forecast Model
- 1.2.2. Desk Research
- 1.2.3. Top Down and Bottom-Up Approach
- 1.3. Research Attributes
- 1.4. Scope of the Study
- 1.4.1. Market Definition
- 1.4.2. Market Segmentation
- 1.5. Research Assumption
- 1.5.1. Inclusion & Exclusion
- 1.5.2. Limitations
- 1.5.3. Years Considered for the Study
Chapter 2. Executive Summary
- 2.1. CEO/CXO Standpoint
- 2.2. Strategic Insights
- 2.3. ESG Analysis
- 2.4. Key Findings
Chapter 3. Global Tank Insulation Market Forces Analysis
- 3.1. Market Forces Shaping the Global Tank Insulation Market (2024-2035)
- 3.2. Drivers
- 3.2.1. Rising global demand for energy and thermal-efficient infrastructure
- 3.2.2. Expansion of cold chain logistics and industrial storage capacities
- 3.3. Restraints
- 3.3.1. Volatility in raw material prices and supply chain disruptions
- 3.3.2. High initial installation and maintenance costs of advanced insulation systems
- 3.4. Opportunities
- 3.4.1. Technological advancements in insulation materials like PU, PIR, and cellular glass
- 3.4.2. Increasing government investment in clean energy infrastructure and smart grids
Chapter 4. Global Tank Insulation Industry Analysis
- 4.1. Porter's 5 Forces Model
- 4.1.1. Bargaining Power of Buyer
- 4.1.2. Bargaining Power of Supplier
- 4.1.3. Threat of New Entrants
- 4.1.4. Threat of Substitutes
- 4.1.5. Competitive Rivalry
- 4.2. Porter's 5 Forces Forecast Model (2024-2035)
- 4.3. PESTEL Analysis
- 4.3.1. Political
- 4.3.2. Economic
- 4.3.3. Social
- 4.3.4. Technological
- 4.3.5. Environmental
- 4.3.6. Legal
- 4.4. Top Investment Opportunities
- 4.5. Top Winning Strategies 2025
- 4.6. Market Share Analysis (2024-2025)
- 4.7. Global Pricing Analysis and Trends 2025
- 4.8. Analyst Recommendation & Conclusion
Chapter 5. Global Tank Insulation Market Size & Forecasts by Material 2025-2035
- 5.1. Market Overview
- 5.2. Polyurethane (PU) & Polyisocyanurate (PIR)
- 5.2.1. Top Countries Breakdown Estimates & Forecasts, 2024-2035
- 5.2.2. Market Size Analysis, by Region, 2025-2035
- 5.3. Rockwool
- 5.4. Fiberglass
- 5.5. Elastomeric Foam
- 5.6. Cellular Glass
Chapter 6. Global Tank Insulation Market Size & Forecasts by Type 2025-2035
- 6.1. Market Overview
- 6.2. Storage Tank Insulation
- 6.2.1. Top Countries Breakdown Estimates & Forecasts, 2024-2035
- 6.2.2. Market Size Analysis, by Region, 2025-2035
- 6.3. Transportation Tank Insulation
- 6.3.1. Top Countries Breakdown Estimates & Forecasts, 2024-2035
- 6.3.2. Market Size Analysis, by Region, 2025-2035
Chapter 7. Global Tank Insulation Market Size & Forecasts by End-Use Industry 2025-2035
- 7.1. Market Overview
- 7.2. Oil & Gas
- 7.3. Chemical
- 7.4. Food & Beverage
- 7.5. Energy & Power
- 7.6. Others
Chapter 8. Global Tank Insulation Market Size & Forecasts by Region 2025-2035
- 8.1. Global Market Snapshot
- 8.2. Top Leading & Emerging Countries
- 8.3. North America Tank Insulation Market
- 8.3.1. U.S.
- 8.3.1.1. Material Breakdown Size & Forecasts, 2025-2035
- 8.3.1.2. Type Breakdown Size & Forecasts, 2025-2035
- 8.3.2. Canada
- 8.3.2.1. Material Breakdown Size & Forecasts, 2025-2035
- 8.3.2.2. Type Breakdown Size & Forecasts, 2025-2035
- 8.4. Europe Tank Insulation Market
- 8.4.1. UK
- 8.4.2. Germany
- 8.4.3. France
- 8.4.4. Spain
- 8.4.5. Italy
- 8.4.6. Rest of Europe
- 8.5. Asia Pacific Tank Insulation Market
- 8.5.1. China
- 8.5.2. India
- 8.5.3. Japan
- 8.5.4. Australia
- 8.5.5. South Korea
- 8.5.6. Rest of Asia Pacific
- 8.6. Latin America Tank Insulation Market
- 8.6.1. Brazil
- 8.6.2. Mexico
- 8.7. Middle East & Africa Tank Insulation Market
- 8.7.1. UAE
- 8.7.2. Saudi Arabia
- 8.7.3. South Africa
- 8.7.4. Rest of Middle East & Africa
Chapter 9. Competitive Intelligence
- 9.1. Top Market Strategies
- 9.2. BASF SE
- 9.2.1. Company Overview
- 9.2.2. Key Executives
- 9.2.3. Company Snapshot
- 9.2.4. Financial Performance (Subject to Data Availability)
- 9.2.5. Product/Services Portfolio
- 9.2.6. Recent Development
- 9.2.7. Market Strategies
- 9.2.8. SWOT Analysis
- 9.3. Croda International Plc.
- 9.4. Halliburton Company
- 9.5. Schlumberger Limited
- 9.6. Impact Fluid Solutions
- 9.7. Baker Hughes Company
- 9.8. M&D Industries of Louisiana, Inc.
- 9.9. Trican Well Service Ltd.
- 9.10. Eltherm GmbH
- 9.11. Henkel AG & Co. KGaA
- 9.12. Johns Manville
- 9.13. Rockwool International A/S
- 9.14. Coverflex Insulations Ltd.
- 9.15. Cryogel Insulation
- 9.16. Armacell International S.A.