North America Tank Protection Market Size
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2020 - 2022 |
| CAGR | > 1.50 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
North America Tank Protection Market Analysis
The North American tank protection market is expected to register a CAGR of over 1.5% during the forecast period.
The market was negatively impacted by COVID-19 in 2020. Presently the market has reached pre-pandemic levels.
- The tank protection market in the region is projected to prosper in the coming years due to increasing LNG exports that need special care in the cryogenic tanks and the growing oil and gas production in the country, leading to more storage and transportation.
- On the other hand, the stringent regulations for the material used for protection or insulation in North American countries can impede the market growth.
- Nevertheless, the technological advancements in the tank protection industry create tremendous opportunities for the market. As an example, spray-on foam insulation (SOFI) has been developed recently for use on cryogenic tanks.
- The United States is expected to dominate the market during the forecast period due to high LNG exports and oil and gas production.
North America Tank Protection Market Trends
This section covers the major market trends shaping the North America Tank Protection Market according to our research experts:
Polyurethane (PU) Expected to Witness Significant Growth
- Polyurethane (PU) foam is the most commercially available insulation material. The material possesses good thermal insulating properties. Moreover, other features like low moisture-vapor permeability, high resistance to water absorption, relatively high mechanical strength, and low density make 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.
- Moreover, around 18 LNG export terminal projects in Canada have been proposed in the current scenario. For example, the most awaited Woodfibre LNG project, located in Squamish, British Columbia, is about to get a construction kickstart in 2022. The terminal is expected to export 2.1 MTPA of LNG after the commissioning.
- Furthermore, the LNG export terminal projects in the under-development phase in Mexico are predicted to bolster the market even more. Some of the best examples include the Amigo LNG project, with a USD2 billion investment, and the Energia Costa Azul project, which is anticipated to start operations in 2024.
- Such developments are forecasted to drive the polyurethane foam material market in the region during the forecast period.
United States Expected to Dominate the Market
- The United States is currently at the top position in crude oil and natural gas production at the global level. The country has five major oil-producing states that account for 71% of the total crude oil production in the country, Texas, New Mexico, North Dakota, Alaska, and Colorado. The offshore segment constituted around 15.2% of the total crude oil production in 2021.
- The country has witnessed continuous growth in crude oil production in the last decade (except for COVID-19), reaching 16,585 thousand barrels per day in 2021. The production is expected to get spurred even more in the coming years, as expected by the Energy Information Administration, due to the rising oil prices in the region. The record production levels may inevitably have a huge impact on the demand for storage tanks and the tank protection market.
- The demand for LNG storage tanks is also projected to escalate even more in the United States due to the upcoming LNG plant projects. For example, the Rio Grande LNG project is expected to be established in Brownsville, Texas. The plant will be able to produce 27 million tpy once operational in the year 2023.
- Furthermore, the country is anticipating three more additional LNG export terminal projects by 2025, the Golden Pass LNG, Plaquemines LNG, and Corpus Christi Stage III. The three projects may add around 5.7 bcf/d of LNG export capacity by 2025.
- Owing to such developments, the United States is expected to dominate the market during the forecast period.
North America Tank Protection Industry Overview
The North American tank protection market is moderately consolidated. Some of the key players (in no particular order) include Rockwool International A/S, Saint Gobain, Owens Corning, Kingspan Group, and Armacell International SA.
North America Tank Protection Market Leaders
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Rockwool International A/S
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Owens Corning
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Saint Gobain
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Kingspan Group
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Armacell International SA
*Disclaimer: Major Players sorted in no particular order
North America Tank Protection Market News
- May 2022: Seal For Life Industries, the subsidiary of Arsenal Capital Partners, the U.S-based company, announced the acquisition of two industrial coating companies, Mascoat Ltd and Verdia Inc. Mascoat is a US-based manufacturer of thermal insulation coatings, sound dampening coatings, and anti-condensation material.
North America Tank Protection Market Report - Table of Contents
1. INTRODUCTION
1.1 Scope of the Study
1.2 Market Definition
1.3 Study Assumptions
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET OVERVIEW
4.1 Introduction
4.2 Market Size and Demand Forecast in USD billion, till 2027
4.3 Recent Trends and Developments
4.4 Government Policies and Regulations
4.5 Market Dynamics
4.5.1 Drivers
4.5.2 Restraints
4.6 Supply Chain Analysis
4.7 Porter's Five Forces Analysis
4.7.1 Bargaining Power of Suppliers
4.7.2 Bargaining Power of Consumers
4.7.3 Threat of New Entrants
4.7.4 Threat of Substitutes Products and Services
4.7.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION
5.1 Material
5.1.1 Polyurethane
5.1.2 Rockwool
5.1.3 Fiberglass
5.1.4 Cellular Glass
5.1.5 Other Materials
5.2 Application
5.2.1 Storage
5.2.2 Transportation
5.3 Geography
5.3.1 United States
5.3.2 Canada
5.3.3 Mexico
6. COMPETITIVE LANDSCAPE
6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
6.2 Strategies Adopted by Leading Players
6.3 Company Profiles
6.3.1 Rockwool International A/S
6.3.2 Owens Corning
6.3.3 Saint Gobain
6.3.4 Kingspan Group
6.3.5 Armacell International SA
6.3.6 Cabot Corporation
6.3.7 Johns Manville
6.3.8 Knauf Insulation
6.3.9 BASF SE
6.3.10 Covestro AG
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
North America Tank Protection Industry Segmentation
The tank protection market includes the materials which are used to conserve the oil and gas storage or transportation tanks by protecting them from corrosion or any other type of deterioration.
The North American tank protection market is segmented by material, application, and geography. By material, the market 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).
| Material | |
| Polyurethane | |
| Rockwool | |
| Fiberglass | |
| Cellular Glass | |
| Other Materials |
| Application | |
| Storage | |
| Transportation |
| Geography | |
| United States | |
| Canada | |
| Mexico |
North America Tank Protection Market Research FAQs
What is the current North America Tank Protection Market size?
The North America Tank Protection Market is projected to register a CAGR of greater than 1.5% during the forecast period (2024-2029)
Who are the key players in North America Tank Protection Market?
Rockwool International A/S, Owens Corning, Saint Gobain, Kingspan Group and Armacell International SA are the major companies operating in the North America Tank Protection Market.
What years does this North America Tank Protection Market cover?
The report covers the North America Tank Protection Market historical market size for years: 2020, 2021, 2022 and 2023. The report also forecasts the North America Tank Protection Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
North America Tank Protection Industry Report
Statistics for the 2024 North America Tank Protection market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. North America Tank Protection analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
