Global Pipeline Thermal Insulation Materials Market Size Grows steadily to Cross USD 3.9 billion by 2029.
Global pipeline thermal insulation materials market is flourishing due to an increasing demand from the industrial sector, rising use of thermal insulation materials in the chemical industry, and growing environmental concerns.
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Report Ocean, a leading strategic consulting and market research firm, in its recent study, estimated the global pipeline thermal insulation materials market size at USD 2.64 billion in 2022. During the forecast period between 2023 and 2029, Report Ocean expects global pipeline thermal insulation materials market size is projected to grow at an impressive CAGR of 5.96% reaching a value of USD 3.94 billion by 2029. Pipe insulation materials are regarded as necessary because of their capacity to maintain pipes and any substance that travels through them at an acceptable or desired temperature, including steam, hot air, and thermic fluid. Due to demand from several industries, including chemical and petrochemicals, food processing, and oil & gas sectors, the global market for pipe insulation materials is expanding.
Global Pipeline Thermal Insulation Materials Market – Overview:
Pipeline thermal insulation is a pipe covering that not only prevents heat loss but also reduces operating expenses and energy consumption. Moreover, it helps prevent corrosion caused by sudden temperature swings and pipeline leaks. Pipelines can be built using a variety of materials, depending on their intended application. Thermoplastic elastomers like polyethylene, PVC, and other plastic resins are used to make the item. In other cases, fiberglass- or kevlar-based nonwoven fabric is used. Nonstick coatings are applied to metal alloys including stainless steel and nickel alloys.
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Global Pipeline Thermal Insulation Materials Market – By End Use Industry:
The global pipeline thermal insulation materials market is segmented into Chemicals, Pharmaceuticals, Food & Beverages, Power Plant, Oil & Gas, Mining & Metallurgy, and others based on end use. The pharmaceuticals segment commands the highest market share. Some applications for pipeline thermal insulation in the pharmaceutical sector include the ones listed below: to reduce heat transmission through pipes. To stop condensation from forming on cold surfaces inside insulated pipe systems, which causes corrosion. Pipeline thermal insulation is a reliable technique for avoiding corrosion-causing condensation from developing on chilly walls inside insulated piping systems. Thermal insulation for pipelines is advantageous for chemical businesses, as it helps reduce heat loss (hot or cold) and corrosion brought on by contact with water.
Impact of COVID-19 on Global Pipeline Thermal Insulation Materials Market
COVID-19’s rapid spread affected industries worldwide. As a result, economic conditions deteriorated significantly, and the government was forced to shut down the business and educational sectors for an extended period. During the COVID-19 epidemic, most countries-imposed lockdown, which is now being phased out industry by industry. The manufacturing industry has suffered significantly as a result of temporary facility closures. Labor and raw material shortages caused by the lockdown have an impact on the pipeline thermal insulation materials industry.
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Competitive Landscape
Global pipeline thermal insulation materials market is fiercely competitive. Prominent players in the market include Rockwool International, Owenscorning, DowDuPont, Lfhuaneng, Murugappa Morgan, Shanghai ABM Rock Wool, NGP Industries, Goenka Rockwool, Dhanbad Rockwool Insulation, U.P. Twiga Fiberglass, Thermocare Rockwool, Aspen Aerogels, Shree Ceramic Fibers, and Montex Glass Fibre Industries. These companies use various strategies, including increasing investments in their R&D activities, mergers, and acquisitions, joint ventures, collaborations, licensing agreements, and new product and service releases to further strengthen their position in the global pipeline thermal insulation materials market.
The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of Global Pipeline Thermal Insulation Materials Market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in Global Pipeline Thermal Insulation Materials Market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.
What is the goal of the report?
- The market report presents the estimated size of the market at the end of the forecast period. The report also examines historical and current market sizes.
- During the forecast period, the report analyzes the growth rate, market size, and market valuation.
- The report presents current trends in the industry and the future potential of the North America, Asia Pacific, Europe, Latin America, and the Middle East and Africa markets.
- The report offers a comprehensive view of the market based on geographic scope, market segmentation, and key player financial performance.
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