Pipe Insulation Market By Material Type (Cellular glass, Polyurethane & Polyisocyanurate Foam, Fiberglass, Elastomeric Foam, Other), By Application (Industrial, Building & Construction, District Energy System, and Other), By Region and Companies – Industry Segment Outlook, Market Assessment, Competition Scenario, Trends, and Forecast 2023 – 2032

Report Overview

Pipe Insulation Market size is expected to be worth around USD 14.1 Bn by 2032 from USD 8.3 Bn in 2022, growing at a CAGR of 5.6% during the forecast period from 2023 to 2032.

Pipe insulation is a protective layer of coating or covering specially designed to maintain the temperature within the pipes or the temperature of the substance flowing through the pipes. The pipe insulation helps to restrict the sudden temperature fluctuation in the pipes and protect the surroundings. With maintaining the temperature, pipe insulation also helps to reduce the noise of flowing substances through the pipe. The pipes are used for several applications across various industries. Pipes are used in residential applications in buildings and houses for circulating water, which can be cold or hot. Therefore, pipe insulation is adopted by many consumers to protect the pipe to withstand high water temperatures.

Pipe insulation is widely used in industrial, commercial, and residential applications. The properties of pipe insulation for protection attract several individuals and businesses to adopt pipe insulation for various uses. With continuously growing urbanization, the demand for pipe insulation from district heating systems is also growing significantly in the last few years. With this growth, the global pipe insulation market is expected to grow significantly over the forecast period.

Driving factors

The wide use of Pipe Insulation in the Oil and Gas Industry drives the Growth of the Global Pipe Insulation Market.

Pipe insulation is widely used in various industries due to its properties for protection. The growing use of pipe insulation is one such application for it. The oil and gas infrastructure has spread rapidly worldwide in the last few years. Various companies and governments have established oil and gas transportation pipelines across the countries and continents. Due to this, the need for pipe insulation to protect the oil and gas supply pipes has also grown significantly.

According to reports from International Energy Agency (IEA), the US is expected to be one of the largest liquefied natural gas (LNG) exporters. With the growing gas pipeline infrastructure from the US, the demand for pipe insulation is also anticipated to grow significantly over the forecast period. Moreover, the rising demand for pipe insulation from the district heating systems is also boosting the growth of the pipe insulation market. All these factors are driving the growth of the global pipe insulation market.

Restraining Factors

High Prices of Pipe Insulation and Fluctuating Prices of Raw Materials are Expected to Hamper the Global Pipe Insulation Market’s Growth.

Pipe insulation is used across many industries for its wide applications. However, installing pipe insulation can be expensive up front, particularly for large industrial projects. Some clients may be discouraged from investing in insulation by this cost, especially if they are on a tight budget. There's a chance that many prospective clients, particularly those in developing nations, are unaware of all the advantages of pipe insulation. They might not prioritize its adoption as a result, which would decrease the market for insulation materials.

Moreover, foams, fibers, and coatings are basic materials used in the pipe insulation sector. Changes in the cost of manufacturing due to fluctuations in the price of these raw materials can hamper market growth. All these factors are anticipated to restrict the growth of the global pipe insulation market over the forecast period.

Material Type Analysis

Polyurethane & Polyisocyanurate Foam Leads the Material Type Segment in Global Pipe Insulation Market.

Based on material type, the global pipe insulation market is classified into cellular glass, polyurethane & polyisocyanurate foam, fiberglass, elastomeric foam, and other material types. From these material types, polyurethane & polyisocyanurate foam accounted for a significant revenue share of 23.4% in the global pipe insulation market. This growth of polyurethane & polyisocyanurate foam is owing to the properties of polyurethane & polyisocyanurate foam-based pipe insulation that restricts the absorption of gas, water, and air. This protects the inner material from the outside calamities.

Therefore, various businesses prefer polyurethane & polyisocyanurate foam-based pipe insulation over other pipe insulations. This is driving the growth of polyurethane & polyisocyanurate foam in the material type segment of the market. After polyurethane & polyisocyanurate foam, fiberglass-based pipe insulation is expected to grow significantly over the forecast period. Lower cost and easy installation of fiberglass-based pipe insulation are anticipated to drive the growth of fiberglass pipe insulation over the forecast period.

Application Analysis

Industrial Application Lead the Segment by Holding Major Revenue Share in Account.

Based on applications, the global pipe insulation market is classified into industrial, building & construction, district energy systems, and other applications. Among these applications, the industrial application dominates the market by securing a significant revenue share of 38.6%. This massive growth of industrial applications is due to the high demand for pipe insulation from various industries such as oil & gas, power generation, water treatment, and chemicals.

