Pipe Insulation Market Is Estimated To Expand Further At A CAGR Of...

Pipe Insulation Market Is Estimated To Expand Further At A CAGR Of 5.5% From 2023 To 2030

نشر بتاريخ 2024-09-04 06:55:18

Pipe Insulation Industry Overview

The global pipe insulation market size was estimated at USD 8.87 billion in 2022 and is expected to grow at a compound annual growth rate (CAGR) of 5.5% from 2023 to 2030.

Rising awareness pertaining to energy conservation among consumers is expected to drive the market over the forecast period.The market witnessed a severe downfall in investments in the industrial sector owing to the pandemic, thereby impacting overall growth. In addition, a dramatic fall in crude oil prices led to a drop in fiscal resources for oil-producing countries, which affected the product demand from the oil & gas sector. The market in Asia Pacific is expected to witness exponential growth over the forecast period on account of the rising number of industries in economies, such as China and India.

Gather more insights about the market drivers, restrains and growth of the Pipe Insulation Market

Rapid urbanization coupled with the rising demand for residential and commercial construction is anticipated to further fuel the market growth. Increasing adoption of district heating systems, driven by rising electricity tariffs, rising environmental awareness, and technological advances is expected to propel market growth in the U.S. In addition, rising investments in the expansion of gas liquefaction terminals are expected to drive the demand for pipe insulations over the forecast period.The presence of a large number of manufacturers and service providers, coupled with the easy availability of raw materials and easy installation processes, has resulted in intense market competition.

The price structure for pipe insulation varies with respect to production processes and raw materials used. The growing demand for pharmaceutical and cosmetic products is driving the expenditure on capacity additions by major pharmaceutical companies. Process pipes form an integral component in these production facilities and are expected to generate significant demand for pipe insulation over the forecast period. Corrosion under insulation has been one of the major challenges faced by the industry. It is a localized form of external corrosion that occurs on carbon, low alloy steel, and stainless-steel pipes operating at temperatures above 80° Celsius.

If not detected and prevented in time, CUI may cause the pipe to leak and lead to piping failure. The manufacturers are largely dependent on reliable suppliers with high goodwill on account of past product procurement, making it moderately difficult for new entrants to penetrate the market. In addition, the industryhasa presence of several well-established players with a strong financial base. This is anticipated to limit the entry of new players. Moreover, high initial investments required to set up the business are expected to further restrict new entrants.

Browse through Grand View Research's Advanced Interior Materials Industry Research Reports.

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Pipe Insulation Market Segmentation

Grand View Research has segmented the global pipe insulation market based on material, application, and region:

Pipe Insulation Material Outlook (Revenue, USD Million, 2018 - 2030)