Rising demand for repair and replacement of the existing pipe insulation systems is projected to fuel the industry growth over the forecast period.
The global pipe insulation market size is projected to reach nearly USD 8.7 billion in 2020. The rising need for insulation across sectors to improve the efficiency of industrial processes running at high temperatures is expected to boost market development. Insulation improves energy efficiency, reduces heat loss, and reduces CO2 emissions. Furthermore, it protects pipes against frost at low temperatures, which encourages the use of pipe insulation in a variety of industries such as oil and gas, electric power, industrial, and residential.
Over the forecast period, rising demand for repair and replacement of existing pipe insulation systems is expected to fuel market growth. Furthermore, rising energy conservation concerns are expected to boost market growth. Pipe insulation maintains thermal stability and keeps people safe from hot surfaces. It also aids in the prevention of corrosion and the reduction of noise generated by turbulence. Furthermore, it serves as passive fire prevention, assuring the plant's safety. The product's aforementioned advantages are anticipated to drive its acceptance across a wide range of application categories.
On the other hand, problems such as changing raw material costs, safety concerns, and product durability difficulties are expected to impede the entire market. However, rising environmental concerns throughout the world are expected to drive product demand to reduce energy waste. This is expected to drive market growth. Manufacturers obtain raw materials directly from vendors or through third-party distributors. To prevent the effects of price volatility, some businesses enter into long-term agreements with raw material suppliers. Furthermore, they develop strategic connections with distributors in order to supply suitable solutions through direct or third-party channels distribution.
The study also assesses the demand using value chain analysis to highlight the different characteristics of the global pipe insulation industry. Furthermore, the pipe insulation market report covers various qualitative aspects of the industry, such as market restraints, key industry drivers, and opportunities. In addition, the report offers a comprehensive analysis of the competition by company profiles and the competitiveness of local and global vendors.
Global building activity is increasing, as is government requirement to insulate pipelines, which is driving up demand for pipe insulation materials. Temperature fluctuations cause the buildup of moisture on the surface of un-insulated pipes, affecting the materials moving. Insulation is employed to cater to moisture, which will enhance market growth in the future.
Key Segments of the Global Pipe Insulation Market
Material Type Overview, 2018-2028 (USD Billion)
- Polyurethane & Polyisocyanurate Foam
- Elastomeric Foam
Application Overview, 2018-2028 (USD Billion)
- District Energy Systems
- Building & Construction
- Elastomeric Foams
- Rest of Europe
- Rest of Asia-Pacific
Middle East and Africa
- South Africa
- Rest of Middle East and Africa
Rest of South America