The global Pipe Insulation Market size is expected to reach USD 12.1 billion by 2028, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 5.4% from 2021 to 2028. Increasing infrastructure spending in the emerging markets of Asia Pacific and Central and South America is expected to propel market growth.

The price structure of the product varies with respect to production processes and raw materials used. Fluctuating raw material prices result in variations in the prices of thermal insulating materials, thus affecting the suppliers that have integrated themselves across the value chain, thereby enabling them to gain superior control over product pricing.

Growing adoption of cogeneration or Combined Cooling, Heat, and Power (CCHP) technology for electricity generation is expected to drive the product demand. In addition, rising investments in R&D activities to optimize and lower the cost of insulation materials including Polyurethane (PU) and polyisocyanurate are expected to benefit the market.

Key industry participants including Saint-Gobain and Rockwool International A/S, are expanding their geographic presence and customer base through marketing strategies such as mergers and acquisitions. Furthermore, players such as Knauf Insulation and Armacell LLC are integrated across the value chain to gain a competitive advantage.

Related Press Release@ Pipe Insulation Market Report

Pipe Insulation Market Report Highlights

• The polyurethane & polyisocyanurate foam segment accounted for the largest revenue share of 23.0% in 2020 on account of high insulating values with low conductivity and a cellular structure that helps in reducing heat transfer by conduction
• The building & construction application segment is expected to reach USD 4,323.9 million by 2028, owing to the growing number of single-family houses in developing economies and increasing disposable incomes of consumers, thereby driving the demand for residential construction
• The market in North America is expected to witness a substantial CAGR of 5.1% 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
• The 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