Industrial Pipe Insulation Materials Market Size Analysis
According to a recent survey conducted by ChemView Consulting, the Global Industrial Pipe Insulation Materials Market grew at a CAGR of 3.3% between 2017-2021 and is estimated to be US$ 1,684.5Mn in 2022. Currently, the market is anticipated to grow at a CAGR of 3.8% and is expected to reach a valuation of US$ 2,445.9Mn by 2032 end.
There has been a noticeable trend in the industry toward creating eco-friendly insulating materials and using recycled goods globally. Due to rising environmental concerns, manufacturers increasingly use eco-friendly substitutes for insulation materials like cellulose, mineral wool, etc.
DEMAND FOR EFFICIENT INSULATION MATERIALS IN VARIOUS END-USE INDUSTRIES BOLSTERING THE BUSINESS GROWTH
Insulation materials are in high demand across various end-use industries due to their significant qualities and advantages, including increased water vapor permeability, moisture retention, low VOC emission, and thermal conductivity. Additionally, these materials tend to lower the overall energy consumption of production units while boosting manufacturer profit margins.
A few of the best insulation materials for pipe insulation are fiberglass, cellular glass, and polyurethane because of their low cost, simplicity of installation, quick payback, long lifespan, and low maintenance requirements. Additionally, it offers superior qualities like fire protection, high compressive strength, and worker safety on factory floors.
HIGH INITIAL INVESTMENTS REQUIRED TO SET UP THE BUSINESS ARE EXPECTED TO RESTRICT NEW ENTRANTS FURTHER
It is moderately challenging for new entrants to penetrate the market because the manufacturers rely heavily on dependable suppliers with high goodwill due to past product procurement. The industry also shows the presence of numerous well-established firms with solid financial foundations. It is expected that this will restrict the entry of new market competitors. Furthermore, it is anticipated that the hefty startup costs for the business would further deter new competitors.
GROWING DEMAND FOR PHARMACEUTICAL AND COSMETIC PRODUCTS IS DRIVING THE EXPENDITURE ON CAPACITY ADDITIONS BY MAJOR PHARMACEUTICAL COMPANIES
Major pharmaceutical businesses are investing in capacity additions due to the rising demand for pharmaceutical and cosmetic products. Process pipes are a crucial part of these manufacturing facilities, and they are anticipated to increase demand for pipe insulation during the projected period significantly.
Market Segments Covered in Report
By Material Type:
By Region and Country:
Which material type is anticipated to gain traction over the forecast period?
Throughout the forecast period, the market is anticipated to be driven by the low temperature and cryogenic insulating capabilities of Fiberglass insulation materials used in the upstream sector. The market sector is expanding profitably and is anticipated to rise by 7.0% annually. It is expected to account for more than a third of the market value.
Due to its reduced cost and simple installation, fiberglass is frequently utilized in insulation systems. The substance provides insulating solutions in the building and automotive industries. The importance is commonly used in industrial, commercial, and institutional structures to insulate copper, iron, and PVC pipes.
Which application is increasing in demand in the anticipated period?
The industrial application sector dominated the market with almost 37.0% of the total revenue. The category is expected to rise due to rising demand for piping systems across several industries, including petrochemical, oil and gas, power generation, chemical, and wastewater treatment. The product is utilised in oil pipelines to improve safety, particularly onshore pipelines.
The regions analyzed for the market include North America, Europe, Latin America, Asia Pacific, Middle East, and Africa.
Focusing on sustainable development to increase regional and global market share and take the lead in the industry is one of the key strategies used by the players. Most players are concentrating on offering process fluid lines with high-quality, cost-effective insulation materials to prevent temperature loss while also boosting product yield.
The key developments in the Global Industrial Pipe Insulation Materials Market:
A list of some of the key suppliers present in the market are:
Report Coverage and Highlights
|Historical data available for||2017-2021|
|Market analysis||USD Million for Value and Tons for Volume, and CAGR from 2022 to 2032|
|Key regions covered||North America, Latin America, Europe, Asia-Pacific, Middle East, and Africa|
|Key countries covered||US, Canada, Brazil, Mexico, Germany, Italy, France, UK, Spain, Netherlands, Norway, Russia, China, Japan, South Korea, India, Indonesia, Thailand, Vietnam, Australia & New Zealand, Saudi Arabia, Turkey, UAE, South Africa, Nigeria, Egypt|
|Key segments covered||By Material Type, Application, End-Use, and Region|
|Customization scope||Available upon Request|
|Pricing and purchase options||Available upon Request|
Frequently Asked Questions
In the forecast period between 2022 and 2032, the market is expected to grow at a CAGR of 3.8%.
Demand for efficient insulation materials in various end-use industries bolstering the business growth
Major global Industrial Pipe Insulation Materials Market players are Rockwool International A/S, SAINT-GOBAIN, Armacell International S.A, Owens Corning Insulating Systems, LLC, Knauf Insulation, Kingspan Group plc, Johns Manville Corporation, ContiTech AG, Dyplast Products Llc, ITW Insulation Systems, BASF SE, Huntsman, Aeroflex USA, Inc, L’ISOLANTE K-FLEX S.p.A, Shanghai ABM Rock Wool Co., Ltd.
High initial investments required to set up the business are expected to restrict new entrants further.
Europe is expected to account for the largest market revenue share in the Global Industrial Pipe Insulation Materials market.
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