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Industrial Pipe Insulation Materials Market

Industrial Pipe Insulation Materials Market Analysis and Review by Type (Fiberglass, Mineral Wool, Cellular Glass, Polyurethane, Polystyrene and Others) Application (Prefabricated, Rolls & Batts, Spray) End Use (Chemicals, Food & Beverages, Oil & Gas, Power, Metal Manufacturing and Other Industrial) and Region – Forecast 2022 – 2028

Industrial Pipe Insulation Materials Market Analysis and Review by Type (Fiberglass, Mineral Wool, Cellular Glass, Polyurethane, Polystyrene and Others) Application (Prefabricated, Rolls & Batts, Spray) End Use (Chemicals, Food & Beverages, Oil & Gas, Power, Metal Manufacturing and Other Industrial) and Region – Forecast 2022 – 2028

Industrial Pipe Insulation Market - Analysis, Outlook, Growth, Trends, Forecasts

Industrial Pipe Insulation Materials Market Snapshot

[244 Pages Report] Future Market Insights (FMI) has forecasted the Industrial Pipe Insulation Materials market to grow with a year on year growth of 4.6% in 2022 reaching a value of about US$ 1,438.8 Mn by 2022 end. The market is anticipated to witness a considerable CAGR of 4.1% between 2022 and 2028.

Industrial Pipe Insulation Materials Market Size (2022E)

US$ 1,438.8 Mn

Projected Industrial Pipe Insulation Materials Sales (2028F)

US$ 1,835.2 Mn

Industrial Pipe Insulation Materials Market Growth Rate (2022-2028)

4.1%

Collective Share of Top 3 Countries in Terms of Value (2022E)

37.1%

Globally, there has been a prominent shift in the market towards the development of environment friendly insulation materials and the utilization of recycled products. With the continuous increase in environmental concerns, manufacturers are increasingly adopting eco-friendly alternatives for insulation materials, such as cellulose, mineral wool, etc.

Historical (2013-2021) Industrial Pipe Insulation Materials Market Outlook Compared to the Forecast (2022-2028)

Sales of industrial pipe insulation materials have been consistently growing owing to the increasing demand across various end-use industries to reduce energy consumption. Increase in the demand for efficient and advanced insulation materials across several end use industries especially chemicals and metal manufacturing is leading to high growth rate of the market.

The market growth for industrial pipe insulation materials between 2013 and 2021 remains 4.1%. However, the market for industrial pipe insulation materials is expected to grow significantly due to increased industrial activity, regional government regulations to reduce energy consumption, and other factors.

According to the projections by Future Market Insights, the market is expected to reach US$ 1,835.2 Mn by the end of 2028.

How is Demand for Efficient Insulation Materials in Various end Use Industries Bolstering the Business Growth?

The important properties and benefits provided by insulation materials, such as high water vapour permeability, moisture retention, low VOC emission, and thermal conductivity, are leading to high demand from a wide range of end-use industries. Also, these materials tend to reduce the overall energy consumption of production units while also increasing profitability margins for manufacturers. 

Fiberglass, cellular glass, and polyurethane are some of the finest insulation materials used across the industry for pipe insulation owing to their low price, easy installation, low payback period, long life, and low maintenance. Furthermore, it provides excellent properties such as fire protection, high compressive strength, and safety for labour while working on production floors.

What Is the Impact of the COVID-19 Crisis on the Industrial Pipe Insulation Materials Market?

The demand for industrial pipe insulation materials market has faced a significant dip in the market owing to the breakdown of COVID-19 globally in early 2020. This led to the closing of borders for trade and new industrial activities in most of the regions.

In addition to this, disruption in supply chain network and non-availability of skilled labour restricted the industrial pipe insulation materials market's growth for a couple of quarters. However, to come out of these challenges, key players are focusing on incorporating agile supply chain networks into their businesses to continue operations in such scenarios.

Country-wise Insights

How’s is the Demand of Industrial Pipe Insulation Materials Faring in the U.S.?

With advancements in technology and changing consumer preferences, players in the US market are introducing new and advanced insulation materials to catch up with the changing demand from end-users. For instance, Aspen Aerogels, Inc. introduced an aerogel-based insulation material with low thermal conductivity, significantly reducing the amount of material required for insulation. Further, companies are developing innovative materials with high resistance to corrosion and high fire resistivity to cater to the changing end-use specifications.

In 2022, the industrial pipe insulation materials market in the U.S. is expected to register a 4.4% year-on-year growth rate. Also, the country is expected to represent an incremental opportunity of US$ 71.2 Mn in the forecast period.

What is the Expected Growth Rate of the Industrial Pipe Insulation Materials Market in India?

The development of high-performance and cost-effective insulation materials could increase the adoption of industrial pipe insulation materials in the Indian market. Further, rising energy prices and the increasing importance of energy-saving measures are resulting in the increased adoption of industrial pipe insulation materials in India. The market in India is majorly driven by the growing chemical and metal manufacturing industries.

Owing to these factors, the industrial pipe insulation materials market in India is projected to grow at a CAGR of 5.2% between 2022 and 2028 and reach a valuation of US$ 68.1 Mn by 2028.

What is the Growth potential for the Industrial Pipe Insulation Materials Market in China?

Rising awareness in China about the benefits of insulation in achieving energy efficiency, rapid industrial growth, and economic development is contributing to the increasing demand for industrial pipe insulation materials. Also, rising energy prices are increasing the importance of insulation materials across upstream and downstream in the oil and gas industry, which is expected to boost the growth of the industrial pipe insulation materials market in China.

