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The Pre-Insulated Pipes Market size is forecast to reach US$12.3 billion by 2027 after growing at a CAGR of 8.9% during 2022-2027. Pre-insulated pipes are ready-to-use pipes with a built-in insulation system. These pipes consist of three different layers: carrier pipe which is usually made with stainless steel, plastic, or copper. The middle layer is the insulation layer made with polyurethane foam. The outer layer is a protective jacket made with either steel or plastic. Pre-insulated pipes are extensively used in the district heating and cooling application through which space heating, conditioned air, and hot water supply are provided to everyone in housing projects, commercial offices, public facilities, and industrial buildings. The construction sector is exhibiting tremendous growth globally with increasing construction activities and this is projected to drive the growth of the market during the forecast period. For instance, according to the August 2021 data by Eurostat, the building construction sector in the Euro Area and European Union grew by 3.1% and 3.8% respectively in June 2021. Furthermore, the demand for pre-insulated pipes is gaining traction in the oil and gas sector where these pipes are used for the development of the piping system and transportation of oil and gas efficiently. The oil and gas industry expanding globally with increasing production and refining activities and this is expected to influence the market’s growth during the forecast period. For instance, according to the January 2020 stats by the International Energy Agency, biofuel production will increase fourfold from around 2 mboe/d in present times to almost 8 mboe/d by 2040. The fluctuation in the prices of raw materials might hamper the growth of the market during the forecast period.
Pre-Insulated Pipes Market Segment Analysis – By Application
District heating and cooling application dominated the pre-insulated pipes market in 2021. Pre-insulated pipes are extensively used in the district heating and cooling application for efficient distribution of superheated steam, chilled water, and hot water supply into private houses, multi-storage buildings, swimming pools, and hotel complexes. The demand for district heating and cooling applications is rising globally and in turn, this is anticipated to drive the growth of the market during the forecast period. For instance, as per the October 2020 report by construction21.org, Rajkot in India became the first Indian city to include a district cooling in its Smart City Plan. Similarly, as per the March 2019 report by the United Nations Environment Programme (UNEP), the District Energy in Cities Initiative by UNEP aims to double the rate of energy improvements for cooling and heating in buildings by 2030. Such growth in the district heating and cooling application globally is expected to bolster the demand for pre-insulated pipes, thereby influencing the market’s growth during the forecast period.
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Pre-Insulated Pipes Market Segment Analysis – By End Use
The construction industry dominated the pre-insulated pipes market in 2021 and is growing at a CAGR of 9.4% during the forecast period. Pre-insulated pipes are multi-layered pipes consisting of three components stainless steel, polyurethane foam, and an outer layer made of steel or high-density polyethylene. These pipes come with robust properties such as corrosion resistance, increased surface strength, and no maintenance costs, making them suitable for district heating and cooling application in several buildings such as housing projects, commercial offices, and hotel complexes. The construction sector is expanding globally with increasing construction activities and this, in turn, is projected to drive the growth of the market during the forecast period. For instance, as per the European Construction Industry Federation 2021 statistical report, investment into new homes more than doubled in real terms in 2020. Similarly, according to the European Construction Industry Federation 2021 statistical report, the housebuilding segment is anticipated to witness an investment growth rate of 5.5% in 2021. Such massive growth in the construction sector is expected to stimulate the higher requirement of pre-insulated pipes, ultimately contributing to the growth of the market during the forecast period.
Pre-Insulated Pipes Market Segment Analysis – By Geography
The European region held the largest market in the pre-insulated pipes market in 2021, up to 34%. The high demand for pre-insulated pipes is attributed to the growing district heating and cooling application in the region. A large quantity of pre-insulated pipes is used in the region’s district heating and cooling application. The extremely cold climate in this region has been one of the major factors driving the need for advanced district heating and cooling application and this trend of evolved district heating and cooling application is expected to grow robustly in the forecast period, increasing the demand for pre-insulated pipes. For instance, as per the May 2020 report by E.ON Group, Europe’s largest operators of energy networks, developed a new low-carbon district heating and cooling system for municipalities in Germany. The E.ON group along with its partners such as Avacon, the real estate industry, and municipal companies introduced this heating and cooling service to ensure cities and municipalities in Germany achieve their climate protection targets. Such expansion in the region’s district heating and cooling application is anticipated to augment the higher demand for pre-insulated pipes.
Pre-Insulated Pipes Market – Drivers
Expanding oil and gas sector will drive the market’s growth
Pre-insulated pipes find their high uses in the oil and gas sector where they help in the development of the piping system and effective distribution of oil and gas. The oil and gas sector expanding globally with increasing production and refining processes and this is anticipated to stimulate the growth of the pre-insulated pipes in the market. For instance, according to the data by the International Energy Agency, refining activity globally is anticipated to surge by 2.4 mb/d in 2022, and demand for oil will return to pre-pandemic levels by the end of 2022. Similarly, according to the stats by India Brand Equity Foundation, the oil and gas sector’s installed provisional refinery capacity was recorded at 246.90 MMT, and as of September 2021, Indian Oil Corporation became the largest domestic refiner with a capacity of 69.7 MMT. Such massive expansion in the oil and gas sector is projected to increase the demand for pre-insulated pipes, thereby driving the market’s growth during the forecast period.
Booming construction sector will drive the market’s growth
The multi layered pre-insulated pipes possess good corrosion resistance properties and don’t require any maintenance costs, making them suitable for district heating and cooling application in numerous buildings such as commercial offices, housing projects, and hotel complexes. The construction sector is exhibiting exceptional growth and in turn, this is projected to augment the market’s growth during the forecast period. For instance, as per the stats by Federal Reserve Economic Data, total US residential construction spending stood at US$ 599,665 million in June 2020 compared to US$ 548,306 million in June 2019. Similarly, according to the July 2020 data by Engage Communicate Facilitate, the number of build-to-rent units completed or in development in the UK grew seven-fold to over 140000 in 2019. Such a massive boost in the global construction sector is anticipated to bolster the demand for pre-insulated pipes, contributing to the growth of the market during the forecast period.
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Pre-Insulated Pipes Market – Challenges
Fluctuation in raw material prices might hamper the market’s growth
The pre-insulated pipes involve materials such as high-density polyethylene and polyvinyl chloride which are petroleum-derived. The prices of these materials are fluctuating because of the volatility in the price of petroleum and this might hinder the growth of the pre-insulated pipes market in the forecast period. According to the report by ourworldindata.org, the crude oil price stood at US$ 54.19 per barrel in 2017 which grew to US$ 64.21 per barrel in 2019. The oil price again went down to US$ 41.84 per barrel in 2020. Such fluctuation in the raw material prices might affect the growth of the pre-insulated pipes market during the forecast period.
Pre-Insulated Pipes Industry Outlook
Investment in R&D activities, acquisitions, product and technology launches are key strategies adopted by players in the Pre-Insulated Pipes Market. Global Pre-Insulated Pipes top 10 companies include:
Recent Developments
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Key Takeaways:
Relevant Reports
A. Pipe Insulation Market
https://www.industryarc.com/Research/Pipe-Insulation-Market-Research-505535
B. Pipes And Fittings Market
https://www.industryarc.com/Report/19128/pipes-and-fittings-market
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