Pipe insulation materials are designed and utilized to maintain an acceptable/desired temperature for pipes and any substances (namely steam, thermic fluid, hot air, among others) flowing through the pipe. Insulation is provided to reduce or minimize the heat loss as well as passive fire resistance. The scope of study under the India Pipeline Thermal Insulation Materials Market includes analysis of the market for insulation materials endorsed for pipeline thermal insulation for systems characterized by service temperature of above 100 °C in various end-use industries, such as chemical & petrochemical, oil & gas, food processing, power generation and others.
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The India pipeline thermal insulation materials market is expected to expand at a value CAGR of 7.9% over the forecast period.
Factors Influencing India Pipeline Thermal Insulation Materials Market’s Growth
The India pipeline thermal insulation materials market is expected to register significant growth in the near future, primarily due to the rapid industrial growth being driven by favourable government policies and initiatives, such as “Make in India” initiative, and attractive foreign direct investment (FDI) policies. Moreover, the rapidly growing chemical and petrochemicals industry is set to create lucrative growth opportunities in the India pipeline thermal insulation materials market over the forecast period. The pipeline thermal insulation materials market in the country is highly fragmented with a number of small scale manufacturers and is characterized by the intense rivalry among companies. Intense competition exerts price pressure in the pipeline thermal insulation materials market. This price pressure might put extra pressure on the companies to reduce their product cost and thus, may hamper the revenue stream of the companies operating in the pipeline thermal insulation materials. As a result, small-sized refractory manufacturers in the country may go bankrupt or cease to exist. This may translate into restricted growth of the pipeline thermal insulation materials market in the country.
Growing environmental concerns, increasing focus on the development of sustainable energy and increasing adoption and use of insulation materials for process applications are some of the factors that are expected to push the demand for pipeline thermal insulation materials across a diverse set of industries, including oil & gas, power generation, food & beverages and chemicals & petrochemicals, among others.
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India Pipeline Thermal Insulation Materials Market Segmentation and Forecast
The India pipeline thermal insulation materials market is segmented on the basis of product type, temperature, end-use industry and region. On the basis of product type, the India pipeline thermal insulation materials market is segmented as a calcium silicate, ceramic fibre, cellular glass, glass mineral wool, rock mineral wool, polyurethane foam, microporous insulation, aerogel and others. Rock mineral wool, followed by glass mineral wool segment, dominates the pipeline thermal insulation materials market and the two segments are estimated to collectively account for almost four-fifth of the overall volume share in the India pipeline thermal insulation materials market. Rock mineral wool insulation segment dominates the India pipeline thermal insulation materials market owing to its low cost, efficient insulation properties and higher strength. However, aerogel and microporous insulation segments, by product type pipeline thermal insulation materials, are estimated to be the fastest growing segments. However, the growth of the aerogel & microporous insulation segment in the India pipeline thermal insulation materials market is expected to be hampered due to its high cost as compared to its counter parts.
India Pipeline Thermal Insulation Materials Market Analysis, by Region
The India pipeline thermal insulation materials market is segmented into four segments. From a regional perspective, western region is projected to lead the India pipeline thermal insulation materials market, in terms of both production and consumption. The north and south India pipeline thermal insulation materials market is expected to follow the western region in terms of pipeline thermal insulation materials consumption.
Key Players Dominating the India Pipeline Thermal Insulation Materials Market
The report highlights some of the leading companies operating in the India pipeline thermal insulation materials market, such as Murugappa Morgan Thermal Ceramics Limited, U.P. Twiga Fiberglass Limited, NGP Industries Limited, Dhanbad Rockwool Insulation Pvt. Ltd., Lloyd Insulations (India) Ltd., Rockwool India Pvt. Ltd., Rockwool International A/S, HIL Limited and Aspen Aerogels, Inc., among others.
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