According to a new research report by Global Market Insights Inc., the microporous insulation market expected to reach USD 1.3 billion by 2025, growing at 18.5% CAGR. By material, the calcium magnesium silicate segment would remain lucrative during the study period.
Expansion in the aerospace, automotive and other transportation industries across the world will largely drive microporous insulation market growth during the anticipated timeframe. Microporous insulation finds its wide usage in exhaust systems, auxiliary power units, voyage data recorders (VDR) and black boxes, which in turn will increase its demand over the near-term. Moreover, its lightweight nature increases the load-carrying capacity in vehicles, this in turn increases its demand in transportation sector. Furthermore, significant industrialization activities in Asia Pacific & Latin American region is another driving factor which will boost the product demand for various applications.
Growing global population will positively increase demand for energy resources across the world. This in turn will propel product demand in conventional thermal plants, consolidated solar plants, nuclear power stations, fuel cells and reformers owing to its low thermal conductivity, low shrinkage and ability to resist thermal shocks at high temperature. Moreover, many emerging countries are continuously investing in oil & gas exploration activities to meet its growing demand. For instance, China has decided to invest over USD 280 billion in Iran’s oil, gas and petrochemical sector. In addition to this, China will also invest around USD 120 billion in the region to upgrade its transportation and manufacturing infrastructure, which will further spur microporous insulation market share over the forecast period.
High cost associated with its operation and manufacturing may hinder product market growth during the anticipated timespan. However, its exceptional thermal efficiency will increase its demand in glass manufacturing, domestic ovens and storage heating applications in various end-use sectors.
Browse key industry insights spread across 240 pages with 339 market data tables & 21 figures & charts from the report, “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” in detail along with the table of contents:
The microporous insulation market is mainly classified by material into calcium magnesium silicate and alumina silica. Here, alumina silica based microporous insulations are expected to increase with a rate close to 11% CAGR by 2025 owing to its wide usage under elevated temperatures i.e., 1000°C and above in developing countries. Moreover, its ability to resist creep and thermal expansion further increases its demand in various end-use sectors.
On the basis of product, the microporous insulation market comprises of rigid boards and panel, flexible boards and other form of products, which includes machined, moldable, and pourable microporous insulations. Rigid boards & panels nearly generates a revenue of more than USD 130 million in 2018 and is likely to grow with the significant CAGR by 2025, owing to its extensive usage in metal works industry and energy & power sector.
By end-use sector, the market is categorized into metal works, oil & gas, transportation, energy & power and others, which includes consumer appliances and glass manufacturing. Among these, oil & gas sector will generate revenue over USD 250 million by 2025 and is likely to grow at substantial growth rate. Rising demand from automotive, aerospace and other transportation industries will augment product market positively in the coming years.
North America microporous insulation market share will be valued at more than USD 400 million in 2025. This is due to its focus on better technology in automotive, aerospace and other transportation sectors. Moreover, its demand in the region is likely to increase due to rise in efficient energy & power supply needs over the recent years.
Major participants in the microporous insulation industry include Morgan Advanced Materials, Aspen Aerogels, Inc., Kingspan Insulation LLC and Unifrax LLC to name some.