Pipe Insulation Market Pegged for Robust Expansion by 2028

Stratview Research has published a new report on the Storage as a Service Market, segmented by Application Type (Industrial, Oil, District Energy Systems, Building & Construction, and Other Applications), by Material Type (Rockwool, Polyurethane & Polyisocyanurate Foam, Fiberglass, Elastomeric Foam, and Others), and by Region (North America, Europe, Asia-Pacific, and Rest of the World). This market research report provides in-depth information on trends, dynamics, revenue opportunities, competitive landscape, and recent developments in the global artificial intelligence as a service market.

Market Highlights

The pipe insulation market was estimated at USD 2.31 billion in 2022 and is likely to grow at a significant CAGR of 3.8% during 2022–2028 to reach USD 2.89 billion in 2028.

What is pipe insulation?

Pipe insulation is a material or combination that adds a protective covering to pipes and reduces the heat loss or heat gain from surfaces operating above or below the surrounding temperature.

Pipe Insulation materials are of different types, such as Rockwool, polyurethane & polyisocyanurate foam, fiberglass, elastomeric foam, and others, used in various applications, such as industrial, oil, district energy systems, building & construction, and others.

COVID-19 IMPACT

The spread of covid-19 negatively impacted the pipe insulation market. The major factors leading to a decline in sales were supply-chain disruption and lockdowns and restrictions across the globe.

Market Dynamics

The prime factor that is contributing to the demand for pipe insulation market is-

• The growing production of oil in countries such as the US, Saudi Arabia, Iran, and Russia,
• The presence of stringent regulations to insulate pipelines.

Segmentation –

This report studies the Storage as a Service Market and has segmented the market in a few ways, keeping in mind the concentration of all the stakeholders across the value chain. Following are the ways in which the market has been segmented in the report:

The market is segmented as industrial, oil, district energy systems, building & construction, and other applications based on the application type. The industrial segment holds the largest market share, followed by the oil segment, in terms of value. Rapid industrialization in developing economies such as APAC and South America; and the necessity to insulate pipelines used in various process industries are the major growth drivers of the industrial segment during the forecast period.

The market is segmented as rockwool, polyurethane & polyisocyanurate foam, fiberglass, elastomeric foam, and others based on the material type. The rockwool material type is expected to rule the market during the forecast period, in terms of value, owing to its non-flammable nature and high compressive strength, which drive its demand in various applications. Adding to its properties is its sustainability, as it does not cause any harm to the environment.

In terms of regions, Asia-Pacific is estimated to be the largest pipe insulation market during the forecast period, owing to the growing industries in the region’s emerging economies, such as China and India. They are driven by the rising per capita disposable income, rapid urbanization, and growing demand for district energy systems, creating high growth for the market. Adding to the growth drivers is the high growth in various pharmaceuticals, food processing, and chemical industries.

Following are the key players in the Pipe Insulation Market:

• Rockwool International A/S
• Armacell International Holding GmbH
• Kingspan Group plc
• Owens Corning
• Saint-Gobain S.A.
• Huntsman Corporation
• Johns Manville
• Knauf Insulation
• BASF S.E.
• Covestro AG

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