December 31, 2019
According to the research report titled ‘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’, available with Market Study Report LLC, the global microporous insulation market is projected to exceed USD 1.3 billion by the year 2025.
Surging population is leading to increase in consumption of electricity which in turn is driving microporous insulation market growth. Microporous insulation is extensively used in transportation sector due to its resistivity towards most chemicals, high thermal stability, and low thermal conductivity. It can operate under harsh conditions due to high performance thermal insulation properties. Additionally, booming aerospace industry has paved the way for rising adoption of microporous insulation in voyage data recorders, black boxes, exhaust systems, and auxiliary power units applications, thereby stimulating the industry outlook.
Increasing awareness regarding environment conservation is encouraging sustainable industrialization. Thus, rising consumption of microporous insulation in industrial chimneys, stoves, and furnaces is enhancing the business scenario. However, high installation and operational cost of microporous insulation may hamper the growth of the market.
As per material type, calcium magnesium silicate segment is dominating the microporous insulation market presently, due to its user and environment friendly nature. The material is preferred over its counterpart because of the carcinogenic nature of alumina silica.
In terms of product, the market is categorized into flexible panel, rigid board & panel, and other products which include moldable, machined, and pourable microporous insulations. Machined microporous insulation offer better mechanical and thermal properties as compared to its counterparts.
Speaking of end-user spectrum, microporous insulation market from energy & power segment is projected to grow with a CAGR of 17% through the year 2025. Increasing population is leading to surging need for energy, which in turn is propelling the growth of the segment.
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Considering geographical landscape, Asia-Pacific microporous insulation market holds the largest share presently, owing to flourishing automotive and manufacturing industries. Furthermore, escalating investments in e-vehicles production by various governments is contributing to the popularity of the product across the region.
Unifrax LLC, Kingspan Insulation LLC, Morgan Advanced Materials PLC, Aspen Aerogels, Inc., Isoleika S. Coop, Unicorn Insulations Ltd., Etex Building Performance N.V., ThermoDyne, Johns Manville, and NICHIAS Corp. are some of the prominent companies operating in microporous insulation market.
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