Asia Pacific Vacuum Insulated Pipe Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Product (Standard and Customized) and Application (Cryogenic, Food & Beverage, Aerospace, Electronic Manufacturing & Testing, and Others) 

Asia Pacific Vacuum Insulated Pipe Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Product (Standard and Customized) and Application (Cryogenic, Food & Beverage, Aerospace, Electronic Manufacturing & Testing, and Others) 

The vacuum insulated pipe market in APAC is expected to grow from US$ 315.43 million in 2021 to US$ 499.77 million by 2028; it is estimated to grow at a CAGR of 6.8% from 2021 to 2028. New technologies are gradually taking over the conventional technologies in oil & gas exploration projects. These technologies support extracting fuels from the unconventional resources, such as oil sands, oil shale, and tight oil. Hydraulic fracturing is a machinery that produces fractures in the rock formation that stimulate the flow of natural gas or oil, increasing recovery volumes. Wells may be drilled vertically hundreds to thousands of feet below the land surface and may include horizontal or directional sections over the specified depths. Hence, the use of technologically advanced solutions to ease the unconventional oil & gas exploration processes would emerge as a significant trend fostering the vacuum insulated pipe market growth during the forecast period.

The cryogenic segment led the APAC vacuum insulated pipe market, based on application, in 2020. Cryogenics consists of the production, effect, and uses of materials at a very low temperature. At the cryogenic temperature, certain characteristics of the materials, such as mechanical strength, ductility, thermal conductivity, and electrical resistance, are altered. Using the cryogenics technique, most of the gases used for industrial and commercial applications are stored in liquid form, which subsequently reduces the overall storage size while also lowering the associated transportation cost. Furthermore, the potential hazards with regard to the gaseous state of industrial gases are reduced. Thus, owing to the cost and storage benefits of cryogenics, the vacuum insulated pipe market is experiencing a significant growth.

Asia Pacific has the presence of a large number of developing countries, positive economic outlook, high industrial presence, and huge population. All these factors make APAC a major region for the growth of various markets, such as vacuum insulated pipe. The closure of various plants and factories in most of the economies of the region adversely affected the global supply chains and hindered the manufacturing activities, delivery schedules, and various products sales and services. The region is a global manufacturing hub with countries, such as China, Japan, and South Korea, leading the global manufacturing industry growth. Disruptions in manufacturing units stopped the production of new vacuum insulated pipes, thus negatively impacted the market growth. On the contrary, the government is lifting lockdowns in all the countries, which is projected to positively impact the production and development of vacuum insulated pipes in the coming years.

The overall APAC vacuum insulated pipe market size has been derived using both primary and secondary sources. To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market. The process also serves the purpose of obtaining an overview and forecast of the APAC vacuum insulated pipe market with respect to all the market segments. Also, multiple primary interviews have been conducted with industry participants and commentators to validate the data as well as to gain more analytical insights into the topic. Participants of this process include industry experts such as VPs, business development managers, market intelligence managers, and national sales managers—along with external consultants such as valuation experts, research analysts, and key opinion leaders—specializing in the APAC vacuum insulated pipe market. Air Liquide SA, Chart Industries Inc., Cryeng Group Pty Ltd., Cryofab, Demaco, and TMK are among the players operating in the market.

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