Trusted Business Insights answers what are the scenarios for growth and recovery and whether there will be any lasting structural impact from the unfolding crisis for the Pipe Insulation market.
Trusted Business Insights presents an updated and Latest Study on Pipe Insulation Market 2020-2029. The report contains market predictions related to market size, revenue, production, CAGR, Consumption, gross margin, price, and other substantial factors. While emphasizing the key driving and restraining forces for this market, the report also offers a complete study of the future trends and developments of the market. The report further elaborates on the micro and macroeconomic aspects including the socio-political landscape that is anticipated to shape the demand of the Pipe Insulation market during the forecast period (2020-2029).
It also examines the role of the leading market players involved in the industry including their corporate overview, financial summary, and SWOT analysis.
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Report Overview: Global Pipe Insulation Market
The global pipe insulation market size was estimated at USD 7.4 billion in 2020 and is estimated to expand further at a compound annual growth rate (CAGR) of 3.5% over the forecast period 2021-2027. Increasing demand for insulation across the industries to enhance the efficiency of the industrial processes operating at extreme temperatures is anticipated to benefit the market growth. Insulation helps in improving energy efficiency, reduce heat loss, and cut down CO2 emissions. In addition, it offers frost protection to pipelines at low temperatures, which promotes the adoption of pipe insulation across various industries including oil & gas, electric power, industrial, and residential.
The market in the U.S. accounted for USD 1,516.8 million in 2020 and is projected to grow at a CAGR of 3.6% from 2021 to 2027. Rising demand for repair and replacement of the existing pipe insulation systems is projected to fuel the industry growth over the forecast period. In addition, growing concerns regarding energy conservation is projected to benefit market growth.
Pipe insulation ensures thermal stability and protects individuals from hot surfaces. In addition, it helps in preventing corrosion and reducing noise caused due to turbulence. Moreover, it acts as passive fire protection, thereby ensuring the safety of the plant. The aforementioned benefits of the product are likely to promote its adoption across various application segments.
On the other hand, factors, such as fluctuating raw material prices, concerns regarding safety, and issues related to product durability, are estimated to hamper overall market. However, growing environmental concerns across the globe are projected to propel the product demand to limit energy loss. This is anticipated to boost the market growth.
Manufacturers procure raw materials from suppliers directly or through third-party distributors. These manufacturers enter long-term agreements with raw material suppliers to avoid the effect of volatility in the prices. In addition, they establish strategic relationships with the distributors to provide ideal solutions through direct or third-party distribution.
Material Insights: Global Pipe Insulation Market
Polyurethane & polyisocyanurate foam segment accounted for the largest market share of over 20% in 2019. These foams are increasingly used for insulating pipelines that carry hot or cold liquids. These materials reduce the exchange of heat within the pipeline and the surrounding. Major applications of the material include oil & gas pipelines, chemical plants, and district energy systems.
The cellular glass material segment is estimated to register the highest CAGR of 4.9% from 2021 to 2027. noteworthy properties of this material including excellent strength, moisture and corrosion resistance, and zero vapor permeability are projected to promote its demand across various underground and outdoor applications.
Elastomeric foam is estimated to grow at a CAGR of 3.6% from 2021 to 2027. Its properties including strong water vapor permeability and moisture retention are projected to promote its use in applications, such as HVAC systems, plumbing, and refrigeration systems. Fiberglass pipe insulation is used on cold, hot, exposed, and concealed piping that finds applications in commercial buildings, industrial facilities, and power plants.
Application Insights: Global Pipe Insulation Market
Industrial application segment accounted for the maximum market share of 37.5% in 2019 and is projected to expand further at the fastest CAGR over the forecast period. Rapidly rising demand for piping systems in industries, such as oil & gas, chemical, petrochemical, power generation, wastewater treatment, and pharmaceutical, is estimated to augment the segment growth.
District energy system is estimated to be the second fastest-growing segment. These systems are adopted across the globe as an effective approach to connect renewables, thermal storage, waste heat, thermal grids power grids, and heat pumps, thereby ensuring sustainable heating and cooling. In addition, the system is an energy-efficient solution as it produces low carbon emission as compared to the regular boilers.
Growing environmental awareness across the globe coupled with rising demand for energy-efficient solutions is projected to propel the demand for district energy systems. The Building & construction application segment is expected to register a significant CAGR from 2020 to 2027 on account of the rising demand for residential and commercial structures across the globe. Rising population and rapid urbanization are likely to propel the segmental growth.
Regional Insights: Global Pipe Insulation Market
Europe held the largest share of the market of around 33% in 2019 and is projected to grow further at the fastest CAGR over the forecast period. Adoption of district energy systems across European countries including the U.K., Germany, and Spain is likely to propel the regions growth over the forecast period.
Moreover, high level of environmental awareness in the region is a major factor driving the product demand. In addition, expansion of industries including oil & gas, power generation, petrochemical, and others is anticipated to stimulate the regional market growth.
Asia Pacific is anticipated to witness exponential growth over the forecast period on account of rising demand for repair and replacement of existing systems. In addition, growing building & construction application segment due to rapid urbanization is estimated to fuel the product demand.
Increasing number of recovery construction projects in countries, such as the U.S. U.K., and Germany, particularly in the commercial segments is anticipated to augment the market growth. Rising awareness about following eco-friendly construction practices is expected to further propel the product demand owing to its ability to reduce energy consumption.
Key Companies & Market Share Insights: Global Pipe Insulation Market
The industry participants are following several business strategies, such as their global expansion and mergers & acquisition to increase their customer base.
For instance, Huntsman Corporation is engaged in expanding its global presence, which will benefit the company in gaining a higher market share. In addition, companies, such as Owens Corning, are investing in R&D to develop insulating jackets using materials like formaldehyde-free thermal fiber. Some of the prominent players in the pipe insulation market include:
Key companies Profiled: Global Pipe Insulation Market Report
This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the segments from 2016 to 2027. Trusted Business Insights has segmented the global pipe insulation market report on the basis of material, application, and region:
Material Outlook (Revenue, USD Million, 2016 – 2027)
- Cellular glass
Polyurethane & Polyisocyanurate Foam
- Elastomeric Foam
Application Outlook (Revenue, USD Million, 2016 – 2027)
- Building & Construction
- District Energy System
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