Vacuum Insulated Pipe Market Growth Outlook with Industry Review & Forecasts 2024-2032
Vacuum Insulated Pipe Market is anticipated to witness robust growth between 2024 and 2032, primarily owing to the increasing investments in industries such as food processing, healthcare, and chemicals. According to the IBEF statistics, the Indian government is estimated to make an investment of more than USD 107 billion in the chemicals and petrochemicals sector by 2025.
Overall, the vacuum insulated pipe market has been segmented in terms of product, application, and region.
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In the context of the product, the standard segment is set to witness massive growth through 2032. Standard pipes boast of distinct advantages such as easy maintenance, low cost, and ease of transportation, encouraging their adoption across various industry vertices. Besides, standard pipes are highly durable and have a lifespan of 15 to 20 years.
On the basis of the application, the vacuum insulated pipe market is likely to be characterized by the food and beverage segment, which is set to grow at more than 5.5% CAGR over 2024-2032. The segmental growth can be attributed to the rapidly shifting consumer preference for processed food items and rising disposable income. The National Bureau of Statistics of China claimed that the yearly per capita disposable income in the urban region of China increased by 8.2% from 2020, reaching a whopping amount of more than USD 6,850 in 2021.
In addition, the total investment in the food and beverages industry is also increasing, which is being fueled by the entrance of new domestic and international companies, adding impetus to the market growth. A recent report by FoodDrinkEurope cited that the food and beverages industry generated more than USD 1.2 trillion in 2021 across the 27 EU countries.
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In the regional context, in North America, the vacuum insulated pipe market held more than 20% market share in 2022. The growth of the market in this region will be attributed to the rising investment in the manufacturing sector and increasing exploration of natural gas across North American economies.
Additionally, various central governments are promoting favorable regulatory policies, aimed at developing low-emission systems, which will also drive the market demand. For instance, in April 2021, the US government submitted its new NDC (nationally determined contribution), according to which, by 2032, the country has set an economy-wide target to reduce its emission of net GHGs by around 50%. Furthermore, technical progression about product innovation, along with rising disposable income are attracting more investment in this region, which will add fuel to the market dynamics.
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