Pipe insulation is a material used to wrap around pipes to reduce heat loss or gain, improve energy efficiency, and prevent condensation. It is commonly made from materials like foam, fiberglass, or rubber, and is available in various thicknesses and sizes to fit different pipe diameters. Insulating pipes can help maintain the temperature of hot or cold fluids, which is especially important in HVAC systems and plumbing. Additionally, it can protect pipes from freezing in cold weather, reducing the risk of bursts and leaks, ultimately saving on repair costs and energy bills.