Posted 3/19/2024, 2:30:00 PM
Stringent Regulations and Energy Efficiency Needs Drive Surge in Insulated Tank Demand
- Stringent regulations and need for energy efficiency driving demand for tank insulation solutions across industries
- Market expected to reach $6.2 billion in 2024, further growing to $10.2 billion by 2034 at a 5.1% CAGR
- Oil & gas, chemical, and food & beverage sectors adopting insulation to reduce costs and enhance efficiency
- Growth in LNG/LPG and infrastructure projects, especially in Asia Pacific, Middle East & Africa fueling insulated tanks
- Challenges like high initial investment, complex installation persist but benefits like optimal storage conditions and regulatory compliance outweigh hurdles