VALLEY COTTAGE, New York, June 11, 2018 /PRNewswire/ --
With growing awareness about the advantages offered by mechanical insulation in recent years, resulting in increasing adoption by industries worldwide. Industrial pipe insulation constitutes a crucial part of the mechanical insulation industry, which is also witnessing steady growth since recent past. Growing focus on reduced energy conservation and greenhouse gas emission, coupled with multiple government initiatives promoting energy efficiency and sustainable development through advanced insulation technologies, is expected to favor the growth of global industrial pipe insulation material market. Use of recycled insulation materials is trending the market at present, owing to rising environmental concerns. A majority of manufacturers are focusing on using sustainable materials such as polyurethane foam and fiberglass.
As predicted by Future Market Insights through a recently published research report, the global revenue of industrial pipe insulation material market is likely to reach a valuation of over US$ 1,800 Mn by the end of 2028. The market expansion over 2018-2028 has been estimated at a CAGR of 4.3%.
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Industrial pipe insulation market includes pipe insulation adopted by process industries, refineries, thermal power plants, refrigeration and HVAC applications, and food processing units. Growth of industrial activity strongly impacts the demand for pipe insulation materials worldwide, as insulation systems play a critical role in safeguarding system's performance in various end-use spheres. Furthermore, increasing energy cost also proves to be an important factor impacting the growth of industrial pipe insulation material market. Energy conservation equates to reduced energy costs, which in some cases amounts to several hundred dollars (in savings) per annum. As a result, insulation is expected to become even more significant, resulting in higher adoption by a number of industries, including oil & gas, energy generation, chemical, and food & beverages, among others.
Stringent Regulations to Boost North American and European Markets
North America is expected to attain a value in excess of US$ 400 Mn by the end of 2028, prominently due to increasing implementation of stern regulations across industries. Moreover, bolstering demand from European region is anticipated to be driven by growing need for insulation systems specifically designed for the cold weather of the region. Whereas, China's rampant industrial growth will continue to enable the region to significantly contribute to the global market growth.
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Upsurge in Material Innovation & Increase in Old Pipe Replacement to Create Lucrative Opportunities
Surge in replacement of aged pipes, in addition to growing innovation in materials used in insulation of industrial pipes, will reportedly create attractive opportunities for manufacturers in near future. Lack of proper insulation leads to significant energy loss, eventually resulting in additional costs to businesses. The amount of energy lost through improperly insulated pipes can be 10x the energy that can be potentially delivered through them. Moreover, unchecked damages in aged pipelines lead to leakages, resulting in loss of materials. Also, decoration of pipe insulation along with pipes contributes to an increase in energy loss, further contributing to environmental pollution. Manufacturers are focusing on the development of anti-corrosive and anti-abrasion materials, sustainable and eco-friendly materials, and energy saving and cost effective materials. Moreover, companies are expected to introduce various insulation materials, which can offer thermal resistance, prevent pinhole leaks, reduce carbon footprint, provide UV resistance, and protect against fungal infections.
View Report Preview at Industrial Pipe Insulation Materials Market Segmentation By Material Type - Fiberglass, Mineral Wool, Cellular Glass, Polyurethane, Polystyrene, Others; Product Type - Prefabricated, Rolls & Batts Spray; End Use - Chemical, Food & Beverages, Oil & Gas, Power, Metal, Manufacturing, Other Industrial: https://www.futuremarketinsights.com/reports/industrial-pipe-insulation-materials-market
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SOURCE Future Market Insights