Pipe Insulation Market Size to Reach USD 14.24 Billion in 2030 | Emergen Research

VANCOUVER, B.C., Dec. 15, 2022 /PRNewswire/ -- The pipe insulation market size reached USD 9.50 Billion in 2021 and is expected to register a CAGR of 4.7% during the forecast period, according to latest analysis by Emergen Research. Increasing environmental concerns are a key factor driving market revenue growth.

Drivers:

Growing demand for pharmaceutical products and rapidly growing construction industry

Major pharmaceutical businesses are spending money to expand their capacity owing to the increasing demand for pharmaceutical products. The demand for pipe insulation is anticipated to increase significantly over the forecast period due to the fact that process pipes are a crucial part of these industrial facilities. Another factor driving the market's expansion is the booming construction industry. Along with rapid growth in infrastructural development, particularly in emerging countries, there has been a noticeable increase in industrial and residential construction projects over time.

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Additionally, rising consumer awareness of energy conservation has a favorable effect on market expansion. In order to meet the increased demand for power and energy caused by rapid urbanization and population growth, insulating materials are now being used extensively in a variety of construction projects. The industry is also expanding as a result of a considerable increase in the sales of cooling appliances like refrigerators and air conditioners. In order to reduce noise and vibrations and improve sound absorption, insulation materials are being employed more and more in automobiles.

Additionally, they support the production of several components including bumpers, roll pans, and wiper cowls. In the upcoming years, the market is also anticipated to be driven by additional factors such as technological developments in thermal insulation, increased disposable incomes, and various research and development activities.

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Restraints:

Corrosion under insulation can cause serious health issues

Chemical and petrochemical industries have been engaged in a protracted battle against corrosion under insulation (CUI). Corrosion Under Insulation, also known as severe localized corrosion damage, is brought on by moisture (intruding water) that is present on an insulated object's outside surface. The mechanisms of corrosion are widely recognized, but corrosion under insulation, or CUI, sometimes goes unnoticed until the damage is severe, which may result in catastrophic failures, such as on high-pressure equipment. In the majority of markets, the data requirements for the product are often obtained from those produced from synthetic substances.

Growth Projections:

The pipe insulation market is expected to register a CAGR of 4.7% over the forecast period and revenue is projected to increase from USD 9.50 Billion in 2021 to USD 14.24 Billion in 2030.

Current Trends and Innovations:

The global market for pipe insulation is having a positive impact owing to increasing strict pipeline insulation standards and rising oil production. In non-insulated pipes as well as the materials flowing through them, the damage is brought on by constant temperature changes, contact with moisture and water, and chemical reactions. Additionally, the pipe insulation technique guards against breakage during shipment of the pipes. Internally and outwardly, it offers support to the pipes. The high compressive strength and non-flammability of insulating materials are expected to drive growth in the pipe insulation industry worldwide. The global pipe insulation market is expected to grow as a result of more pipe insulation products being used in a variety of end-use industries and rising worker and environmental safety awareness. Products for pipe insulation provide manufacturing facilities with efficiency and long-term sustainability.

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Strategic Initiatives:

Major companies included in the market report are Huntsman, Armacell, Covestro, Johns Manville, Saint Gobain, Wincell, Sekisui Foam Australia, Kingspan, Knauf Insulation and HW Insulation Systems.

• On March 13, 2022, Saint Gobain made an investment in a blowing glass wool production facility in their France based ISOVER plant to satisfy the increasing demand of thermal insulation products in the French Market.

Scope of Research

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Emergen Research has segmented pipe insulation market on the basis of material, application, and region:

• Material Outlook (Revenue, USD Billion, 2019 - 2030)
• Rockwool
• Fiberglass
• PU & PIR Foam
• Elastomeric Foam
• Others
• Application Outlook (Revenue, USD Billion, 2019 - 2030)
• District Energy Systems
• Oil
• Building & Construction
• Industrial
• Others

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