Microporous Insulation Market Analysis

Microporous Insulation Market Analysis

The microporous insulation market by material is segmented, into alumina silica and calcium magnesium silicate. the alumina silica-based segment is anticipated to grow with a rate close to 11% CAGR by 2025. Moreover, 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 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.

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 as it offers better mechanical resistance against impact and vibration. 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.

The end-user sector in the microporous insulation market is 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.
 

North America and Europe dominates the microporous insulation market growth 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.