Pipes designed to minimize heat transfer and maintain cryogenic fluids at low temperatures during transportation are known as vacuum insulated pipes, or cryogenic pipes. An inner and an outer pipe are surrounded by an annular gap that is kept under vacuum to reduce heat conduction. Chemicals, LNG, electronics, and healthcare are just a few of the industries that use these pipes extensively when cryogenic fluid transmission is necessary.
Europe Vacuum Insulated Pipe Market Driving Factors and Challenges
Drivers: The market for vacuum insulated pipe is fueled by growing LNG trading as well as continuous developments in the aerospace sector. Sustained investments in the semiconductor, food and beverage, and aerospace sectors have created a favorable business climate for specialty vacuum-insulated pipes. The products provide great opportunities for vacuum insulated pipe penetration since they are widely used in the semiconductor, food and beverage, and aerospace industries. In addition, the industry is growing because of the increased demand for packaged foods, meat, and dairy products, as well as the increased usage of oxygen in the healthcare sector. The adoption of natural gas is anticipated to increase as a result of government regulations and mandates for environmental preservation, increasing the need for vacuum insulated pipes.
Challenges: The price volatility of raw materials is a major challenge because it has a direct impact on manufacturing costs and, eventually, pricing tactics. Variations in the price of commodities like aluminum and stainless steel can cause uncertainty in production schedules and financial success for businesses operating in the market. Furthermore, producers face difficulties in complying with strict norms and standards enforced by regulatory agencies, which calls for ongoing investment in research and development to satisfy changing requirements. The intricacy of vacuum insulated pipe installation and maintenance, which frequently calls for specialized knowledge and tools and lengthens project timeframes and costs, is another difficulty.
Impact of COVID-19 on Europe Vacuum Insulated Pipe Market
The COVID-19 pandemic disrupted the supply chain and changed customer behavior, which had a significant impact on the European vacuum insulated pipe market. Enterprises within the sector, such as Senior Flexonics, Air Liquide SA, Chart Industries Inc., Cryofab, Sps Cryogenics B.V., and TMK, faced challenges varying from reduced market demand to restrictions related to logistics. Lockdown procedures and restrictions on industrial activity led to a brief decline in the installation of vacuum insulated pipes in a variety of end-user industries, including healthcare, electronics, and energy. However, once the area gradually emerged from lockdowns and commercial activity resumed, the market saw a gradual recovery.
Europe Vacuum Insulated Pipe Market Key Players:
The market study provides market data by competitive landscape, revenue analysis, market segments and detailed analysis of key market players are; Air Liquide SA, Chart Industries Inc., Cryofab, Senior Flexonics, Sps Cryogenics B.V., TMK, Others.
Europe Vacuum Insulated Pipe Market Segmentation:
By Product: Based on the Product, Europe Vacuum Insulated Pipe Market is segmented as; Standard, Customized.
By Application: Based on the Application, Europe Vacuum Insulated Pipe Market is segmented as; Cryogenic, Aerospace, Electronic Manufacturing and Testing, Food and Beverage, Others
By Region: This research also includes data for UK, France, Germany, Italy, Spain, Rest of Europe.
This study also encompasses various drivers and restraining factors of this market for the forecast period. Various growth opportunities are also discussed in the report.