Market Trends of Pipe Insulation Industry
This section covers the major market trends shaping the Pipe Insulation Market according to our research experts:
Building and Construction to dominate the Pipe Insulation Market
- Buildings and construction industry employ a large share of pipe insulations, they range from HVACs, plumbing and electrical fittings, the true essence being energy efficiency.
- The residential and commercial air conditioner units being has been increasing - in 2017 the number stood at 110.9 million units in 2017 and went on to reach 111.4 million units in 2018.
- This increase can be directly attributed to increase spending in building and construction, like office buildings, shopping malls, etc. The construction industry spending worldwide is increasing year on year. In 2018, the value stood at USD 11.4 trillion. The volume of office real estate sold worldwide in 2018 stood at USD 340 billion.
- Therefore, growing demand from building and construction industry is projected to be the largest in the pipe insulation market.
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Asia Pacific region to dominate the market
- Asia Pacific region, especially countries like India, China and Japan has been increasingly investing money into commercial spaces like office building and retail buildings like malls and stores.
- Growth rate of the number of shopping centers has been increasing worldwide, but in Asia Pacific it is highest having growth rate of 5%, Europe has a growth rate of 2.7% and United states at 0.4%.
- Majority of the tall buildings in the world are in Asia. In 2018, Asia had 109 tall buildings, North America had 16, and Europe had 1.
- Therefore, Asia Pacific is projected to be the fastest growing and the largest region for the pipe insulation market.
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