Dec 17, 2018   SOURCE: BusinessWire

Pipe Insulation Market, 2023 by Material (Rockwool, Fiberglass, Polyurethane & Polyisocyanurate Foam, Elastomeric Foam), Application (Oil, Industrial, District Energy Systems, Building & Construction) - ResearchAndMarkets.com

The "Pipe Insulation Market by Material Type (Rockwool, Fiberglass, Polyurethane & Polyisocyanurate Foam, Elastomeric Foam), Application (Oil, Industrial, District Energy Systems, Building & Construction), and Region - Global Forecast to 2023" report has been added to ResearchAndMarkets.com's offering.

The pipe insulation market size is projected to grow from USD 8.7 billion in 2018 to USD 10.3 billion by 2023

Growth in district energy systems and huge production of oil are expected to drive the demand for pipe insulation during the forecast period. However, corrosion under insulation (CUI) acts as a challenge to the growth of the pipe insulation market.

By application, the industrial application segment is expected to lead the pipe insulation market during the forecast period. The necessity to insulate industrial plants such as chemicals, pharmaceuticals, and food processing among others drive the demand for pipe insulation in this application segment. In addition, rapid industrialization in Asia Pacific and South America is estimated to drive the demand for pipe insulation in this application segment.

By material type, the rockwool material type segment is expected to lead the pipe insulation market during the forecast period. Rockwool is a naturally renewable and sustainable material, which is fire-resistant and can be used in pipes for a maximum temperature of 620C. In addition, it helps in condensation control and is a noise dampener.

Market Dynamics

Drivers

  • Growth in Oil and Gas Demand
  • Stringent Regulatory Environment

Restraints

  • Volatile Raw Material Prices

Opportunities

  • Growing Opportunities From Emerging Economies

Challenges

  • Corrosion Under Insulation Leading to Health- and Safety-Related Incidents

Key companies supplying pipe insulation are:

  • Rockwool International A/S (Denmark)
  • Owens Corning (US)
  • Saint-Gobain (France)
  • Kingspan Group (Republic of Ireland)
  • Armacell International S.A. (Germany)
  • Huntsman Corporation (US)
  • Johns Manville (US)
  • Knauf Insulation (US)
  • BASF SE (Germany)
  • Covestro AG (Germany)

For more information about this report visit https://www.researchandmarkets.com/research/l5hwl9/pipe_insulation?w=4