Pipe Insulation Market worth $10.3 billion by 2023

(IT-NEWSWIRE.COM, May 23, 2022 ) The report "Pipe Insulation Market by Material Type (Rockwool, Fiberglass, Polyurethane & Polyisocyanurate Foam, Elastomeric Foam), Application (Oil, Industrial, District Energy Systems, Building & Construction), and Region- Global Forecast to 2023". The pipe insulation market size is projected to reach USD 10.3 billion by 2023, at a CAGR of 3.4% from an estimated USD 8.7 billion in 2018. The growing demand for district energy systems is projected to drive the demand for pipe insulation in all regions. In addition, the necessity to insulate pipelines to save energy is another reason driving the pipe insulation market. The growing production of oil in countries such as the US, Saudi Arabia, Iran, and Russia is also fueling the growth of the pipe insulation market. Rapid industrialization in APAC, especially in China and India, is another factor driving the demand for pipe insulation materials in industrial plants.

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The rockwool material type segment of the market is projected to register the highest CAGR, in terms of value, during the forecast period.

Based on material type, the rockwool material type segment is projected to register the highest CAGR, in terms of value, between 2018 and 2023. This is because rockwool is a naturally renewable and sustainable material. It is also a fire-resistant material and hence can be used for both hot and cold pipework. It also has high compression resistance and can fit properly in a pipe section. In addition, it helps in condensation control and is a noise dampener.

The district energy systems application segment of the pipe insulation market is projected to register the highest CAGR, in terms of value, during the forecast period.

Based on application, the district energy systems application segment is projected to register the highest CAGR, in terms of value, between 2018 and 2023. The growing demand for low-cost energy and the necessity to insulate pipelines of district energy systems so that these pipelines are capable of conveying thermal energy to end users economically and efficiently are fueling the growth of the pipe insulation market in this application segment.

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Browse in-depth TOC on "Pipe Insulation Market”
68 - Market Data Tables
49 - Figures
127 - Pages

Central & Eastern Europe is projected to register the highest CAGR, in terms of value, in the pipe insulation market during the forecast period.

The pipe insulation market has been studied for North America, Western Europe, Central & Eastern Europe, Asia Pacific, South America, and the Middle East & Africa. The Central & Eastern Europe region is projected to register the highest CAGR, in terms of value, during the forecast period. The growth of the pipe insulation market in the region is attributed to the increased production of oil and rising demand for district energy systems.

Key players in the pipe insulation market include Rockwool International A/S (Denmark), Owens Corning (US), Saint-Gobain (France), Kingspan Group (Republic of Ireland), Armacell International S.A. (Germany), Huntsman Corporation (US), Johns Manville (US), Knauf Insulation (US), BASF SE (Germany), and Covestro AG (Germany).

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Pipe Insulation Market worth $10.3 billion by 2023