February 23, 2023 05:59 ET | Source: Exactitude Consultancy Exactitude Consultancy
Luton, Bedfordshire, United Kingdom, Feb. 23, 2023 (GLOBE NEWSWIRE) -- Exactitude Consultancy, the market research and consulting wing of Ameliorate Digital Consultancy Private Limited has completed and published the final copy of the detailed research report on the Pipe Insulation Market. Suspension T Bar Grid
Pipe Insulation Market is expected to grow at 6% CAGR from 2023 to 2029. It is expected to reach above USD 13.35 billion by 2029 from USD 7.9 billion in 2022.
Pipe Insulations are materials or combinations of materials wrapped around the pipe that retard the flow of heat energy. Pipe insulation reduces energy losses to a great extent and thereby lowers the energy cost. Piping is insulated as per the insulation class, operating temperature, and insulation thickness as directed in the Piping and Instrumentation Diagram (P&ID). Pipe insulation consists of materials or combination of materials, which add a protective covering to pipes and reduce the heat loss or heat gain from surfaces operating at temperatures above or below the surrounding temperature.
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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.
APAC region is dominating the market with other regions.
APAC is anticipated 55% Share to be the largest pipe insulation market, because of the rising industries in the region’s emerging economies, such as China and India and it is expected to continue to lead the market through 2029. The pipe insulation market is expected to increase due to rising per capita disposable income, increasing urbanization, high production and consumption of insulated items, and rising need for district energy systems. Furthermore, strong demand for pipe insulation in the region is likely to be driven by substantial expansion in various industries such as pharmaceuticals, food processing, and chemicals.
Polyurethane and polyisocyanurate foam, fibre and cellular glass and elastomeric foam are gaining market for pipe insulation
Polyurethane and polyisocyanurate foam are in high demand due to their widespread use in pipe insulation applications, where they can prevent the absorption of air, water, and gas. Because of its remarkable dimensional stability across a wide temperature range, the material is widely employed in situations below 50°F.
Pipe Insulation Market Report Scope
The key players in this market are Rockwool International A/S, Owens Corning, Saint-Gobain, Kingspan Group, Armacell International S.A., Huntsman Corporation, Johns Manville, Knauf Insulation, BASF SE and Covestro AG.
These companies have adopted various organic as well as inorganic growth strategies 2021 to strengthen their position in the market. New product development, merger & acquisition, and expansion were among the key growth strategies adopted by these leading players to enhance their product offering and regional presence and meet the growing demand for pipe insulation in the emerging economies.
Browse summary of the report and Complete Table of Contents (ToC):
Key Market Segments: Global Pipe Insulation Market
Pipe Insulation Market by Material Type, 2023-2029, (USD Million) (Kilotons)
Pipe Insulation Market by Application, 2023-2029, (USD Million) (Kilotons)
Growing demand for green buildings
The Construction sector is expected to grow strong in economies such as India and Indonesia when comes to Asia-pacific region and in Europe UK is a stand out growth market for construction, where as in the Latin American region developing countries as such Brazil, Mexico and Argentina are expected to witness good construction growth. The rising demand for green buildings in the construction sector is driving the consumption of pipe insulation. A current survey shows that global green building activity continued its ascent, with significant increases expected in 19 countries over the next three years. Almost half of the total respondents say they expect to build more than 60 percent of their projects as green buildings by 2022. Building owners, especially, were excited about the growth in green building, with 57 percent planning to make the majority of their projects green by 2022.
There are rising regulations of the EPA on the production of polyurethane foams. The original technology-based rule, issued in 1998, controlled emission of methylene chloride, 2,4-toluene diisocyanate (TDI), methyl chloroform, methylene diphenyl diisocyanate (MDI), propylene oxide, diethanolamine, methyl ethyl ketone, methanol and toluene. Methylene chloride comprised over 98 percent of the total hazardous air pollutant emissions from the industry.
Pipe Insulation Market Report Highlights
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