Microporous Insulation Market Size

Microporous Insulation Market Size

Microporous Insulation Market Size was estimated over USD 400 million in 2018 and the industry will grow at a CAGR of more than 18% up to 2025 owing to the escalating demand from growing automotive, aerospace and other transportation industries in developed and developing countries.

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.

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Beside this, it also finds wide application in power sector i.e., in coal and gas fired conventional power stations and nuclear power generation stations that operate under extreme temperatures. 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. 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 microporous insulation 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.
 

High manufacturing and operational cost may restrain the microporous insulation market share in the near-term, which will reduce the profit margin among product manufacturers and suppliers. Moreover, carcinogenic nature of alumina silica may also affect 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.