Microporous Insulation Market Size By Material (Alumina Silica, Calcium Magnesium Silicate), By Product (Rigid Board & Panel, Flexible Panel), By End-use Sector (Oil & Gas, Metal Works, Energy & Power, Transportation) Industry Analysis Report, Regional Outlook (U.S., Canada, Germany, UK, France, Spain, Italy, Russia, China, India, Japan, Australia, Thailand, Indonesia, South Korea, Brazil, Mexico, South Africa, Saudi Arabia, UAE, Israel, Iran), Growth Potential, Price Trends, Competitive Market Share & Forecast, 2019 – 2025

Published Date: Sep 2019  |  Report ID: GMI4366  |  Authors: Kiran Pulidindi, Soumalya Chakraborty

Report Format: PDF   |   Pages: 240   |   Base Year: 2018

Summary Table of Contents Industry Coverage Methodology

Industry Trends

Microporous Insulation Market Size was estimated over USD 400 million in 2018 and the industry will grow by a CAGR more than 18% up to 2025.

Microporous Insulation Market

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Escalating demand from growing automotive, aerospace and other transportation industries in developed and developing countries will drive the microporous insulation market in the near future. Microporous insulation is a high performance thermal insulation that finds extensive usage in various end-use applications, which mostly operates at high temperatures of around 600?C and above. In addition to low thermal conductivity, it also offers high compression resistance and low heat storage properties,  which increases its demand in heat treatment furnaces, melting furnaces, induction furnaces, fuel cells, and other energy applications. Beside this, it also finds wide application in power sector i.e., in coal and gas fired conventional power stations and nuclear power generation station that operating under extreme temperatures, which in turn will increase its demand in the near future. Microporous insulation ability to resist thermal shocks at high temperatures will also expand its usage in metal works and manufacturing sector globally.

Growing oil and gas exploration activities across the world, and particularly in Middle East is another factor, which will further increase the product demand for various applications. Recently, China has agreed to invest around USD 400 billion in Iran's oil and gas sector, which also includes petrochemicals, transport & energy-related production in the region for the coming 25 years, as a part of China–Iranian investment deals signed in 2016. Additionally, growing investments in automotive, aerospace and defense sector in Asia Pacific region predominantly in India, China and Japan will further drive the product market during the forecast spell. Furthermore, its low shrinking ability and non-combustible nature will increase its demand in forehearths and feeder bowls, holding furnaces and recuperator in glass manufacturing industries. This in turn will positively augment microporous insulation market during the forecast spell.

High manufacturing and operational cost may restrain the product market in the near-term, which will reduce the profit margin among product manufacturers and suppliers. Moreover, carcinogenic nature of alumina silica may also affect microporous insulation growth in the market over the forecast spell. However, its growing usage in storage heating, domestic ovens and other home appliances will boost its demand during in the near future.

Microporous Insulation Market Report Coverage
Report Coverage Details
Base Year: 2018 Market Size in 2018: 400 million (USD)
Historical Data for: 2014 to 2018 Forecast Period: 2019 to 2025
Forecast Period 2019 to 2025 CAGR: 18% 2025 Value Projection: 1.3 Billion (USD)
Pages: 240 Tables, Charts & Figures: 360
Geographies covered (22): U.S., Canada, Germany, UK, France, Spain, Italy, Russia, China, India, Japan, Australia, Thailand, Indonesia, South Korea, Brazil, Mexico, South Africa, Saudi Arabia, UAE, Israel, Iran
Segments covered: Material, Product, End-use Sector and Region
Companies covered (18): Aspen Aerogels, Inc., Morgan Advanced Materials plc, Kingspan Insulation LLC, Unifrax LLC, NICHIAS Corporation, Johns Manville, ThermoDyne, Etex Building Performance N.V, Unicorn Insulations Ltd., Isoleika S. Coop, Shanghai Naweixin Thermal Insulation Materials Co. Ltd, Laizhou Mingguang Thermal Insulation Materials Co. Ltd., Zircar Ceramics Inc.
Growth Drivers:
  • Rising space exploration activities around the world
  • Growing automotive manufacturing in Asia-Pacific
  • Escalating energy demand in the developing countries
Pitfalls & Challenges:
  • High manufacturing & operational cost
  • Health hazards associated with alumina silica

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Microporous Insulation Market, By Material

The market by material is segmented, into alumina silica and calcium magnesium silicate. Here the, calcium magnesium silicate dominates the segment that nearly generates a revenue of USD 400 million and is likely to accelerate with an exceptional rate by 2025. This is due to its extremely low thermal conductivity and high thermal stability, which increases its demand for various industries that operates under high temperatures such as transportation and energy & power. Alumina silica, in contrast, is anticipated to grow with a slower rate owing to its health hazards.

Analysis By Product

Microporous insulation market is categorized into flexible panels, rigid boards & panels and others, that mainly includes moldable, machined, and pourable microporous insulations. Flexible panels in the segment accounted for nearly half of the entire market in 2018 and is likely to grow with a significant rate during the forecast spell. This is because it offers better mechanical resistance against impact and vibration. Additionally, it also offers excellent dimensional stability, which will further boost its demand in the coming years. The segment is followed by rigid boards and panels, which illustrates a reasonable growth in the segment owing to its increasing usage in metal works and other end-use sectors.

By End-use Sector

The end-user sector in the microporous insulation market are categorized into oil & gas, metal works, energy & power, transportation and others, that mainly includes glass manufacturing and consumer appliances. Transportation sector that consists of automotive, aerospace and marine industries dominates the segment, which generated a revenue of more than USD 140 million in 2018 and is projected to grow with a significant rate in the near future, driven by its high thermal stability, low thermal conductivity and light weight nature. The segment is followed by oil & gas industry and energy & power sectors, which will demonstrate growth with a substantial rate during the anticipated timeframe.

Regional Insights

At present, North America and Europe dominates the microporous insulation market with a combined share of more than 60% and is expected to observe a reasonable growth in the near term. However, Asia Pacific and Middle East region is expected to grow with a significant rate over the forecast period due to government favoring regulations for automotive and manufacturing industry in the regions. Moreover, increasing demand for energy in the regions will further propel the product usage in power and oil and gas industries for various insulation applications. Furthermore, increasing product demand in metal works, glass manufacturing, and consumer appliances industries will positively augment the product market size globally.

Competitive Market Share

The main players in the microporous insulation market share are Aspen Aerogels, Inc., Morgan Advanced Materials, and Kingspan Insulation LLC. Further, well-known product manufacturers in the industry include Unifrax LLC, NICHIAS Corporation, Johns Manville, ThermoDyne, Etex Building Performance N.V and Unicorn Insulations Ltd. These companies mainly compete through product innovation, property variant, and service that are offered through various digital platforms to reach different end-use industries. Most of these manufactures contribute through extensive research & development activities to boost their product offerings.

Industry Background

Microporous insulation is a form of high performance thermal insulation that operates especially at very high temperatures, which increases its demand in various end-use sectors. These insulations are predominantly made from alumina silica or calcium magnesium silicate held together with reinforcing glass materials and other opacifiers that minimizes infrared radiations. Mostly, these insulations are available in flexible panels, rigid boards & panels, and other product types which find application in oil & gas industry, metal works sector, energy & power sector, transportation sector and other end-use sector.

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