Global Pipeline Thermal Insulation Materials Market Size Grows steadily to Cross USD 3.9 billion by 2029
BlueWeave Consulting, 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, BlueWeave 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.
BlueWeave Consulting, 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, BlueWeave 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.
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.
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