DUBLIN--(BUSINESS WIRE)--The "Global Pipe Insulation Market by Material Type (Rockwool, Fiberglass, PUR & PIR foam, Elastomeric foam), Application (Industrial, Oil, District Energy Systems, Building & Construction), and Region (North America, Europe, APAC, MEA, RoW) - Forecast to 2027" report has been added to ResearchAndMarkets.com's offering.
The global pipe insulation market will grow to USD 2.6 Billion by 2027, at a CAGR of 3.8% from USD 2.2 Billion in 2022.
Rockwool material type is projected to be the fastest-growing type of pipe insulation market during the forecast period
Rockwool is a naturally renewable and sustainable material. It is used in pipes for a maximum temperature of 620C as it is fire resistant. It has high compression resistance and can fit properly in a pipe section.
Rockwool helps to maintain optimal temperatures of both hot & cold pipes. It helps in condensation control. It is a noise dampener and thus is used in the acoustic insulation systems.
Industrial application is estimated to be the largest application in pipe insulation market, in terms of value, in 2021
Insulation increases efficiency and performance of industrial processes or plants. A well-insulated industrial plant provides minimum energy consumption and maximum durability of the plant's equipment. In industrial pipelines, high compressive strength insulation is used to maintain nominal thickness during and after installation of the insulation.
Low thermal conductivity, low water absorption, effective noise reduction, and corrosion resistance are the other properties of insulation materials required for industrial insulation.
Asia Pacific is estimated to be the second-largest pipe insulation market, in terms of value, in 2021
Asia Pacific was the largest pipe insulation market in 2021. This segment covers China, Japan, India, Indonesia, Australia, Malaysia, South Korea and Rest of Asia Pacific, including Taiwan, Singapore, Philippines, Nepal, Myanmar, Thailand, Vietnam, Sri Lanka, Pakistan, and Bangladesh.
The increasing population in the region, accompanied by the development of new technologies and products, is projected to make this region an ideal destination for the pipe insulation industry to grow. Improved lifestyle, increasing income, and growing population help develop the pipe insulation market in developing regions. However, industry players face challenges in setting up new plants, implementing new technologies, and creating a supply chain between raw material providers and manufacturing industries in developing countries of Asia Pacific.
Market Dynamics
Drivers
- Growth in Oil & Gas Demand
- Development of Green Buildings
- Stringent Regulatory Environment
- Reduction in Energy Consumption and Related Cost
Restraints
- Volatile Prices of Plastic Foams
Opportunities
- Availability of Green Insulation Material
Challenges
- Corrosion Under Insulation (Cui) Leads to Health- and Safety-Related Incidents
Companies Mentioned
- Armacell
- Basf Se
- Cellofoam International GmbH & Co. Kg
- Covestro Ag
- Dow Izolan
- Gilsulate International, Inc.
- Great Lakes Textiles
- Gulf Cool Therm Factory LLC
- Huamei Energy-Saving Technology Group Co., Ltd
- Huntsman Corporation
- Johns Manville
- Kingspan Group plc
- Knauf Insulation
- L'isolante K-Flex S.P.A.
- Morgan Advanced Materials LLC
- Nmc International Sa
- Nutec Fibratec
- Ode Insulation
- Owens Corning
- Rockwool A/S
- Saint-Gobain S.A.
- Sekisui Foam Australia
- Wincell Insulation
For more information about this report visit https://www.researchandmarkets.com/r/mrfg0r
