The global pipe insulation market is driven by factors such as lucrative use of pipe insulation in various end-use industries and a rise in industrial.
PORTLAND, OREGON, UNITED STATES, September 6, 2023/EINPresswire.com/ — Allied Market Research published a report, titled, “Pipe Insulation Market by Material (Fiberglass, Rockwool, Silicates, Polyurethane, Rubber Foams, Others), by Application (Building and Construction, Oil and Gas, Transportation, General Industrial, Others) Global Opportunity Analysis and Industry Forecast, 2023-2032 “. According to the report, The pipe insulation market was valued at $9.1 billion in 2022 and is estimated to reach $15.8 billion by 2032, exhibiting a CAGR of 5.7% from 2023 to 2032.
Pipe insulation involves the process of applying a material to pipes in order to minimize the transfer of heat, prevent condensation, and safeguard against freezing. Pipe insulation is the process of encasing pipes with insulating material to create a protective barrier that maintains the desired temperature of the fluid flowing through the pipes. This practice is commonly employed in residential, commercial, and industrial settings where pipes are used to transport hot water, steam, or other liquids.
Insulation offers several benefits such as improved system performance, cost reduction, and energy conservation. By reducing heat transfer, insulation minimizes energy loss and lowers the expenses associated with heating and cooling. It also prevents condensation on cold pipes, which can lead to issues like mold growth, corrosion, and moisture damage.
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Prime determinants of growth
Increasing environmental awareness and stringent regulations on carbon emissions drive industries and infrastructure to adopt energy-efficient measures like pipe insulation to reduce their carbon footprint. However, the pipe insulation market heavily relies on raw materials like foams, mineral wool, or fiberglass. Fluctuating prices of these materials can impact the overall cost of pipe insulation products and affect profit margins for manufacturers and suppliers. On the contrary, industrial sectors, such as oil and gas, chemicals, and food processing, continued to expand globally. These industries needed efficient pipe insulation to maintain the desired temperatures for various processes, creating opportunities for pipe insulation manufacturers and suppliers.
The rockwool segment to maintain its leadership status throughout the forecast period
Based on material, rockwool held the highest market share in terms of revenue in 2022, accounting for nearly one-third of the global market and is projected to maintain its dominant share in terms of revenue in 2032. Rockwool insulation is highly durable and resistant to moisture, ensuring its long-term performance and reliability. It may withstand harsh environmental conditions, including moisture, humidity, and chemical exposure, without compromising its insulating properties. This durability reduces maintenance costs and extends the lifespan of the insulated pipes. However, polyurethane is projected to grow at the highest CAGR of 6.22% from 2023 to 2032. The use of polyurethane in the pipe insulation market is driven by a combination of key factors that contribute to its growing popularity and continued adoption. These factors encompass both driving forces and current trends in the industry. One of the primary driving factors is the exceptional mechanical strength and durability of polyurethane.
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The buildings and construction segment to maintain its leadership status throughout the forecast period
Based on application buildings and construction held the highest market share in terms of revenue in 2022, accounting for more than one-fourth of the global market and is projected to maintain its dominant share in terms of revenue in 2032. The growing awareness of environmental impact and the need for sustainable construction practices. Pipe insulation materials that offer high thermal performance and are made from recycled or renewable resources are increasingly being favored. The use of sustainable pipe insulation solutions aligns with green building certifications and helps in achieving sustainable construction goals. However, the general industrial is projected to grow at the highest CAGR of 6.09% from 2023 to 2032. District energy systems have been adopted across the globe as an effective solution to connect thermal storage, renewables, power grids, waste heat, and heat pumps, thus ensuring sustainable heating and cooling.
Asia-Pacific to maintain its dominance by 2032
Based on region, Asia-Pacific held the highest market share in terms of revenue in 2022, accounting for more than one-third of the global market and is projected to maintain its dominant share in terms of revenue in 2032. The same region is estimated to witness the highest CAGR of 6.04% from 2023 to 2032. The rapid urbanization and industrialization in countries such as China, India, and Japan have led to increased construction activities and infrastructure development. This has resulted in a surge in the demand for pipe insulation in various sectors including residential, commercial, and industrial.
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Leading Market Players: –
HUNTSMAN INTERNATIONAL LLC
The report provides a detailed analysis of these key players in the global Pipe Insulation market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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