The Global Microporous Insulation Market was valued at USD 139.39 million in 2019 and is expected to reach USD 206.55 million by the year 2027, at a CAGR of 5.6%.
New York, NY -- (SBWIRE) -- 12/21/2020 -- Microporous Insulation Market Synopsis
The Global Microporous Insulation Market was valued at USD 139.39 million in 2019 and is expected to reach USD 206.55 million by the year 2027, at a CAGR of 5.6%. Microporous insulation is a highly thermally efficient material with a thermal conductivity even less than that of still air. The microporous insulation materials are made of high-temperature radiation blockers, fine diameter heat resistant particles, and reinforcement fibres. The components of these materials are appropriately sized and designed to create a microporous structure, which restricts movements of air particles, leading to exceptionally low thermal conductivity.
The global microporous insulation market is propelled by the material's excellent resistance to flame and weather, brilliant thermal performance, weight, and space-saving properties, hydrophobic nature. Additionally, rapid infrastructural development and industrialization have increased demand for materials like glass, cement, iron, and steel, which has led to growth in the growth of microporous insulation industry. The preference for light-weighted insulating materials over traditional materials is further leading to an expansion in this industry.
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Drivers and Restraints
The growing demand for the product from the end-use industries, along with the advantageous properties of microporous insulation materials such as thermal performance, outstanding lightweight, and resistance to fire and climate, will likely be factors augmenting the market growth.
High-temperature insulation materials is a major requirement in the oil & gas industry for the production of petrochemicals and other chemicals. This is expected to have a positive impact on the demand for flexible microporous panels in the oil & gas sector over the forecast period.
Rising demand for these insulation products due to growing energy, power, and aerospace and defense sectors, particularly in developed economies including Germany, UK, and France, is expected to drive the market demand over the forecast period. Microporous insulation products are used in the aerospace industry owing to their compact weight, thermal management, space structure, and fire protection for various applications involving heat engines, shields, and exhaust insulation. Due to its technical properties, microporous insulation product is likely to capture a considerable market share in the aerospace and defense industry.
High operational and manufacturing expenses, limited awareness about the microporous insulation materials are some of the restraints this market faces.
Key players in this industry include Isoleika S. Co-op, Unicorn Insulation Limited Morgan Advanced materials, Promat International N.V., Guangzhou Hueing Environmental Protection materials Co. Ltd, Thermodyne, Nichias Corporation, Unifrax, and John Malville.
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In June 2020, U.K.-based Morgan Advanced materials announced the acquisition of Argentina based Carbo San Luis. This comes after 22-years of partnership to ensure the continued growth and development of the business.
In August 2020, Promat announced the launch of the new PROMATECT 100X®, its high-performance fire protective board based on PROMAXON® and PromaX® technology.
Promat said that it set the bar higher than officially required and tested under the most extreme conditions. They have used selected material, so these solutions and classifications can receive CE marking.
In July 2020, Unifrax, a leader in the microporous insulation market, backed by Clearlake Capital Group, L.P., announced the acquisition of U.S.-based Rex Materials Group, a leading manufacturer of engineered thermal components. The financial terms of the transaction were not disclosed.
Microporous Insulation Market Segmentation
For the purpose of this report, the market is segmented on the basis of products and applications. Regional segmentation of the market includes Asia Pacific, Europe, North America, and the Rest of the World (RoW).
The product segmentation of the microporous insulation market is done as Rigid boards and panels, Flexible panels, Moldable parts, Machined parts, Feeder Bowl kits, Vacuum insulated panels, and Pourable products.
On the basis of application, the microporous insulation market is segmented as Industrial, Energy & Power, Oil & Gas, Defense, Aerospace, Automotive industry, and Fire protection.
Microporous Insulation Market Regional Outlook
Europe is the largest player in the microporous insulation market because of the region's increasing focus on energy conservation. It held a market share of 28.9% in the microporous insulation market in 2019. Adherence to strict regulations relating to the use of insulation materials under the Registration Evaluation Authorization and Restriction of Chemicals (REACH) and the European Union's Dangerous Substances Directive Amendment 97/69/EC increases the demand for microporous insulation in the region.
North American region held the second largest market share of 37.2% in 2019. The Latin American and Middle East regions hold the lowest share in the microporous insulation market owing to its lack of awareness regarding microporous insulation. However, flexible panels hold 33.9 % of the total market share. Flexible panels are expected to grow rapidly, especially in the Middle East and Africa region, owing to flourishing oil and gas industries.
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