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Pipe Insulation Market CAGR Value 3.6 % | Size, Future Demand,Industry Share, Top Players, Recent Developments and Future Scope till 2023
Apr 05, 2019 (MarketersMedia via COMTEX) —
Pipe Insulation Market Information: By Type (Foamed Plastic, Elastomeric Foam, Mineral Wool, Fiber Glass), End-Use Industry (Chemical and Oil & Gas, Power, Automotive, Construction, Food & Beverages, Pharmaceuticals), And Region — Global Forecast Till 2023
Pipe Insulation Market Size To Expand at a Notable CAGR Of 3.6% During 2018 – 2023
The global pipe insulation market was valued at USD 8.54 billion in 2018 and is projected to grow at a CAGR of 3.6% during the forecast period. Pipe insulations are the insulation used especially on pipes to reduce heat loss or heat gain to or from the surrounding atmosphere and also to provide barrier against moisture and chemical. Pipe insulation are required to protect the pipes from corrosion and also to avoid pipe leakages during transportation and shipping. Various types of pipe insulation available in the market are foamed plastic, elastomeric foam, fiber glass, mineral wool, and others. The choice of the insulation type is mostly dependent on the required R-value and its affordability.
Some of the key players operating in the global pipe insulation market are BASF SE (Germany), Covestro AG (Germany), Huntsman International LLC (US), Rockwool International A/S (Denmark), Saint-Gobain (France), Armacell International SA (Luxembourg), Owens Corning (US), Thermaxx Jackets (US), Cellofoam GmbH & Co. KG (Germany), Great Lakes Textiles (US), Kingspan Group (Republic of Ireland), Knauf Insulation (UAE), Wincell Insulation Co.Ltd (China), Dunmore (US) and Johns Manville (US)
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The market players in the global pipe insulation market is adopting various strategies to capture larger market share. For instance, on 1 August 2018, Armacell International SA, a global leader in flexible foam and a leading provider of engineered foams acquired Guarto SRL, an Italian manufacturer of acoustic insulation solutions to extend its footprint in Italy. The company is also added two new production lines in Guarto's manufacturing facility. Also, On 5 October 2018, Saint-Gobain signed an agreement to acquire 100% of the equity capital of Kaimann GmbH, one of Europe's leading manufacturers of elastomeric insulation products to further enhance its insulating solutions range and increase its presence on the fast-growing segment of technical insulation.
The global pipe insulation market has been segmented by type, end-use industry, and region.
Based on raw material, the global pipe insulation market has been segmented into foamed plastic, elastomeric foam, fiber glass, mineral wool, and others. Among them, the mineral wool segment held the largest market share in 2018 due to its excellent fire-resistance and high compressive strength. Additionally, it is derived from renewable raw material and does not cause any harm to the environment. However, the foamed plastic segment is expected to grow at a fastest CAGR during the forecast period due to its superior thermal, acoustic, and moisture barrier properties.
Based on end-use industry, the global pipe insulation market has been segmented into chemical, oil & gas, power, automotive, building & construction, food & beverages, pharmaceutical, and others. Among them, the oil & gas segment held the larger market share in 2018, in terms of both value and volume, due to the huge size of the oil & gas industry as well due to the growing cross border oil & gas transportation.
The global pipe insulation market has been analyzed with respect to five regions, namely, Asia-Pacific, North America, Europe, Latin America, and the Middle East & Africa.
Asia-Pacific was the largest and fastest growing market for pipe insulation in 2018 and is expected to continue dominating during the forecast period. Rapid industrialization in the region due to lucrative investment policies, low production cost and inexpensive labors are largely supporting the growth of pipe insulation market in the region. Additionally, growing end-use industries such as chemical, oil & gas, power, automotive, building & construction, food & beverages, and pharmaceutical are attributing high demand for pipe insulation to increase durability and cost effectiveness of pipelines, and thereby save maintenance cost in long-term.
North America and Europe collectively accounted for the second largest market share of the global pipe insulation market in 2018. The regions are, however, expected to show steady growth during the forecast period due to the mature scenario of various industries. Presence of major market players and stringent regulatory standards are some of the factors attributing to the product market in the region.
The Middle East & Africa is expected to exhibit significant demand for pipe insulation during the forecast period. End-use industries such as oil & gas and food & beverages are providing stable revenue source to the pipe insulation market.
Slow economic development in Latin America affected the growth of the pipe insulation market in 2018. Moreover, the region is expected to show increasing growth during the forecast period due to the rising industrialization in countries such as Brazil, Mexico, and Venezuela.
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Pipe Insulation manufacturers
Traders and distributors of pipe insulation
Research and development institutes
Raw material suppliers
LIST OF TABLES
Table 1 Global Pipe Insulation Market: By Region, 2016â?'2023
Table 2 North America: Pipe Insulation Market, By Country, 2016â?'2023
Table 3 Europe: Pipe Insulation Market, By Country, 2016â?'2023
Table 4 Asia-Pacific: Pipe Insulation Market. By Country, 2016â?'2023
Table 5 Middle East & Africa: Pipe Insulation Market, By Country, 2016â?'2023
Continued. . .
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