Globally, China is anticipated to remain one of the leading markets in terms of sales as well as production of industrial pipe insulation materials globally. The market is projected to grow by a 4.9% CAGR in terms of value during the assessment period of 2021–2031. In terms of value, the polyurethane segment is expected to dominate the industrial pipe insulation materials market in China. The polyurethane segment accounts for approximately half of the market share in China due to its excellent properties compared to other material types.

Category-wise Insights

Which Material Type is Anticipated to Gain Traction Over the Forecast Period?

The low temperature and cryogenic insulation properties of polyurethane-based insulation materials across the upstream industry are expected to drive the market during the forecast period. The segment is experiencing lucrative growth and is expected to register a year-on-year growth rate of 5.2% in 2022. It is expected to hold more than one-third of the market value in 2022. This segment is expected to continue its dominance in the near future owing to its significant properties such as lower thermal conductivity, high moisture and air retention capabilities, etc.

What Is The Future Outlook for Industrial Pipe Insulation Materials Market?

Increasing adoption of heating systems in industrial environments, technological innovations, rising electricity tariffs, and regional governments' increasing focus on environmental awareness are some of the key factors spurring market growth globally. Also, increasing investments in the expansion of liquefaction terminals, especially in the North America region, are expected to drive the industrial pipe insulation materials market demand in the assessment period.

Furthermore, the presence of key manufacturers and service providers in the market, coupled with the easy availability of raw materials and installation processes, has resulted in strong growth in the highly competitive market.

Competitive Landscape

Some of the key strategies adopted by the players include focusing on sustainable development to increase regional as well as global market share and attain a leadership position in the market. Majority of the players are focusing on providing cost-effective and high-quality insulation materials to process fluid lines to avoid temperature loss while simultaneously increasing product yield.

For Instance,

  • In March 2018, Saint-Gobain announced the expansion of the stone wool production capacity of its Ploiesti, Romania production facility to 30,000 tonnes per year. This helped the company to meet the growing demand from the European market.
  • In June 2017, Owens Corning acquired Pittsburgh Corning, a U.S.-based leading cellular glass insulation manufacturer, with an investment of US $560 million.
  • In October 2017, Armacell International S.A. expanded the polyethylene manufacturing capabilities of its West Virginia facility to support the growing demand for lightweight, cost-effective materials from end-users in North America.

The latest study conducted by Future Market Insights covers all the strategies and success factors of key manufacturers of the market.

*The list is not exhaustive, and only for representational purposes. Full competitive intelligence with SWOT analysis is available in the report.

Scope of Report

Attribute

Details

Forecast Period

2021-2031

Historical Data Available for

2013-2021

Market Analysis

USD Million for Value and Tons for Volume

Key Regions Covered

North America, Latin America, Western Europe, Eastern Europe, South East Asia & Pacific, China, Japan, MEA

Key Countries Covered

US, Canada, Germany, U.K., France, Italy, Spain, Russia, Poland, BENELUX, China, Japan, South Korea, India, ASEAN, ANZ, GCC Countries, Turkey, and South Africa,

Key Segments Covered

Material Type, Product Type, End Use  and Region

Key Companies Profiled

  • Rockwool International A/S
  • SAINT-GOBAIN
  • Armacell International S.A
  • Owens Corning Insulating Systems, LLC
  • Knauf Insulation
  • Kingspan Group plc
  • Johns Manville Corporation
  • ContiTech AG
  • Dyplast Products Llc
  • ITW Insulation Systems
  • BASF SE
  • Huntsman
  • Aeroflex USA, Inc
  • L'ISOLANTE K-FLEX S.p.A
  • Shanghai ABM Rock Wool Co., Ltd 

Report Coverage

Market Forecast, Company Share Analysis, Competition Intelligence, DROT Analysis, Market Dynamics and Challenges, and Strategic Growth Initiatives

Customization & Pricing

Available upon Request

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Industrial Pipe Insulation Materials Market by Category

By Material Type:

  • Fiberglass
  • Mineral Wool
  • Cellular Glass
  • Polyurethane
  • Polystyrene
  • Others

By Application:

  • Prefabricated
  • Rolla & Batts
  • Spray

By End Use:

  • Chemicals
  • Food & Beverages
  • Oil & Gas
  • Power
  • Metal Manufacturing
  • Other Industrial

By Region:

  • North America
  • Latin America
  • Western Europe
  • Eastern Europe
  • South East Asia & Pacific
  • China
  • Japan
  • Middle East & Africa (MEA)

Key Questions Answered in the Report

What is the current size of global Industrial Pipe Insulation Materials market?

The Industrial Pipe Insulation Materials market is expected to total US$ 1,438.8 Mn in 2022.
The Industrial Pipe Insulation Materials market has been estimated to exhibit a growth rate of 4.1% between 2022 and 2028 on a value basis.
The demand for Industrial Pipe Insulation Materials increased by 4.6% in 2022.
Knauf Insulation Inc., Owens Corning Insulating Systems, LLC., Johns Manville Corporation., Saint Gobain, Armacell International S.A. are the leading market players. They collectively account for 40% to 50% of the global market share.
The demand in China is expected to increase by a CAGR of 4.9% between 2022 and 2028 on a value basis.
China, U.S. and India, are the key consumers of Industrial Pipe Insulation Materials.

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