Global Industrial Pipe Insulation Market Is Expected to Reach Around USD 11 Billion by 2025
Global industrial pipe insulation market expected to generate around USD 11 billion by 2025, at a CAGR of around 3.41% between 2019 and 2025. The global industrial pipe insulation market is likely to experience notable growth in the future, owing to rapid industrialization.
Sarasota, FL -- (SBWire) -- 04/16/2019 --Zion Market Research has published a new report titled "Industrial Pipe Insulation Market by Type (Fiberglass Pipe Insulation, Fiberglass Board and Blanket Insulation, Rockwool Pipe Insulation, and Rockwool Blanket Insulation), by End-Use (Chemical, Oil & Gas, Automotive, Food & Beverages, Energy & Power, and Others), and by Application (Temperature Control, Prevent Heat Loss, Corrosion Prevention, and Others): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2018–2025". According to the report, the global industrial pipe insulation market was valued at approximately USD 9 billion in 2018 and is expected to generate around USD 11 billion by 2025, at a CAGR of around 3.41% between 2019 and 2025.
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The global industrial pipe insulation market is likely to experience notable growth in the future, owing to rapid industrialization. The need for industrial pipes by various sectors, such as chemical, oil and gas, energy and power, etc., is also driving the global industrial pipe insulation market growth in the present scenario. Industrial pipe insulation helps in minimizing heat losses in manufacturing sites and facilities and helps in maintaining an ambient temperature to maintain equipment efficient performance levels. Moreover, stringent regulations formulated by various governing bodies regarding the safety and security of workers are also fostering this market's growth. However, the high initial investment costs involved with industrial pipe insulation and the threat of substitutes may hinder this market's growth.
Based on type, the global industrial pipe insulation market is segmented into fiberglass pipe insulation, fiberglass board and blanket insulation, rockwool pipe insulation, and rockwool blanket insulation. Rockwool pipe insulation segment is expected to dominate the market in the future, as these pipes are mainly used by the petrochemical and power plant facilities due to their ability to withstand temperatures up to 1200°C. On the basis of end-use, the market is categorized into chemical, oil and gas, automotive, food and beverages, energy and power, and others. The oil and gas segment is expected to dominate the market in the future, as industrial pipes are mostly used by the oil and gas industry sector to maintain a balance between operative and normal temperatures. On the basis of application, the market is sectored into temperature control, prevent heat loss, corrosion prevention, and others. The prevention of corrosion segment is likely to dominate the global market in 2018, as heat loss or gain is associated with water vapor, which can slowly degrade a machine's efficiency. Thus, by installing insulated pipes, the operational efficiency of machines and other equipment is maintained.
By region, North America contributed an extensive revenue share to the global industrial pipe insulation market in 2018, due to the rapidly growing oil and gas industry and the rising number of oil exploration and production activities. This, in turn, has led to the rising demand for industrial pipes and their insulation. This primary factor is anticipated to further the boost this regional market in the upcoming years. Additionally, the Canadian power generation sector is also predicted to provide potential growth opportunities in this regional market. Europe is expected to provide significant growth opportunities in the global industrial pipe insulation market in the future, owing to the stringent rules regarding the safety and security of workers at manufacturing facilities across the region and the presence of leading organizations throughout the region.
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Some key players of the global industrial pipe insulation market are Owens Corning, Johns Manville, Armacell, Knauf Insulation, Paroc Group, L'ISOLANTE K-FLEX, Ode Yalitim, Kaimann GmbH, Gilsulate International, Inc., and Praxair Technology, Inc.
This report segments the global industrial pipe insulation market as follows:
Global Industrial Pipe Insulation Market: Type Analysis
Fiberglass Pipe Insulation
Fiberglass Board and Blanket Insulation
Rockwool Pipe Insulation
Rockwool Blanket Insulation
Global Industrial Pipe Insulation Market: End-Use Analysis
Oil and Gas
Energy and Power
Food and Beverages
Global Industrial Pipe Insulation Market: Application Analysis
Prevent Heat Loss
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Global Industrial Pipe Insulation Market: Regional Analysis
The Middle East and Africa
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