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Global Vacuum Insulated Tubing Market InsightFebruary 16, 2022 Comments
The Vacuum Insulated Tubing is forecast to moderate growth over the next few years. According to the WK-chem Research “Global Vacuum Insulated Tubing Professional Survey Report 2022, Forecast to 2027”, the rising demand for vacuum insulated pipe among the end users due to its superior insulation properties, durability, and maintenance-free operations is further accelerating the growth of the market. The compound annual growth rate (CAGR) for the 2022-2027 period is projected to be 3.48% base on WK-chem Research regression analysis model.
Industry players are actively investing in acquisitions and mergers to expand their reach. Strong R&D activities and various technical collaborations have been key strategies adopted by the players, said Amy, Senior analyst, Chemical & Material Market Research Center in WK-chem Research. Manufacturing companies are building strong distribution channels with private leaders to make products available to end users. The industry has also experienced forward consolidation in after-sales service and distribution, including installations, repairs, maintenance and retrofits.
Ongoing investments toward food & beverage, aerospace and semiconductor industry has created a positive business scenario for the customized vacuum insulated pipes. The products are being widely used in aerospace, semiconductor and food & beverage industry, thereby creating significant opportunities to propel the penetration of vacuum insulated pipes. These pipes are being manufactured on the basis of individual customer requirement and are being used to control the flow of cryogenic liquid at the end-user premises. Moreover, various regions, notably North America and Europe are witnessing a significant growth owing to growing manufacturing base and increasing demand for LNG. Furthermore, the growing consumption of oxygen across healthcare industry along with accelerating demand for packaged food items, meat and dairy products will augment the industry growth.
Oil and natural gas are typical components of world economic growth. Hydrocarbons are widely used in various vertical industries, such as transportation, power generation, production, and processing. The increase in oil and natural gas consumption has led to an increase in exploration and production activities. Governments and well-known hydrocarbon operators around the world have been investing in oil and natural gas extraction. The increase in oil and natural gas consumption may show strong growth in drilling activities, which will boost the VIT market.
This WK-chem Research market report is designed to help clients improve their market position, and in line with this, this report provides a detailed analysis of several leading Vacuum Insulated Tubing companies that include TMK Group (RU), Vallourec (FR), Victoria International Tubular Corporation(CA), Shengji Group(CN), Beilai Group(CN), Lake Petro(CN), Nakasawa Resources(US), Daissa Petroleum LLC (US), Imex Canada Inc.(CA)
Segmentation of Vacuum Insulated Tubing Market:
By type, the market has been subdivided into segments of large-diameter and small-diameter. The Large-diameter segment occupies the largest market share in 2021. From the perspective of application, the market is divided into oil and gas. Oil dominates the market and may continue to dominate during the forecast period. As an important downstream industry in the vacuum insulated tubing industry, the oil industry is booming. The continued increase in oil demand indicates an increase in the demand for vacuum insulated tubing. With the continuous development of the oil and gas market and the acceleration of the discovery of new oil and gas reserves worldwide, the market size of the Vacuum Insulated Tubing industry is expected to continue to grow.
Vacuum Insulated Tubing Market: Regional Analysis
In terms of geography, the global Vacuum Insulated Tubing market has been segmented into: North America, Asia Pacific, Europe, South America, and the Middle East and Africa. Upsurge in investments toward generation capacity addition along growing LNG trade is anticipated to drive the Asia Pacific vacuum insulated pipe industry size. The region is characterized by the development of urban areas, shifting towards gas-based generation stations and robust growth of manufacturing industry. Dynamic expansion of the industries including chemical, packaged food and semiconductor industry coupled with rapid growth in the infrastructure will positively influence the product adoption. In addition, the rapidly growing aerospace sector primarily across China, Japan, India and South Korea has propelled the growth of space industry which in turn have fueled the product adoption. Over the past few years, various industry players have shifted there manufacturing base and research & development centers toward the developing nations owing to lower labor cost, supportive regulatory policies and lower production cost. Furthermore, complex and changing government policies pertaining to the adoption of sustainable systems is another evolving factor that will bolster the industry growth.
Largest share area：Asia Pacific
Largest share country：China
Product Type：Large-diameter and Small-diameter
Application：Oil and Gas
Leading Company：TMK Group (RU), Vallourec (FR), Victoria International Tubular Corporation(CA), Shengji Group(CN), Beilai Group(CN)