The heat transfer by conduction (in Btu/h) through the insulation is given by
H = k A ΔT / d,
where k is the thermal conductivity we are given (k = 0.025 Btu/ (h) (ft) (°F)), A the insulation's surface area (in ft²), ΔT the temperature difference (in °F) between the pipe's surface and the insulation's surface, and d the thickness of the insulation we are asked to find. To prevent condensation, the pipe's surface temperature must be at least equal to the dew point of 45°, so that ΔT=45-15=30 °F.
The convective heat transfer between the insulation's surface and the air that surrounds it is given by
H = h A = 0.5 (Δt)1/4 A = 0.125 Δt A (in Btu/(h)(ft)²(°F))
where Δt is the temperature difference between the insulation and the air: Δt=70-45=25 °F.
Assuming all of the heat transferred from the air to the insulation by convection is then transferred through the insulation by conduction, we can set the two expressions for H equal, cancel the surface area A, and solve for the thickness d:
H = 0.125 Δt A = k A ΔT / d
0.125 Δt = k ΔT / d
d = k ΔT / (0.125 Δt) = 0.025 (30)/(0.125 *25) ft = 0.24 ft = 2.88 in