Pipe Insulation Market by Material Type (Rockwool, Fiberglass, Polyurethane & Polyisocyanurate Foam, Elastomeric Foam), Application( Oil, Industrial, District Energy Systems, Building & Construction), and Region- Global Forecast to 2023
The pipe insulation market is projected to register a CAGR of 3.4% during the forecast period.
The pipe insulation market size is projected to grow from USD 8.7 billion in 2018 to USD 10.3 billion by 2023. Growth in district energy systems and huge production of oil are expected to drive the demand for pipe insulation during the forecast period. However, corrosion under insulation (CUI) acts as a challenge to the growth of the pipe insulation market.
The industrial application segment is expected to lead the pipe insulation market, in terms of value, during the forecast period.
By application, the industrial application segment is expected to lead the pipe insulation market during the forecast period. The necessity to insulate industrial plants such as chemicals, pharmaceuticals, and food processing among others drive the demand for pipe insulation in this application segment. In addition, rapid industrialization in Asia Pacific and South America is estimated to drive the demand for pipe insulation in this application segment.
The rockwool insulation material type segment is expected to lead the pipe insulation market, in terms of value, during the forecast period.
By material type, the rockwool material type segment is expected to lead the pipe insulation market during the forecast period. Rockwool is a naturally renewable and sustainable material, which is fire-resistant and can be used in pipes for a maximum temperature of 620°C. In addition, it helps in condensation control and is a noise dampener.
APAC is projected to lead the pipe insulation market, in terms of value, between 2018 and 2023.
The pipe insulation market has been studied for North America, Western Europe, Central & Eastern Europe, Asia Pacific, South America, and the Middle East & Africa. Asia Pacific is expected to lead the pipe insulation market during the forecast period, owing to the increasing demand from emerging economies, such as China and India. In addition, continued industrialization and rise in the manufacturing sector of the region drive the demand for pipe insulation. Also, shift of manufacturing base from Europe and North America to APAC drives the growth of the manufacturing sector, which, in turn, boost the demand for pipe insulation in the manufacturing sector.
Breakdown of Primaries:
Primary interviews have been conducted with a number of industry experts to obtain information related to the pipe insulation market. The breakdown of primary interviews has been depicted below:
By Company Type: Tier 1: 67%, Tier 2: 22%, and Tier 3: 11%
By Designation: C-Level Executives - 11%, Directors - 16%, and Others - 73%
By Region: Asia Pacific - 53%, Middle East & Africa- 21%, Europe- 19%, and Americas - 7%,
Key companies supplying pipe insulation are:
Rockwool International A/S (Denmark)
Owens Corning (US)
Kingspan Group (Republic of Ireland)
Armacell International S.A. (Germany)
Huntsman Corporation (US)
Johns Manville (US)
Knauf Insulation (US)
BASF SE (Germany)
Covestro AG (Germany)
This report segments the pipe insulation market on the basis of material type, application, and region. It provides estimations for the overall value of the pipe insulation market and its subsegments across various regions. A detailed analysis of key players in the pipe insulation market has been conducted to provide insights into their businesses, products & services offered, key growth strategies adopted, and recent developments, such as expansions, acquisitions, agreements, and new product launches, undertaken by them.
Reasons to Buy this Report
This research report is focused on various levels of analysis — industry analysis (industry trends), market ranking of top players, and company profiles, which together provide an overall view on the competitive landscape; emerging and high-growth segments of the pipe insulation market; high-growth regions; and market drivers, restraints, opportunities, and challenges.
The report provides insights on the following pointers:
Market Penetration: Comprehensive information on pipe insulation offered by top players in the global pipe insulation market
Product Development/Innovation: Detailed insights on upcoming technologies, research & development activities, and new product launches in the pipe insulation market
Market Development: Comprehensive information about lucrative emerging markets — the report analyzes the markets for pipe insulation across regions
Market Diversification: Exhaustive information about new products, untapped regions, and recent developments in the global pipe insulation market
Competitive Assessment: In-depth assessment of market shares, strategies, products, and manufacturing capabilities of leading players in the pipe insulation market
Learn how to effectively navigate the market research process to help guide your organization on the journey to success.Download eBook