The pipe insulation market size is projected to grow from USD 8.7 billion in 2018 to USD 10.3 billion by 2023, at a compound annual growth rate (CAGR) of 3.4% during the forecast period. The major driving factors in the pipe insulation market are the presence of stringent regulations regarding insulation of pipes and growing production of oil.
The pipe insulation market has been studied for North America, Western Europe, Central & Eastern Europe, Asia Pacific, South America, and the Middle East & Africa. The Central & Eastern Europe region is projected to register the highest CAGR, in terms of value, during the forecast period. The growth of the pipe insulation market in the region is attributed to the increased production of oil and rising demand for district energy systems.
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The major players in the pipe insulation market include 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), and Covestro AG (Germany). These players have adopted various growth strategies, such as expansions, acquisitions, new product launches, and agreements, to expand their presence further and increase their shares in the pipe insulation market. Expansions and acquisitions have been the most adopted strategies by major players from 2016 to 2018, which helped them to expand their regional presence and strengthen their product offerings.
Rockwool International A/S is one of the leading manufacturers of pipe insulation, globally. The company focuses on the strategies of expansions and acquisitions to maintain its leading position in the market. For example, in November 2017, the company set up its first rockwool factory in Romania. The expansion helped to cater to the growing demand for rockwool insulation material. Also, in November 2017, the company acquired Flumroc AG, a rockwool manufacturer in Switzerland. This helped the company to strengthen its product portfolio.
Owens Corning is another major player in the pipe insulation market. The company has been focusing on the strategies of acquisitions and new product launches as part of its growth. In April 2018, the company acquired Guangde SKD Rock Wool Manufacture Co. Ltd. (China), a manufacturer of mineral wool. The acquisition helped the company to strengthen its presence in China. In February 2018, the company acquired Paroc Group, a leading producer of mineral wool insulation for building and technical applications in Europe. The acquisition helped the company to broaden its portfolio of pipe insulation products. In addition, in April 2017, the company introduced the first and only formaldehyde-free Thermafiber light-density mineral wool insulation. This helped the company to strengthen its product portfolio in the pipe insulation market.
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