Pipe Insulation Market Size

Pipe Insulation Market Overview

Globally, the 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 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.

COVID 19 ANALYSIS

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.

COMPETITIVE LANDSCAPE

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 

• BASF SE of Germany,


• Johns Manville of the United States,


• Covesteo AG of Germany,


• Dunmore of the United States,


• Huntsman International LLC of the United States,


• Winchell Insulation Co. Ltd of China,


• Rockwool International Co. Ltd of Denmark,


• Saint Gobain of France,


• Knauf Insulation of the United Arab Emirates,


• Armacell International SA of Luxembourg,


• Owens Corning of the United States,


• Kingspan Group of the Republic of Ireland,


• Thermaxx Jackets of the United States and many more.

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.

MARKET DYNAMICS

DriversIncrease in growth of the oil and gas industry where transportation methods are carried out outdrives up the demand and pipe insulation market growth. Strong regulatory rules and laws imposed by the government in emerging countries support the economic condition of the pipe insulation industry. Being much more aware of the durability of the pipes steers up the pipe insulation market growth and also pipe insulation market size. The rise in setting up of industries in the Asia Pacific region provides growth to the industry during the market forecast period.OpportunitiesUsing more durable insulation pipes rises the market growth. Growth in per capita disposable income, more urbanization, and the rising in growth and demand of energy systems improve the pipe insulation market size. The rise in energy conservation promotes growth.ChallengesThe situation of COVID became the most challenging factor as the industry experienced an excess downfall. A fall in the price of crude oil was marked which had hugely affected the oil and the sectors. Adopting much more district heating systems, high costs of electricity tariffs, growth in awareness about the environment, and the technological innovation so made became the main challenging factor propelling up the market size. The presence of a large number of suppliers and manufacturers, and the easy availability of the raw materials, and the rise in installation processes have become challenging factors for the growth. Availability of branded global products is the main challenging factor.Cumulative growthThe rise in market value with the rise in high CAGR value which helped in propelling up the market growth.RestraintsThe presence of highly volatile materials acts as a restraining factor affecting the market growth. The rise in costs of the oil prices I facts become a hindering factor affecting the market production and its expansion. Investing much money inhibits the entry of more key players. Variation in temperature leads to the deposition of moisture on the surface of non-insulated pipes which has a great impact on the flow of materials.

MARKET SEGMENTATION

By typeAs per the MRFR analysis, it has been found that globally, the pipes market has been classified into type, end-use industry, and region. As per the type, the pipe insulation industry has been divided into foamed plastic, elastomeric foam, fiberglass, mineral wool, and many more. Based on the end-use industry, globally the market is divided into chemical, oil, and gas industry, building and construction units, food and beverages industry, pharmaceuticals sectors, and many more.By technologyTechnological advancement has pushed up the rise of liquefaction terminals which has driven up the product demand in the market. Technology has brought advancement in pharma companies and cosmetic products. Technology made the key players launch new products, and occupy the most well-established position and gain a strong financial base. Technology minimized the emission of harmful chemicals into the atmosphere which has provided full safety to the environment.

REGIONAL ANALYSIS

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

Jan 2022 Perma-Pipe International Holdings, Inc. recently received contracts for $6.0 million in Egypt and Saudi Arabia. Perma-facilities pipes will be used to complete projects in the current quarter. The newly awarded projects are part of major infrastructure expansions in Egypt's Al-Alamin and Saudi Arabia's Misk City. Perma-fabrication Pipe's and coating capabilities, as well as the XTRU-THERM® insulation system, a spray-applied polyurethane foam jacketed with a high-density polyethylene casing, will be used on the projects.Mar 2021 Kingspan will pay €253 million for Logstor, a global producer and maker of pre-insulated pipe systems. Kingspan, based in Cavan, has agreed to buy 100% of the shares in Logstor International Holding, the Logstor Group's holding company, from Langley Co-Invest. According to a statement from Kingspan, the price for the business will be 1.9 billion Danish crowns (€253 million), including debt, which will change based on the particular amount of working capital and debt on completion of the transaction. The transaction will be funded entirely using Kingspan's existing credit arrangements. The group said that the acquisition is expected to boost Kingspan's earnings.It has been found that on August 1, 2018, Armacell International SA, built a partnership with Quarto SRL where it extended its business by acquiring various integrated solutions. Their merging with each other led to the manufacturing of different products.On 5 October 2018, an agreement was made between Saint Gobain and other most famous manufacturers which symbolized the acquisition of Kaiman GmbH. Kaiman was said to be the leading manufacturer of insulation products. Their agreement so made enhanced their range of integrated insulation solutions and played a major role in acquiring a huge position for the expansion of pipe insulation market size.In April 2017, Owens introduced a Thermafibre, which is the very first discovered and formaldehyde-free light density insulator.In November 2016, Rockwool made a partnership with Flumroc AG of Switzerland. Their partnership helped greatly for expansion and also for propelling up the market growth.In May 2018, Huntsman manufactured a new and innovative polyurethane system in Dubai. Their expansion helped in strengthening the economic condition in the market and acquiring good recognition among the key players.

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.

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