Global Pipe Insulation Market Forecast:

The pipe insulation market was estimated at USD 2.31 billion in 2022 and is likely to grow at a significant CAGR of 3.78% during 2023-2028 to reach USD 2.89 billion in 2028.

COVID-19 IMPACT

The spread of covid-19 negatively impacted the pipe insulation market. The major factors leading to a decline in sales were supply-chain disruption and lockdowns and restrictions across the globe.

Market Dynamics

The prime factor that is contributing to the demand for pipe insulation market is-

• The growing production of oil in countries such as the US, Saudi Arabia, Iran, and Russia,
• The presence of stringent regulations to insulate pipelines.

The Pipe Insulation Market growth depends upon numerous factors which have direct or indirect impacts on the demand.

The key factors governing the demand for Pipe Insulation Market are:

• Market structure: Overview, industry life cycle analysis, supply chain analysis
• Market environment analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis
• Market trend and forecast analysis
• Market segment trend and forecast
• Competitive landscape and dynamics: Market share, product portfolio, product launches, etc.
• Attractive market segments and associated growth opportunities
• Emerging trends 
• Strategic growth opportunities for the existing and new players
• Key success factors

Pipe Insulation Market Segmentation:

The market is segmented as industrial, oil, district energy systems, building & construction, and other applications based on the application type. The industrial segment holds the largest market share, followed by the oil segment, in terms of value. Rapid industrialization in developing economies such as APAC and South America; and the necessity to insulate pipelines used in various process industries are the major growth drivers of the industrial segment during the forecast period.

The market is segmented as rockwool, polyurethane & polyisocyanurate foam, fiberglass, elastomeric foam, and others based on the material type. The rockwool material type is expected to rule the market during the forecast period, in terms of value, owing to its non-flammable nature and high compressive strength, which drive its demand in various applications. Adding to its properties is its sustainability, as it does not cause any harm to the environment.

In terms of regions, Asia-Pacific is estimated to be the largest market during the forecast period, owing to the growing industries in the region’s emerging economies, such as China and India. They are driven by the rising per capita disposable income, rapid urbanization, and growing demand for district energy systems, creating high growth for the market. Adding to the growth drivers is the high growth in various pharmaceuticals, food processing, and chemical industries.

Pipe Insulation Market Competitive Analysis:

• Rockwool International A/S
• Armacell International Holding GmbH
• Kingspan Group plc
• Owens Corning
• Saint-Gobain S.A.
• Huntsman Corporation
• Johns Manville
• Knauf Insulation
• BASF S.E.
• Covestro AG

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