Pipe Insulation Market Share, Size, Trends, Industry Analysis Report, By Material (Cellular Glass, Polyurethane & Polyisocyanurate Foam, Fiberglass, Elastomeric Foam, and Others); By Application; By Region; Segment Forecast, 2024- 2032
- Published Date:Jan-2024
- Pages: 116
- Format: PDF
- Report ID: PM3329
- Base Year: 2023
- Historical Data: 2019-2022
Report Outlook
The global pipe insulation market was valued at USD 8.08 billion in 2023 and is expected to grow at a CAGR of 5.3% during the forecast period. The growing adoption of advanced and innovated district heating systems due to rise in the electricity tariffs, increasing environmental awareness, and high technological advances coupled with the rising investments towards the expansion of gas liquefaction terminals and demand for the product from oil & gas sector, are key factors propelling the demand and growth of the global market. The presence of large number of manufacturers and service providers globally and their increasing focus on the development of new and more enhanced products solutions for different applications by investing higher on their R&Ds, that is also likely to create huge growth opportunities in the near future.
To Understand More About this Research: Request a Free Sample Report
For instance, in January 2023, Kingspan Technical Insulation, unveiled its new pipe insulation carbon calculator, that help consultants to easily understand how pipe insulation specifications could impact the whole life carbon emissions. It covers a wide range of system designs, pipe materials, operating parameters and pipe insulation thickness can be easily set by using most appropriate or relevant tables within BS 5422.
Moreover, the increasing prevalence for an efficient temperature control solution from several different industries including oil & gas and electricity along with the growing focus on energy conservation by minimizing heat gain and heat loss. The demand and adoption for pipe insulation materials is drastically emerging in the recent years, as government regulations to insulate pipelines constantly becoming more stringent worldwide.
The market research report offers an in-depth analysis of the industry to support informed decision-making. It offers a meticulous breakdown of various market niches and keeps readers updated on the latest industry developments. Along with pipe insulation market on the basis of SWOT and Porter’s Five Forces models, the research report includes graphs, tables, charts, and other pictorial representations to help readers understand the key insights and important data easily.
However, the carcinogenic nature of ceramic fibers and several stringent regulations regarding the use of insulation materials are likely to act as a major restraint for the market. Additionally, the fluctuation in the plastic foam prices due to the changes in the costs of crude oil, that is further hampering the demand and growth of the market. Deadly coronavirus across the globe has forced several economies to go into the lockdown, which resulted in the closure of manufacturing facilities and high disruptions in the global supply chain. There had been a severe scarcity of raw materials and resources because of several tactics including social separation.
Industry Dynamics
Growth Drivers
Increasing environmental awareness towards the greenhouse gas emissions worldwide that has been fueling the demand for high-performance insulation materials from numerous end-use industries such as paints & coatings, building & construction, and oil & gas among others, as insulation acts as a huge barrier to heat flow and further help in reducing the emissions of greenhouse gases, which are the major factors boosting the market growth. Furthermore, the rapid development of various low bio-permanent materials and growing emergence of applications across automotive and aerospace industries coupled with the penetration for energy conservation with the incorporation of technological innovations globally, will offer lucrative growth opportunities in the near future.
Report Segmentation
The market is primarily segmented based on material, application, and region.
|
By Material |
By Application |
By Region |
|
|
|
For Specific Research Requirements: Request for Customized Report
Polyurethane and Polyisocyanurate foam Segment Accounted for Largest share in 2022
Polyurethane and polyisocyanurate foam segment accounted for major global market share in 2022, and is likely to retain its market position throughout the anticipated period. The widespread use of this kind of material in numerous pipe insulation applications due to its ability to restrict the absorption of water, gas, and air along with the increasing prevalence of materials globally, as it offers excellent dimensional stability over wide temperature range, are among the key factors propelling the segment market growth.
The cellular glass segment is expected to grow at significant growth rate during the forecast period, which is highly attributable to its growing prevalence & its application across varied verticals such as processing systems, ductwork, commercial pipe-work, storage tanks, and fluid systems, because its exhibits consistent insulating efficiency, fire protection, high compressive strength, and low vapor permeability. Moreover, the elastomeric foam insulation is further projected to gain huge traction and demand over the coming years, on account of its wide range of beneficial properties including moisture retention and strong water vapor permeability along with the upsurge in the penetration worldwide due to rising environmental concerns regarding the reduction in carbon emissions.
