Market Size of North America Tank Protection Industry
| 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 |
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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.
