ID: MRFR/CnM/5813-HCR | February 2023 | Region: Global | 140 Pages
Pipe Insulation Industry Occupied A Pipe Insulation Market Value Of USD 8.54 Billion During The Market Forecast Period 2020-2030 And Is Projected To Grow At A CAGR Of 3.6%.
$8.54 billion
3.6%
Asia Pacific
2020-2030
Globally, the pipe insulation industry occupied a pipe insulation market value of USD 8.54 billion during the market forecast period and is projected to grow at a CAGR of 3.6%.
Pipe insulation methods refer to those insulation methods used on pipes that lessen the loss of heat or the heat gain from the environment and become a good barrier between the moisture and the chemical. This insulation gives full protection to the pipes from corroding. It avoids the pipe from leakage during the process of transportation and shipping. Many different types of insulation available in the market are plastics, pipes made from fiberglass, elastomeric foam, material wool, and many others. Insulation type is selected based on its R-value and its affordability.
The outbreak of the pandemic had a bad impact on the industry. Some of the manufacturing units experienced shutdown. The government had imposed a shutdown and lockdown which brought a deterioration in the economic condition of the market. A change in consumer behavior was marked. The supply chain of the pipe experienced severity in lockdown.
The key players present in the pipe insulation industry have adopted various strategies for expanding their business. They have occupied various other pipe insulation market shares. Some of the key players showing huge growth are
The manufacturers are largely dependent on the distributors and the suppliers which helped in past product procurement, thus making it a little difficult for the new key players.
Globally, from the analysis of the market segment, it has been found that the region is classified into the Asia Pacific, some of the European region, Latin America, Middle East, and African region. The Asia Pacific was expected to be the largest and the dominant market carrying a huge pipe insulation market share during the market forecast period. Growth in industries due to the industries investing much of the resources for its expansion. Producing less of the products and availability of more of the inexpensive labors hugely supports the growth of the market basically, in this region. More end-use industries like chemical, oil, and gas industry, automotive units, food, and beverages units, pharma companies are in high demand and occupy a huge position and help in increasing the pipe insulation market value. Its rise in durability and cost-effectiveness of the products maintains the economical conditions of the market. Some of the North American and European regions cover large areas of market share and occupy the second most position in the market. This region shows high growth, due to its advanced market scenario. The presence of key players in the market and the application of various strict rules and regulations imposed are the factors that bring growth and boost up market growth.
RECENT DEVELOPMENTS
REPORT OVERVIEW
The report provides details about the market share so covered, the innovation so made, product launches so made by the new entrants, new recent development as per the growth in pipe insulation market trends, growth in market revenue, and the regulations so imposed by the government. It summarises the geographical and regional expansion taking place in the market which helps in improving the market growth. It explains the strategic expansions and the new product launches made by the key players. It gives a good market analysis about creating good revenue integrated solutions that help to fulfill their goal. The report covers the individual impacting factors and the niche applications that have a great impact on the growth driving factors and the regulations so imposed in the market.
Report Attribute/Metric | Details |
---|---|
Market Size | 2027: Significant Value |
CAGR | CAGR of 3.6% (2020-2030) |
Base Year | 2019 |
Forecast Period | 2020-2030 |
Historical Data | 2018 |
Forecast Units | Value (USD Billion) |
Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
Segments Covered | Type, end-use industry, and region. |
Geographies Covered | North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
Key Vendors | BASF SE (Germany), Covestro AG (Germany), Huntsman International LLC (US), Rockwool International A/S (Denmark), Saint-Gobain (France), Armacell International SA (Luxembourg), Owens Corning (US), Thermaxx Jackets (US), Cellofoam GmbH & Co. KG (Germany), Great Lakes Textiles (US), Kingspan Group (Republic of Ireland), Knauf Insulation (UAE), Wincell Insulation Co.Ltd (China), Dunmore (US) and Johns Manville (US). |
Key Market Opportunities | Increased durability of pipelines upon the usage of pipe insulation is further boosting the market. |
Key Market Drivers | Growing oil & gas industry along with the increasing instances of cross border oil & gas transportation. |
Some of the Middle East and African region occupies a significant market share where it occupies a huge position helping in market growth and increasing the pipe insulation market value. Some of the end-use industries like the oil and gas industry, food and beverage industry increase the pipe insulation market revenue and thus occupy a stable position and improve the quality of the market.
Latin American region holds a substantial but steady growth. Slow development has been taken place. Moreover, during the market forecast period, this region is continuously showing a little increase in growth due to the industrialization in some of the regions of Brazil, Mexico, and even the Venezuela region.
The base year is said to be 2019 where maximum growth and development took place.
The report covers the areas of market growth, market forecast, competitive landscape, and the growing pipe insulation market trends.