District energy Systems is Expected to Witness Highest Growth During Forecast Period
The district energy systems segment is anticipated to grow at a highest CAGR over the projected period, which is mainly driven high adoption of these systems across the globe as a highly effective solution to connect thermal storage, power grids, waste heat, heat pumps, and renewables. These systems use pre-insulated pipes for efficient and rapid distribution of generated streams and supply steam for cooling building spaces. Apart from this, insulated piping systems are the key components of district heating systems, especially that are made up of eco-friendly materials, which in turn, fueling the demand for pipe insulation at significant pace.
The industrial segment led the industry market with highest revenue share in 2022, which is largely attributed to continuous escalation in the need and demand for several piping systems in industries like petrochemical, power generation, oil & gas, chemical, and wastewater treatment to provide enhanced and improved safety, mainly in onshore activities. Rapid rise in the global population and increasing rate of urbanization especially in the emerging economies like India, China, and Indonesia, that is resulting in drastic increase and growth in the building and growth applications. Hence, the growth of the construction sector and various stricter energy-efficiency norms, are also positively influencing the growth of the segment market.
Europe Region Dominated the Global Market in 2022
Europe region dominated the market with maximum revenue share. The drastic increase and surge in the number of infrastructural and construction activities and continuously growing installation of district energy systems in countries like Germany, U.K., and Spain. Surge in demand from the residential applications due to constant change in climatic conditions, are likely to bode well for the market growth.
Asia Pacific region is expected to be the fastest growing region during the anticipated period, mainly due to the increase in investments in the chemical processing industry and demand from the oil & gas sector along with the expansion in LNG regasification capacities across the region. In addition, the emerging trend of shifting manufacturing plants of North America and Europe region players to Asia Pacific to unlock the potential of untapped growth opportunities present in the region, that is positively contributing towards the growth of the regional market.
Competitive Insight
Some of the major players operating in the global pipe insulation market include Huntsman International, Saint-Gobain, Covestro, Wincell Insulation, NMC International, Gilsulate International, Sekisui Foam, Omkar Puf Insulation, Johns Manville, Owens Corning, Armacell, Lydall, Rockwool Insulation, Knauf Insulation, BASF, Kingspan, and Kaimann.
Recent Developments
- In May 2022, Armacell, introduced 2 new insulation products, that are used to connect the indoor & outdoor components of domestic and commercial split & multi-split air conditioning systems & the heat pumps. The newly developed products are highly suitable for use with refrigerants R-407C and R-410A while providing several installer benefits.
- In May 2021, Finse Ltd., introduced its new thermal insulation product called Finse Thermal Cell, that is manufactured in-house from start to finish and can be effectively tailored and designed for each individual machine. Its outer layers are typically made up of molded stainless steel sheet metal with thickness of 0.15mm to 0.20mm, which complies with the EN 1;4016 and AISI 430 standards.
Pipe Insulation Market Report Scope
|
Report Attributes |
Details |
|
Market size value in 2024 |
USD 8.39 billion |
|
Revenue forecast in 2032 |
USD 12.91 billion |
|
CAGR |
5.50% from 2024– 2032 |
|
Base year |
2023 |
|
Historical data |
2019– 2022 |
|
Forecast period |
2024– 2032 |
|
Quantitative units |
Revenue in USD billion and CAGR from 2024 to 2032 |
|
Segments covered |
By Material, By Application, By Region |
|
Regional scope |
North America, Europe, Asia Pacific, Latin America, Middle East & Africa |
|
Key companies |
Huntsman International LLC, Saint-Gobain Group, Covestro AG, Wincell Insulation Co. Ltd., NMC International SA, Gilsulate International Inc., Sekisui Foam Australia, Omkar Puf Insulation Pvt. Ltd., Johns Manville, Owens Corning, Armacell, Lydall Inc., Rockwool Insulation A/S, Knauf Insulation, BASF SE, Kingspan Group, and Kaimann GmbH International. |
The analysis pipe insulation market extends to a comprehensive market forecast up to 2032, coupled with a retrospective examination. Avail yourself of a complimentary PDF download to sample this in-depth industry analysis. report to suit their needs. By customizing the report, you can get data as per your format and definition. Also, the customization option allows you to gain a deeper dive into a specific segment, region, customer, or market competitor.
FAQ's
The global pipe insulation market size is expected to reach USD 12.91 billion by 2032.
Key players in the pipe insulation market are Huntsman International, Saint-Gobain, Covestro, Wincell Insulation, NMC International, Gilsulate International, Sekisui Foam, Omkar Puf Insulation.
Europe contribute notably towards the global pipe insulation market.
The global pipe insulation market expected to grow at a CAGR of 5.35% during the forecast period.
The pipe insulation market report covering key segments are material, application, and region.
© 2024 Polaris Market Research and Consulting. All rights reserved
