The global pipeline thermal insulation materials market accounts for ~8% of the global building thermal insulation material market in 2022. The global pipeline thermal insulation materials market is estimated to have an absolute $ opportunity of USD 2.1 Billion during the forecast years of 2022-2032.
The pipe insulation materials are designed and utilized in a way that help to maintain required temperature for pipes and other relative substances such as hot air, thermic fluid, steam etc. that flows through the pipe. The provision of insulation either minimizes or reduces the heat loss along with the passive fire resistance. This is attributed to provide a gain of 124 BPS points during the forecast years of 2022-2032.
Rising Industrial Growth leading to Greater Demand
The countries such as India, China, Germany etc. is witnessing rapid urbanization, higher GDP growth in addition to the rapid industrial growth. This is expected to drive the global pipeline thermal insulation materials market growth by more than ~32% of the current demand levels in coming years of 2022-2032.
Moreover, the favorable government policies for the manufacturing sector laid down by the governments in tandem with the enhancement in the ease of doing business in the country is expected to provide a push to the global pipeline thermal insulation materials market by 1.6X.
Additionally, for e.g. government of India has taken various initiatives such as “Make in India” initiative and Foreign Direct Investment (FDI) policies is making them attractive for the manufacturers, helping in growth of the market.
Rising Chemical Industry placing Greater Demand
The rapid growth witnessed by the chemical and petrochemicals industry is providing lucrative growth opportunities for the manufacturers of the global pipeline thermal insulation materials market. This is likely to boost market demand by approximately 1/5th or ~20% of current demand levels.
Also, another prominent end-use industry is the power plant segment. Owing to the increasing power demand in the global market, the growth in the power plant industry is expected to boom. This in turn, is expected to fuel the market growth and demand in the thermal insulation materials market, during the forecast years of 2022-2032.
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