New York, May 22, 2023 (GLOBE NEWSWIRE) -- According to the report published by Next Move Strategy Consulting, the global Cold Pipe Insulation Market size generated USD 5.92 billion in 2022 and is projected to reach USD 10.08 billion by 2030, at a CAGR of 6.0% from 2023 to 2030.
The research offers a detailed analysis regarding drivers, restraints, and opportunities to highlight changing market dynamics of the market. Moreover, the research provides an extensive analysis of major segments and their sub-segments to determine the fastest-growing and highest revenue-generating segments.
Equipping the extensive analysis of each and every aspect of the market in 365 pages, accompanied by 180 tables and 160 figures, the report aims to become a source of guidance for market players, investors, and startups as they device strategies for next few years to achieve sustainable growth.
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| Report Coverage | Details |
| Forecast Period | 2023–2030 |
| Base Year | 2022 |
| Market Size in 2022 | USD 5.92 Billion |
| Market Size in 2030 | USD 10.08 Billion |
| CAGR | 6.0% |
| No. of Pages | 365 |
| Tables | 180 |
| Figures | 160 |
| Segments covered | Material type, temperature range, application, end user industry and Geography |
| Drivers | Government initiatives for energy-efficient solutions |
| The increasing influence of urbanization and industrialization | |
| Rising demand for insulation in the food processing industry | |
| Opportunities | Technological advancements to accelerate the adoption of cold pipe insulation |
The report offers a comprehensive analysis of the cold pipe insulation market dynamics based on drivers, restraints, and opportunities. The growing impact of urbanization and industrialization along with the rising demand for insulation materials in the food processing industry are fueling the demand for cold pipe insulation. However, the high initial cost associated with the installation of cold pipe insulation systems hinders the growth of the market.
Identifying the opportunities that leading players can take leverage to increase their market share, Next Move Strategy Consulting’s Lead Analyst for Minerals and Chemicals commented, “Introduction of new technologies, such as aerogels, that have high insulation capabilities and can trap air efficiently, thereby minimizing heat loss is expected to produce lucrative opportunities for the cold pipe insulation market.”
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Asia Pacific accounted for the highest share of the cold pipe insulation industry in 2022 and is expected to remain dominant throughout the forecast period. The market in this region is driven by the strong food processing industry, which requires advanced insulated materials for its refrigeration systems to maintain efficiency and prevent energy losses. In addition, the vigorous growth of the chemical industry in this region has fueled the demand for cold pipe insulation in order to ensure temperature maintenance during chemical transportation through pipelines. As per the World Trade Administration's data from August 2022, the chemical industry in Korea has experienced significant growth, resulting in the country's attainment of the fifth-largest production scale globally in 2020.
On the other hand, North America is estimated to witness substantial growth during the forecast period owing to the region's high production of oil and gas. According to the US Energy Information Administration, North America is the world's largest oil and gas producer, with countries such as the US and Canada contributing a total share of 26% of the world in 2022. Moreover, strict US government regulations on energy efficiency and carbon emissions requires industries to adopt sustainable practices such as cold pipe insulation to reduce their carbon footprint.
The study analyzes each region and its countries by segments and their sub-segments to outline the steps to be taken to consolidate their presence in the cold pipe insulation industry. Furthermore, this analysis helps determine the fastest-growing segments and the highest-revenue-generating segments to take the next step accordingly.
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The report offers a detailed analysis of leading market players of the global cold pipe insulation industry trends. Leading players analyzed in the research include Nichias Corporation, DuPont, BASF SE, Covestro Ag, 3M, L'Isolante K-Flex S.p.A., Daikin Industries Ltd., Supreme Industries Limited, Owens Corning, Armacell International S.A., Insulflex Corporation Sdn Bhd, Ematco Industrial Pte Ltd, Superlon Holdings, Insafoam, and Dongsung Chemical Co Ltd.
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