Global Energy Conservation Wave to Create Revenue Growth for Industrial Pipe Insulation Materials
Growth of industrial activity strongly impacts the demand for pipe insulation
With growing awareness about the advantages offered by mechanical insulation in recent years, there has been increased adoption by industries worldwide of industrial pipe insulation. Industrial pipe insulation constitutes a crucial part of the mechanical insulation industry, which is also witnessing steady growth since recent past. Growing focus on reduced energy conservation and greenhouse gas emission, coupled with multiple government initiatives promoting energy efficiency and sustainable development through advanced insulation technologies, is expected to favor the growth of global industrial pipe insulation material market. Use of recycled insulation materials is trending the market at present, owing to rising environmental concerns. A majority of manufacturers are focusing on using sustainable materials such as polyurethane foam and fiberglass.
As predicted through a recently published research report, the global revenue of industrial pipe insulation material market is likely to reach a valuation of over $ 1,800 million by the end of 2028. The market expansion over 2018-2028 has been estimated at a CAGR (compound annual growth rate) of 4.3 percent.