Rock Wool Pipe Insulation Market is predicted to grow to USD 10 billion by 2023

Rockwool Pipe insulation is a material or mixture of materials that is added as a protective covering to pipes and decreases the heat loss or heat gain. The growing stock of oil in countries such as the US, Saudi Arabia, Iran, and Russia makes the demand for pipe insulation. Also, the presence of severe regulations to insulate pipelines drive the market demand.

Rock Wool Pipe Insulation Market Size and Growth Rate:

Rock Wool Pipe Insulation Market was valued at USD 8.2 billion in 2018 and projected to reach USD 10 billion by 2023 growing at a CAGR of 3.1% during the forecast period 2018 to 2023.

Rock Wool Pipe Insulation Market Growth Drivers and Restraints:

The pipe insulation monitors the internal temperature of a pipe, increases operating performance of heating, ventilating, cooling, plumbing, steam, and power systems pipelines; helps in the reduction of heat damage that saves energy and money; reduces the cost to equipment from exposure to fire or corrosive environments; and reduces the discharge of pollutants into the atmosphere.

Geographical Overview of Rock Wool Pipe Insulation Market:

Rising per capita disposable income, rapid urbanization, and growing need for energy systems are projected to fuel the majority of the region’s rock wool pipe insulation market. Additionally, high growth in many industries such as pharmaceuticals, food processing, and drugs are expected to drive the demand for this market in the Asia Pacific.