Pipe Insulation Market Size & Trends from 2023 to 2030

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.

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.

Pipe Insulation Market Report Highlights

The polyurethane and polyisocyanurate foam material segment accounted for the largest market share of over 20.0% in 2021 on account of high insulating values with low conductivity and a cellular structure that helps in reducing heat transfer by conduction
The building and construction application segment is expected to witness lucrative growth over the forecast period owing to the growing number of single-family houses in developing economies and the increasing disposable incomes of consumers, thereby driving the demand for residential construction
The market in North America is expected to witness considerable growth over the forecast period owing to a positive outlook toward the petrochemical and chemical processing industries in the region
The market in China is expected to be driven by the wide utilization of pipe insulation in thermal power generation to prevent heat loss while circulating hot water and steam within the power plant
Key market players are engaged in focused cost leadership strategies, where the players compete based on product prices and target narrow markets. In addition, these companies provide additional services/customization to their customers to gain a competitive advantage

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

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Segments Covered in the Report

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)