Market Size of Tank Protection Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | > 3.00 % |
| Fastest Growing Market | Middle East and Africa |
| Largest Market | Middle East and Africa |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Tank Protection Market Analysis
The tank protection market is expected to register a CAGR of over 3% during the forecast period.
COVID-19 adversely affected the market due to the dampened oil demand that led to less oil production and buffering of oil stock in storage tanks.
- Over the medium term, the tank protection market is projected to prosper in the coming years due to the increasing demand for oil and natural gas at the global level and the rising demand for LNG gas that needs special protection for cryogenic tanks.
- On the other hand, the stringent regulations for the material used for protection or insulation in many countries can impede the market growth.
- Nevertheless, the mergers and acquisitions taking place in the insulation industry may create tremendous opportunities for the tank protection market. For example, Saint Gobain, one of the leading industry players, acquired Glava, the Norway-based insulation solutions company. Such acquisitions pave the way for knowledge sharing and new product launches.
- The Middle East and African region is expected to capture the highest market share due to high oil and gas production and exports from the region.
