Pipe Insulation Market Growth & Trends

The global pipe insulation market size is expected to reach USD 12.2 billion by 2027 registering a CAGR of 4.6%, according to a new report by Grand View Research, Inc. Increasing investment in energy conservation is anticipated to promote the demand for insulation, thereby stimulating the market growth.

Insulation protects the pipes from fire hazards and extreme temperatures, thereby avoiding risks. In addition, it helps in lowering the manufacturing and energy costs. This is anticipated to benefit the market growth over the forecast period.

Major insulating materials used in pipe insulation include cellular glass, fiberglass, elastomeric foam, and others. Superior properties of these materials, such as dimensional stability, moisture resistance, and excellent strength, are projected to stimulate the market growth.

Key companies in the market offer a wide range of products to gain competitive advantage over others. In addition, the market exhibits backward integration, where companies, such as Armacell LLC and Knauf Insulation, are engaged in product manufacturing and raw material supply.

Pipe Insulation Market Report Highlights

  • Cellular glass material segment was valued at USD 1,772.7 million in 2019 owing to the superior properties of these material including excellent compressive strength, moisture resistance, and long lasting thermal performance
  • The industrial application segment accounted for the largest market share of over 37% in 2019 and is projected to grow at a steady CAGR from 2020 to 2027 driven by rapidly rising industrialization across the globe
  • Europe is expected to register the maximum CAGR of 5.0% from 2020 to 2027 on account of rapidly growing application sectors, such as building & construction, industrial, and district energy systems
  • Asia Pacific is estimated to witness strong growth over the forecast period on account of rapid industrialization owing to the availability of raw material and low cost labor