Pipe Insulation Market | Key players operating in the market include 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
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.
Browse 68 market data Tables and 49 Figures spread through 127 Pages and in-depth TOC on "Pipe Insulation Market - Global Forecast to 2023"
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The pipe insulation market size is projected to grow from USD 8.7 billion in 2018 to USD 10.3 billion by 2023, at a compound annual growth rate (CAGR) of 3.4%. Growth in the district heating and cooling systems as well as in the production of oil has triggered the demand for pipe insulation. In addition, growth in various process industries such as pharmaceuticals, food processing, and chemicals is driving the pipe insulation market in the industrial application segment.
Based on material type, the pipe insulation market has been segmented into rockwool, fiberglass, PU & PIR foam, elastomeric foam, and others. The others segment includes phenolic foam, perlite, aerogel, calcium silicate, cross-linked polyethylene, and cellular glass. The rockwool material type segment is projected to register the highest CAGR, in terms of value, during the forecast period. This is because rockwool is fire-resistant and non-flammable material with high compressive strength. This drives its demand in majority of applications such as oil, industrial, and district energy systems.
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The pipe insulation market size is projected to grow from USD 8.7 billion in 2018 to USD 10.3 billion by 2023, at a compound annual growth rate (CAGR) of 3.4% during the forecast period. The major driving factors in the pipe insulation market are the presence of stringent regulations regarding insulation of pipes and growing production of oil.
The major 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). These players have adopted various growth strategies, such as expansions, acquisitions, new product launches, and agreements, to expand their presence further and increase their shares in the pipe insulation market. Expansions and acquisitions have been the most adopted strategies by major players from 2016 to 2018, which helped them to expand their regional presence and strengthen their product offerings.
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Rockwool International A/S is one of the leading manufacturers of pipe insulation, globally. The company focuses on the strategies of expansions and acquisitions to maintain its leading position in the market. For example, in November 2017, the company set up its first rockwool factory in Romania. The expansion helped to cater to the growing demand for rockwool insulation material. Also, in November 2017, the company acquired Flumroc AG, a rockwool manufacturer in Switzerland. This helped the company to strengthen its product portfolio.
Owens Corning is another major player in the pipe insulation market. The company has been focusing on the strategies of acquisitions and new product launches as part of its growth. In April 2018, the company acquired Guangde SKD Rock Wool Manufacture Co. Ltd. (China), a manufacturer of mineral wool. The acquisition helped the company to strengthen its presence in China. In February 2018, the company acquired Paroc Group, a leading producer of mineral wool insulation for building and technical applications in Europe. The acquisition helped the company to broaden its portfolio of pipe insulation products. In addition, in April 2017, the company introduced the first and only formaldehyde-free Thermafiber light-density mineral wool insulation. This helped the company to strengthen its product portfolio in the pipe insulation market.
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