This is a 1-3/8" Pipe (O.D.) x 3/4" Wall Insul-Lock DS Overlap Pipe Insulation, 6' manufactured by K-Flex.
| Installation Type: | Slit |
|---|---|
| Length (Feet): | 6' |
| Application: | 1-1/4" Pipe |
| Color: | Black |
| Wall Thickness: | 3/4" |
| ID: | 1-3/8" |
| Operating Temp Range: | -40° to 200°F |
| Density: | 3-6 PCF |
| Water Absorption: | 0% by volume |
| R-Value: | 5.3 |
| Chemical/Solvent Resistance: | Good |
| Mildew Resistance/Air Erosion: | Pass |
| Ozone Resistance: | Pass |

We would recommend that you use heat tape and insulation instead.
The 3 1/8" x 1/2" K-Flex insulation will fit over your 2" steel heating/plumbing pipe: http://www.pexsupply.com/K-Flex-6RXL048318-3-1-8-Pipe-OD-x-1-2-Wall-Insul-Lock-Pipe-Insulation-6
You can use this K-Flex insulation: http://www.pexsupply.com/K-Flex-6RXL048158-1-5-8-Pipe-OD-x-1-2-Wall-Insul-Lock-Pipe-Insulation-6