Press release
Microporous Insulation Market Expanding at 18% CAGR up to 2025 | Key players are Aspen Aerogels, Inc., Morgan Advanced Materials plc, Kingspan Insulation LLC, Unifrax LLC, NICHIAS Corporation, Johns Manville
Microporous Insulation Market
Global microporous insulation market forecast will pe primarily driven by positive application outlook in automotive, transportation and aerospace industries. Microporous insulation materials are majorly employed in a range of different automotive and aerospace components such as voyage data recorders (VDR), auxiliary power units, exhaust systems and black boxes.
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The world population has witnessed a rapid upsurge in the past few decades which has consequently fueled the global power demand. Excellent characteristics of microporous insulation materials such as superior resistance to thermal shocks, low shrinkage and low thermal conductivity makes them suitable for a range of applications in nuclear power stations, consolidated solar plants, conventional thermal plants and fuel cells.
High operational and manufacturing costs associated with microporous insulation products might impede the business growth up to certain extent. However, growing product demand for use in the manufacture of glass, domestic ovens and storage heating applications will positively contribute towards microporous insulation industry growth.
Microporous insulation materials are extremely lightweight and can significantly increase the load-carrying capacity in vehicles, making them best-suited for application in the transportation sector. Rapid urbanization and growing industrialization activities in regions such as Asia Pacific and Latin America will further propel microporous insulation market forecast in the coming years.
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Based on material, global microporous insulation market share is classified into alumina silica and calcium magnesium silicate. Alumina silicate-based microporous insulation products can withstand temperatures of 1000°C and above which makes them suitable for application in various end-use sectors. Alumina silica microporous insulation industry size is projected to register a robust 11% CAGR over 2019-2025.
Global microporous insulation market share can be segmented into rigid boards & panels, flexible boards, and others in terms of products. Rigid microporous insulation panels and boards are largely used in energy & power and metal works industries. Rigid boards & panels product segment in microporous insulation industry was valued at around USD 130 million in terms of revenue during 2018.
Based on end-user, global microporous market share is segmented into oil & gas, energy & power, transportation, metal works, and others. Robust demand from automotive, transportation and aerospace industries will favor the industry growth over the coming years. Oil & gas end-use segment in microporous insulation industry is estimated to generate revenues in excess of USD 250 million by the end of the forecast timeframe.
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Growing number of developing regions around the world are undertaking oil & gas exploration activities in order to address the burgeoning demand. For instance, China has planned to invest more than USD 280 billion in Iran’s oil & gas and petrochemical sectors. The country also plans to invest close to USD 120 billion to upgrade its existing transportation and manufacturing infrastructure, presenting favorable opportunities for small as well as prominent microporous insulation manufacturers in the region.
North America microporous insulation industry size is projected to surpass USD 400 million by 2025. This can be mainly attributed to proliferation of automotive, aerospace and transportation sectors in the region. Growing implementation of emerging and advanced technologies in these end-use industries is driving the regional demand. In addition, surging demand for energy-efficient power supply will further complement the business outlook.
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