Press release
Advent of Advanced Insulation Materials to Augur Well for Pipe Insulation Industry
QYResearchReports
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The report segments the pipe insulation market on the basis of product type, application, and geography. On the basis of product types, the market is segmented into fiberglass, mineral wool, polyurethane foam, and polyethylene. The major application segments are district heating and cooling, oil and gas, and industrial pipelines. The major regional markets for pipe insulation market are Asia, North America, and Europe.
The growing demand for insulating pipework at places in order to maintain proper ambient operational temperature is a key factor driving the market. The surrounding environmental conditions may result in pipes witnessing low or high ambient temperature, hampering their functioning. The application of pipe insulation is also stimulated by the demand for the conservation of heat energy. The need for preventing corrosion of pipes due to water vapor condensation has catapulted the demand for pipe insulation. In addition, in places characterized by sub-zero temperatures may lead to freezing of water, thereby propelling the demand for insulating pipes.
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The growing demand for various manufacturing industries, such as the petrochemical and power industries, to meet the adequate criteria of processing is expected to catalyze the pipe insulation market growth. Furthermore, the increasing use of pipe insulation for several steam and process pipework applications is also anticipated to boost the pipe insulation market. The advent of advanced pipe insulation solution that can handle high temperatures is expected to fuel the market in the coming years. For instance, the launch of rockwool pipe insulation and fiberglass insulation bodes well for the market.
Stringent regulations pertaining to the health of workers and employees in various industries are expected to bode well for the pipe insulation market. However, the high cost of insulation and the availability of inexpensive substitutes are expected to hamper the demand for pipe insulation in the coming years. Nevertheless, recent advancement in materials used for insulation is likely to boost the demand for pipe insulation. The growing popularity of thermal insulation is further expected to create exciting opportunities for market players.
Major players vying for a sustained share in the pipe insulation market are Kaimann GmbH, Paroc Group, Wincell, Knauf Insulation, Frost King, Armacell India Private Ltd., Illinois Tool Works Inc., Rockwool India Pvt. Ltd., and Owens Corning.
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