Industrial Pipe Insulation Materials Market

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.

Market Dynamic

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:

• Fiberglass
• Mineral Wool
• Cellular Glass
• Polyurethane
• Polystyrene
• Others

By Application:

• Industrial
• Building & Construction
• District Energy System

By End-Use:

• Chemicals
• Food & Beverages
• Oil & Gas
• Power
• Metal Manufacturing
• Other Industrial

By Region and Country:

• North America (U.S., Canada)
• Latin America (Brazil, Mexico, Rest of Latin America)
• Europe (Germany, Italy, France, UK, Spain, Netherlands, Norway, Russia, Rest of Europe)
• Asia-Pacific (China, Japan, South Korea, India, Indonesia, Thailand, Vietnam, Australia & New Zealand, Rest of Asia-Pacific)
• Middle East (Saudi Arabia, Turkey, UAE, Rest of Middle East)
• Africa (South Africa, Nigeria, Egypt, Rest of Africa)

Segment-Wise Analysis

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.

Region-Wise Analysis

The regions analyzed for the market include North America, Europe, Latin America, Asia Pacific, Middle East, and Africa.

• The market was led by Europe, which brought in more than 27.8% of global sales. This can be ascribed to the fast-rising number of infrastructure-related development projects and the expanding use of district energy systems in countries with developed economies like Spain, Germany, and the United Kingdom.
• Due to rising investments in the chemical processing sector, Asia Pacific is predicted to grow at a lucrative 5.7% annual pace. In addition, increased demand from the oil and gas industry is anticipated to drive market expansion and fast-growing LNG regasification facilities to fulfill the future request.

Competition Analysis

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:

• In March 2018, 30,000 tonnes of stone wool will now be produced annually at Saint-Gobain’s production facility in Ploiesti, Romania. This aided the business in satisfying the expanding demand from the European market.
• In June 2017, with a $560 million investment, Owens Corning purchased Pittsburgh Corning, a top producer of cellular glass insulation in the United States.

A list of some of the key suppliers present in the market 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

Report Coverage and Highlights

• Our comprehensive, data-backed, and facts-oriented report provides niche and cross-sectional analysis at global and country levels.
• Assessment of the historical (actual data) and current market size (2017-2021), market projections (2022-2032), and CAGR.
• The market assessment across North America, Europe, East Asia, South Asia & Pacific, Latin America, Middle East, and Africa.
• Competitive tactical intelligence, key strategies adopted by top players, production capacity and company shares analysis, product brand surveys, and export-import analysis
• Pricing analysis to set and benchmark your current or future offerings across each product type helps you understand whether your pricing strategy is aligned with market expectations and can be compared to market disruptions.
• Predictions on critical supply and demand trends and technological expertise needed to address operations scalability.
• Consumer behavior shifts and their implications for players, list of end-users, and their consumption analysis.
• Key drivers, restraints, opportunities, and emerging trends impacting the market growth.
• Value chain analysis (list of manufacturers, distributors, end-users, and average profitability margins).
• Strategic market analysis, recommendations, and future headways on crucial winning strategies.