Industrial Pipe Insulation Market: Introduction
- Pipe insulation is a material or a combination of materials used to reduce the flow of heat. It decelerates the condensation process of water on the surface, conserves energy by preventing heat loss or gain, maintains the ambient temperature by avoiding energy transfer through conduction, and enhances operational efficiency.
- Insulation is carried out in places where operational temperature is below or above the ambient temperature. It finds wide application in manufacturing industries, such as chemical, power, and petrochemical, to assist mechanical systems in meeting the criteria for processing.
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Key Drivers & Restrains of Industrial Pipe Insulation Market
- Rise in focus on energy conservation by reducing heat gain or heat loss to minimize operational cost, along with increase in demand for an effective temperature control solution from various sectors, including oil & gas and power are some of the factors driving the industrial pipe insulation market
- Rapid industrialization and stringent regulations regarding safety and security of workers are expected to augment the global industrial pipe insulation market during the forecast period
- High cost associated with industrial pipe insulation is likely to hamper market growth during the forecast period.
- Availability of substitute products such as electric trace heating will restrain the global industrial pipe insulation market.
Rockwool Material Segment Expected to Hold Major Share of Global Market
- The global industrial pipe insulation market can be segmented based on material, application, end-use, and region
- In terms of material, the global industrial pipe insulation market can be divided into fiberglass, Rockwool, and others. Rockwool is extensively used in industrial pipe insulation. It finds application in systems with temperature range from 120°F – 1200°F. Its high compressive strength and environment-friendly and non-flammable nature are driving its adoption in various industries, including power plants and petrochemical.
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- On the basis of end-use, the global industrial pipe insulation market can be classified into automotive, oil & gas, power, food & beverages, chemical, and others. There will be high demand for industrial pipes from the oil & gas sector, as the oil & gas industry needs to maintain balance between normal and operative temperature.
- In term of application, the global industrial pipe insulation market can be classified into corrosion prevention, heat loss prevention, temperature control, and others. The corrosion prevention segment will witness considerable growth due to the rise in demand to enhance operational efficiency by reducing thermal loss.
Asia Pacific Expected to Hold Major Share of Global Industrial Pipe Insulation Market
- The global industrial pipe insulation market can be divided into: Middle East & Africa, Latin America, Asia Pacific, Europe, and North America
- The industrial pipe insulation market in Asia Pacific is expected to expand at a significant pace during the forecast period due to the ongoing investments in industrial sector primarily in the emerging economies such as India and China. Rapid urbanization, rise in demand for district energy systems, and increase in purchasing power are expected to further fuel the market growth.
- North America is also projected to hold a key share of the market during the forecast period due to rise in investments in drilling activities
- Europe is likely to be a stable region for the industrial pipe insulation market, owing to the introduction of strict regulations regarding health and safety of personnel working in manufacturing companies. The industrial pipe insulation market in Latin America and Middle East & Africa is anticipated to expand at a sluggish pace during the forecast period.
Key Players Operating in Global Industrial Pipe Insulation Market
Leading companies operating in the global industrial pipe insulation market include:
- Owens Corning
- BASF SE
- Covestro AG
- ARMACELL LLC
- Johns Manville
- Knauf Insulation
- Paroc Group
- ODE Insulation
- Kaimann GmbH International
- Rockwool International A/S
- Saint Gobain
- Kingspan Group
- Huntsman Corporation
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