The global pipe insulation market size was estimated at USD 8.87 billion in 2022 and is expected to grow at a compound annual growth rate (CAGR) of 5.5% from 2023 to 2030. Rising awareness pertaining to energy conservation among consumers is expected to drive the market over the forecast period.The market witnessed a severe downfall in investments in the industrial sector owing to the pandemic, thereby impacting overall growth. In addition, a dramatic fall in crude oil prices led to a drop in fiscal resources for oil-producing countries, which affected the product demand from the oil & gas sector. The market in Asia Pacific is expected to witness exponential growth over the forecast period on account of the rising number of industries in economies, such as China and India.

Rapid urbanization coupled with the rising demand for residential and commercial construction is anticipated to further fuel the market growth. Increasing adoption of district heating systems, driven by rising electricity tariffs, rising environmental awareness, and technological advances is expected to propel market growth in the U.S. In addition, rising investments in the expansion of gas liquefaction terminals are expected to drive the demand for pipe insulations over the forecast period.The presence of a large number of manufacturers and service providers, coupled with the easy availability of raw materials and easy installation processes, has resulted in intense market competition.

Pipe Insulation Market Segments

Material Insights

Polyurethane & polyisocyanurate foam led the market and accounted for a 22.7% share of the revenue in 2022. The product is typically used in pipe insulation applications as it can restrict the absorption of air, water, and gas. The material is commonly used in applications below 50°F as it offers excellent dimensional stability over a wide temperature range.Cellular glass is used in various applications, such as in heat transfer fluid systems, chemical processing systems, ductwork & commercial pipework, storage tanks, and in many other application areas. The material exhibits consistent insulating efficiency, low vapor permeability, fire protection, and high compressive strength.

Application Insights

The industrial application segment led the market and accounted for about 39.1% share of the revenue in 2022. Escalating demand for piping systems in various industries, such as petrochemical, oil & gas, power generation, chemical, and wastewater treatment, is estimated to augment segment growth. The product is used in oil pipelines to provide enhanced safety, particularly in onshore pipelines.The increasing population, coupled with rapid urbanization, is likely to propel the product demand in building & construction applications. The growth of the construction sector and stricter energy-efficiency norms are projected to positively influence the demand further. In addition, the emerging trend of sustainable buildings is one of the primary factors driving the growth of pipe insulation in buildings.

Regional Insights

Europe dominated the market and accounted for 34.8% of the total revenue share in 2022. This can be attributed to the rapidly increasing number of construction and infrastructural activities coupled with the rising installation of district energy systems in economies, such as Germany, the U.K., and Spain.Growing domestic consumption of food & beverages and pharmaceutical products is driving investments in the respective manufacturing sectors, thereby propelling the demand for process pipes and pipe insulation materials in North America. In addition, rising product demand for residential applications due to climatic conditions is anticipated to benefit the industry growth.

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Key Companies & Market Share Insights

The industry is highly fragmented owing to the presence of various players. Keycompanies are highly focused on providing eco-friendly and diversified product portfolios to their customers. The companies also emphasize the adoption of raw materials to maintain a steady supply coupled with the cost-effectiveness of the overall pipe insulation system.Small companies often rely on channel intermediates, such as brokers and suppliers, to perform many of the marketing functions due to a lack of resources. Established players have their distribution and sales channel through which they supply products to end-users.Some of the prominent players in the global pipe insulation market include:

• Armacell
• Lydall, Inc.
• Kingspan Group
• Owens Corning
• Huntsman International LLC
• Saint-Gobain Group
• Rockwool Insulation A/S
• Johns Manville
• Knauf Insulation
• BASF SE
• Covestro AG
• Wincell Insulation Co., Ltd.
• NMC International SA
• Gilsulate International, Inc.
• Sekisui Foam Australia
• Omkar Puf Insulation Pvt. Ltd.

Segments Covered in the Report

Grand View Research has segmented the global pipe insulation market based on material, application, and region:

Pipe Insulation Material Outlook (Revenue, USD Million, 2018 - 2030)

• Cellular glass
• Polyurethane & Polyisocyanurate Foam
• Fiberglass
• Elastomeric Foam
• Others

Pipe Insulation Application Outlook (Revenue, USD Million, 2018 - 2030)

• Industrial
• Building & Construction
• District Energy System

Pipe Insulation Regional Outlook (Revenue, USD Million, 2018 - 2030)

• North America
  • US
  • Canada
  • Mexico
• Europe
  • Germany
  • UK
  • France
  • Italy
  • Spain
• Asia Pacific
  • China
  • India
  • Japan
• Central & South America
  • Brazil
  • Argentina
• Middle East & Africa

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