The Storage segment is expected to dominate the Global Tank Protection Market in the forecast period

One of the most compelling drivers behind the rise of the Tank Protection Market is the Rise in Chemical and Petrochemical Production.

According to TechSci Research report, “Global Tank Protection Market - By Region, Competition, Forecast & Opportunities, 2028”. The Global Tank Protection Market is expected to grow with a CAGR of 3.92% during the forecast period. The global tank protection market is being driven by several significant factors, making it a dynamic and expanding industry. One of the primary drivers is the increasing awareness of safety and environmental concerns across various sectors that rely on storage tanks. Firstly, industries such as oil and gas, chemicals, pharmaceuticals, and water treatment are expanding rapidly to meet global demands. This growth necessitates the construction and maintenance of storage tanks. Consequently, the need for tank protection systems to ensure the safety, integrity, and compliance of these tanks is on the rise. Secondly, stringent environmental regulations and safety standards are pushing companies to invest in tank protection solutions. Governments and regulatory bodies worldwide impose strict guidelines governing the storage, transportation, and handling of hazardous materials. Compliance with these regulations requires the installation of advanced tank protection systems to prevent leaks, spills, and environmental damage. Thirdly, the protection of valuable assets is a significant driver. Storage tanks represent substantial capital investments for many industries. Tank protection systems safeguard these assets from corrosion, overpressure, and other forms of damage, thereby extending their operational lifespan and reducing long-term replacement costs. Additionally, technological advancements have given rise to more sophisticated tank protection systems. These systems provide real-time monitoring, remote control, and predictive maintenance capabilities, enhancing overall safety and efficiency.

Browse over xx market data Figures spread through 180 Pages and an in-depth TOC on " Global Tank Protection Market.”

Polyurethane Expected to Witness Significant Growth, Polyurethane foam is the most commercially available material for insulation. The material possesses excellent thermal insulating properties. Moreover, other features like low moisture-vapor permeability, high resistance to water absorption, relatively high mechanical strength, and low density makes the material highly recommended in the tank protection industry. The product is in high demand in the current scenario due to the special care taken for storing and transporting commodities like liquid gases, volatile organic compounds, etc. The increase in LNG exports is one of the factors strongly driving the market. For example, in the United States, the monthly LNG exports peaked at 3.5 tcf in 2021. The United States is currently at the top position in the global LNG export market. It is predicted to retain its rank in the future due to the growing volume of LNG exports to different regions. For example, the country exported nearly 75% of its LNG to Europe in the first half of 2022, and the number is still increasing. The other major LNG exporter is Qatar, the country which has witnessed a continuous increase in LNG exports in the last five years. The total LNG exports of Qatar reached around USD11.9 billion in April 2022, compared to USD5.8 billion in April 2021. Such developments are expected to have a direct impact on the tank protection market as LNG exports strongly require tank protection during storage and transportation. The Middle East and African region are blessed with the leading oil and gas producers. After the United States, the countries like Qatar, Saudi Arabia, Iraq, and United Arab Emirates (UAE) have remarkable levels of crude oil and natural gas production, creating a huge upsurge in demand for storage and transportation vessels. The crude oil production in the Middle Eastern region was recorded as 28156 thousand barrels per day in the year 2021, the second-ranking production level at the global level after the North American region. The demand for the fabrication of storage and transportation tanks is predicted to grow in the coming years due to the upcoming oil and gas projects in the region. In August 2022, Saudi Aramco, the state-owned oil and gas giant of Saudi Arabia, announced plans to expand offshore oil production in the country through various schemes and projects. The initiative was taken to boost the output due to the pressure put on the OPEC group by the Western nations to boost the oil output, as other OPEC members have reached their peak levels. Furthermore, the LNG exports from the region, particularly from the countries like Qatar and Kuwait, are expected to positively influence the tank protection market, as LNG export tanks need special care under cryogenic conditions. Owing to such facts and developments, the region is forecasted to take away the lion's share of the market in the near future.

Key market players in the Global Tank Protection Market include:

• Rockwool International SA
• Kingspan Group
• Owens Corning
• Armacell International SA
• Archtech Building Systems (Nova Guard)
• Kumtek Thermotech
• Rochling Group
• Yutaka Corporation

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“A key driver of the global tank protection market is the rapid expansion of industries like oil and gas, chemicals, and manufacturing. These sectors increasingly rely on storage tanks for raw materials and products. Stringent environmental regulations and safety standards also fuel the demand for tank protection systems, ensuring compliance and preventing spills. Additionally, the need to protect valuable assets, like storage tanks, from corrosion and damage drives market growth. Technological advancements further boost the market by providing sophisticated, real-time monitoring and control solutions that enhance safety and efficiency in tank operations. These factors collectively propel the global tank protection market forward.,” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm.

“Tank Protection Market – Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028 Segmented by Material (PU (Polyurethane), Rockwool, Fiberglass, Cellular Glass, Other Materials), Application (Transportation, Storage), By Region, Competition”, has evaluated the future growth potential of Global Tank Protection Market and provides statistics and information on market structure, size, share, and future growth. The report is intended to provide cutting-edge market intelligence and help decision-makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities present in the Global Tank Protection Market.

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