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Microporous Materials Market predicted to grow $8.4 billion by 2031 | BASF SE, AGC CHEMICALS PVT. LTD., PIDC, Sorbead India, zeolyst international, Zeochem AG
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Key Drivers, Restraints, and Opportunities:
The growth of the global microporous materials market is primarily driven by the increasing demand for highly thermal-resistant insulation materials in the oil and gas industry. However, the high manufacturing cost of microporous materials poses a challenge to market growth. Nonetheless, the expansion of the oil and gas industry presents new opportunities for market players to capitalize on in the coming years.
Microporous Materials Overview:
Microporous materials, available in compact powder or fiber form, offer compressive strength, minimal thermal shrinkage, excellent fire barrier properties, and resistance to liquids, vibration, and chemicals. These materials are widely utilized in passive fire protection applications, such as in refining and petrochemical manufacturing plants for industrial process piping and equipment. Additionally, they find applications as filler material for mattresses, cassettes, heat shields, and expansion joints globally.
Leadership of Zeolites Segment:
Among different types of microporous materials, the zeolites segment emerged as the leader in 2021, accounting for nearly three-fifths of the global market share. Zeolites are commonly used as catalysts in chemical reactions due to their high surface area and unique pore structure. They find extensive applications in the production of fuels, chemicals, and polymers. However, the clays segment is projected to witness the highest CAGR of 5.27% from 2022 to 2031, driven by their applications in lubricants, drug delivery, and thickening agents, among others.
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Dominance of Automotive Segment:
In terms of end-use industry, the automotive segment held the highest market share in 2021 and is expected to maintain its leadership status throughout the forecast period. Microporous insulation materials, comprising fibers, silica, and infrared opacifiers, are non-combustible and ideal for passive fire protection applications in the automotive sector. However, the energy and power segment is projected to witness the highest CAGR of 5.37% from 2022 to 2031, driven by their applications in supercapacitors, batteries, and insulation materials for high-temperature applications.
Asia-Pacific Dominance:
Regionally, Asia-Pacific accounted for the highest market share in terms of revenue in 2021 and is expected to maintain its dominance through 2031. The region is anticipated to witness the fastest CAGR of 5.17% from 2022 to 2031. Microporous materials are extensively used in various industries in Asia-Pacific, including industrial gas drying, water treatment, and oil and gas, driving market growth in the region.
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Leading Market Players:
Key players in the global microporous materials market include Sumitomo Chemical Co., Ltd., Zeochem AG, Zeolyst International, Axens, PQ Corporation, PIDC, BASF SE, Sorbead India, Solvay, and AGC Chemicals Pvt. Ltd. These market players are adopting various strategies such as product launches and partnerships to strengthen their market position and expand their global footprint.
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