With growing oil and gas infrastructure, the demand for pipe insulation from the oil and gas industry is the primary global pipe insulation market driver. All these factors are driving the growth of industrial applications in the application segment.

Key Market Segments

Material Type

• Cellular glass
• Polyurethane & Polyisocyanurate Foam
• Fiberglass
• Elastomeric Foam
• Other Material Types

Application

• Industrial
• Building & Construction
• District Energy System
• Other Applications

Growth Opportunity

Technological Advancements in Material for Pipe Insulation is Expected to Create Many Opportunities in the Market Over the Forecast Period.

The need for pipe insulation is continuously rising across various businesses as environmental impact and energy saving have become more and more of a concern. A rise in demand for insulation goods that help minimize heat loss and optimize energy use is being caused by governments and organizations across the globe introducing laws and incentives to promote energy-efficient practices.

Aerogels and nanotechnology-based solutions are other insulation materials and technological advancements allowing manufacturers to create cutting-edge and high-performing insulation products. All these factors are expected to create many lucrative opportunities in the global pipe insulation market over the forecast period.

Latest Trends

High Use of Pipe Insulation for HVAC Systems is Boosting the Growth of Global Pipe Insulation Market

The pipe insulation needs have grown significantly in the last few years as worldwide businesses and governments prioritize sustainability and energy efficiency. The insulated pipes can help minimize heat loss during transportation, resulting in less energy use and greenhouse gas emissions. The construction and HVAC (heating, ventilation, and air conditioning) industries are intimately related to the pipe insulation business. The need for insulated pipe systems increases along with the expansion of commercial and residential construction projects.

In addition, strict construction codes and energy efficiency regulations are being implemented by governments worldwide, which promotes the use of insulated pipe systems in various applications.

Regional Analysis

Europe Leads the Global Pipe Insulation Market with Major Revenue Share in Account.

Europe dominates the global pipe insulation market by covering a significant revenue share of 35.2%. This exponential growth of the Europe region can be attributed to the rapidly growing urbanization across the region. Major countries such as U.K., Spain, and Germany are highly investing in construction and infrastructural activities across the countries. This is a significant factor in the growth of the Europe region in the market.

The rapidly spreading oil and gas infrastructure across the region is also supporting the growth of the Europe region. All these key factors are driving the growth of the Europe region in the global pipe insulation market. After Europe, Asia Pacific is anticipated to grow significantly over the forecast period. Rising investments in the chemical and oil & gas industry are expected to drive the growth of the Asia Pacific region in the over the forecast period.

Key Regions and Countries

North America

• US
• Canada
• Mexico

Western Europe

• Germany
• France
• The UK
• Spain
• Italy
• Portugal
• Ireland
• Austria
• Switzerland
• Benelux
• Nordic
• Rest of Western Europe

Eastern Europe

• Russia
• Poland
• The Czech Republic
• Greece
• Rest of Eastern Europe

APAC

• China
• Japan
• South Korea
• India
• Australia & New Zealand
• Indonesia
• Malaysia
• Philippines
• Singapore
• Thailand
• Vietnam
• Rest of APAC

Latin America

• Brazil
• Colombia
• Chile
• Argentina
• Costa Rica
• Rest of Latin America

Middle East & Africa

• Algeria
• Egypt
• Israel
• Kuwait
• Nigeria
• Saudi Arabia
• South Africa
• Turkey
• United Arab Emirates
• Rest of MEA

Key Players Analysis

The global pipe insulation market is classified into many key companies offering pipe insulation in the market. However, the key players are adopting various strategies such as mergers, acquisitions, collaboration, and partnerships to expand their market share across various regions and strengthen their position in the market. Some of the key players in the global pipe insulation market are BASF SE, Lydall Inc, Kingspan Group, Owens Corning, Huntsman International LLC, Rockwool, Johns Manville, Knauf Insulation, Covestro AG, Wincell Insulation Co. Ltd., and Other Key Players.

Top Key Players in Pipe Insulation Market

• BASF SE
• Lydall Inc
• Kingspan Group
• Owens Corning
• Huntsman International LLC
• Rockwool
• Johns Manville
• Knauf Insulation
• Covestro AG
• Wincell Insulation Co. Ltd.
• Other Key Players

Recent Development

• In March 2022, Saint-Gobain S.A. invested in the ISOVER plant, which has a new blowing glass wool production line in France. This meets the rising demand for roof space thermal insulation solutions in the French Market.
• In July 2021, Saint-Gobain S.A. signed an agreement with Alghanim Group to acquire its subsidiary, Rockwool India Pvt. Ltd.

Report Scope: