Press Release / Business / Pipe Insulation Market Share | Types, Region and Competition Analysis with Forecast to 2023

Pipe Insulation Market Share | Types, Region and Competition Analysis with Forecast to 2023

Pipe Insulation Market Size to Expand at a Notable CAGR of 3.6% During 2020 - 2023
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
Competitive Analysis
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).
Pipe Insulation Market Forecast To Expand at a Notable CAGR Of 3.6% During 2020 - 2023
Market Synopsis
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.
Growing oil & gas industry along with the increasing instances of cross border oil & gas transportation are driving the demand for pipe insulations. Stringent regulatory standards in developed economies are also supporting the global pipe insulation market. Increasing awareness about the increased durability of pipelines upon the usage of pipe insulation is further boosting the product market. Furthermore, rapid industrialization in Asia-Pacific is also expected to provide growth impetus to the product market during the forecast period.
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.
Regional Analysis
The global pipe insulation market has been studied with respect to five regions, namely, Asia-Pacific, North America, Europe, Latin America, and the Middle East & Africa.  Asia-Pacific held the largest market share in 2018 and is expected to grow at a fastest CAGR during the forecast period. North America and Europe are collectively following Asia-Pacific in terms of market size and are expected to show steady growth during the forecast period. The Middle East & Africa market is expected to contribute significantly to the global pipe insulation market in 2018. Latin America market is expected to experience increasing demand for pipe insulation during the forecast period.
Market Segmentation
The global pipe insulation market has been segmented by type, end-use industry, and region.
Based on type, the global pipe insulation market has been segmented into foamed plastic, elastomeric foam, fiber glass, mineral wool, and others.
On the basis of end-use industry, the global pipe insulation market has been categorized into chemical, oil & gas, power, automotive, building & construction, food & beverages, pharmaceutical, and others.