Global tank insulation market is expected to reach USD 7,923,160.21 thousand in 2026. The years considered for study are as mentioned below.
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The tank insulation market is a highly concentrated market which includes key players and local players. The market has witnessed increased strategic developments owing to favourable market scenario. The market has a prominent growth in upcoming years due to the demand of temperature controlled packaging for pharmaceuticals which is one of the factors boosting the growth of the market. Portable liquid storage tanks are used to store fertilizers and pesticides, pharmaceutical or items for chemical mixing. The most commonly stored chemicals in these tanks include Boric acid, Phosphoric acid, Sulfuric acid, Citric acid, Ammonium nitrate, Fatty acids and others. There are various tanks that are used to store and transport liquid gases with low static evaporation. Liquid nitrogen is often used in the packaging of medical supplies. With the rise in the demand for proper packaged pharmaceutical products, the demand for insulated tank will also increase.
The market has witness developments in terms of merger and acquisitions or product launches to enhance the product portfolio in order to meet the rising demand of innovative technology. For instance, in February 2019, BASF SE merged with Solenis, a U.S. based manufacturer of specialty chemicals who holds 49% share in the company whereas majority of 51% share will be with funds managed by Solenis, Clayton and Dubilier & Rice Company. The merger will help both the companies to accelerate their product portfolio and achieve better sales due to established presence in different regions.
BASF SE dominated the global tank insulation market. The other key players existing in the market includes The Dow Chemical Company, Saint-Gobain, Kingspan Group, Thermacon, ROCKWOOL International A/S, Cabot Corporation, DUNMORE, Corrosion Resistant Technologies, Inc., Röchling Group, T.F.WARREN GROUP and others.
BASF SE:
BASF SE headquartered in Brussels, Belgium was founded in 1863. The company is engaged in advanced materials and specialty chemicals business. The company has four operating divisions namely, chemical, functional materials & solutions and agricultural solutions.
Chemicals business segment manages petrochemicals, monomers and intermediates divisions. Performance products segment covers four divisions: dispersions & pigments, care chemicals, nutrition & health and performance chemicals divisions. Functional materials & solutions operate in catalysts, construction, chemicals, coatings and performance materials divisions. Agricultural Solutions comprises agriculture solution only.
- In February 2019, BASF has founded the new company BASF Digital Solutions S.L. located in Spain to drive forward the digital transformation of BASF group and develop innovative IT solutions. BASF is expanding its digital expertise to create innovative digital solutions.
It has its global networks in North America, Asia Pacific, Europe, South America, Africa and Middle East. The company has various subsidiaries such as BASF Coatings (Germany), Wintershall (Germany), Cognis (Germany), Engelhard (USA), PCI Augsburg GmbhH (Germany), BASF Japan (Japan), BASF India Lt d (India and others.
The Dow Chemical Company:
The Dow Chemical Company headquartered in Michigan, U.S. was founded in 1897. The company is focused in delivering a broad range of innovative and technology-based products and solutions in the packaging, industrial and infrastructure, and consumer care industries. The company operates through three business segments which include agriculture, material science and specialty products.
The agriculture segment offers a wide range of crop protection and seed/plant biotechnology products. The material science provides innovations and technological products for chlor-alkali and vinyl, industrial solutions and polyurethanes. Speciality product offers elastomers, electrical and telecommunications, packaging and specialty plastics, energy and hydrocarbons divisions. Apart from this, company also offers infrastructure solution including building & construction, coating materials, energy & water solutions and silicones solutions.
- In September 2017, Dow announced start-up of Ethylene Production Facility and ELITE Polyethylene Unit in Texas. This start-up will capture first-mover advantage and serves as cornerstone for industries most integrated and differentiated derivatives slate ELITE polyethylene unit and co-monomer capability to meet growing demand for flexible packaging.
It has its global networks through direct sales representatives and distributors in more than 60 countries in the U.S. & Canada, Europe, Middle East and Africa, Asia-Pacific, Latin America. It operates through its subsidiaries such as The Dow Chemical Company (U.S.), Dow (Zhangjiagang) Holding Co., Ltd. (China) and others.
Saint-Gobain:
Saint-Gobain headquartered in Paris, France was founded in 1665. The company is engaged in the manufacturing and distributing materials and solutions which are key ingredients in the well-being of people. The company has three operating divisions namely, innovative materials, construction products and building distribution.
Innovative materials primarily serve flat glass and high-performance materials for multiple applications in the industries such as aerospace, automotive, electronics and healthcare industries. Construction segment is organized and operates in providing interior and exterior solution. Building Distribution offers solution for buildings and construction industry.
- In December 2018, Saint Gobain, completed the acquisition of SIG Roofspace solutions in the UK. It will complement the portfolio of Saint Gobain products in the country. It will also offer customers the benefit of productive, innovative and off site manufacturing solutions. It also allows Saint Gobain to reinforce its position in pre-fabricated solutions for the construction market.
The company has wide geographic presence in North America, France, Asia-Pacific and Western European countries and it operates through its subsidiaries such as Placoplatre(France), CertainTeed Corporation(U.S.), Jewson(U.K.), Saint-Gobain Rigips(Germany), British Gypsum(U.K.), Norton Abrasives(U.S.) and others.
