Global Pipe Insulation Market: Key Highlights
Global Pipe Insulation Market: Key Market Dynamics
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Global Pipe Insulation Market: Regional Overview
North America is expected to grow at a substantial rate in pipe insulation market owing to the rapidly growing oil & gas industry coupled with rising number of oil exploration & production activities. According to the U.S. Energy Information Administration (EIA), the annual crude oil production in the U.S. was 12.2 million barrels per day in 2019. Moreover, presence of major market players and stringent regulatory standards are some other factors attributing towards the growth of market in the region.
The Asia-Pacific is anticipated to be the fastest growing region in pipe insulation market during the forecasted period. This is attributed to rapid industrialization in the region owing to low production cost, lucrative investment policies, and in expensive labor. Additionally, growing end-use industries such as automotive, building & construction, power, chemical, oil & gas, food & beverages, and pharmaceutical are attributing high demand for pipe insulation to increase durability and cost effectiveness of pipelines, and thereby save maintenance cost in long-term.
Global Pipe Insulation Market: Key Players Overview
Saint-Gobain is engaged in designing, manufacturing, and distributing material and solutions. The company is represented in more than 70 countries across the globe. In 2019, Saint-Gobain generated sales of USD 50.06 billion. In October 2018, Saint-Gobain acquire 100% equity capital of Kaimann, one of the Europe’s leading manufacturer of elastomeric insulation products. This acquisition will help the company to enhance the range of insulating solution and will strengthen its presence in segment of technical insulation.
Huntsman International LLC is a global manufacturer & marketer of differentiated and specialty chemicals. The company operates in four business segments including polyurethanes, advanced materials, performance products, and textile effects. Huntsman International LLC offers diverse range of consumer and industrial end markets including automotive & transportation, aerospace, building & construction, energy, and textile. In September 2019, the company opened new polyurethanes systems house in Dubai. This polyurethanes foam is used in insulation helping the company to strengthen its capabilities in Middle East and North Africa.
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