Microporous Insulation Market Expected to Reach USD 215.2 Million By 2028
The global microporous insulation market size is expected to reach USD 215.2 Million in 2028 and register a revenue CAGR of 5.2% over the forecast period, according to a latest report by Reports and Data. Increasing demand for microporous insulation from automotive, aerospace & defense, oil & gas, energy & power and industrial sectors is expected to drive the market revenue growth during the forecast period. Increasing demand for high temperature microporous insulation as it is the most efficient way to save energy and space, increasing scope of product applications, lower CO2 emissions, and enhance safety. The ultra-thin and lightweight microporous insulation boards, rigid and flexible panels maintain the highest thermal stability in extreme environment conditions. Rising awareness regarding this product feature is expected to boost adoption rate of the product and drive revenue growth of the global microporous insulation market. Microporous materials help in maximizing thermal efficiency and process control and reduce the insulation lining thickness by a factor of four in comparison to the traditional insulation. Low density, thinness, and lightweight of microporous materials offer various benefits in terms of storage, transport, handling, and installation time.
Major players are focusing and investing in research and development activities for the production of microporous insulation materials for high performance applications that require lightweight, spacious, and optimal thermal management properties. Min-k and WDS microporous products and systems of Morgan Advanced Materials offer critical thermal management performance to a number of products of various end use industries. Their wide range of products support energy savings, save space, and offer reduced weight.
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Some Key Highlights in the Report
- In July 2020, Unifrax, which is a US-based global provider of high-performance specialty materials, focused on emission control, thermal management, specialty filtration, batteries and fire protection applications, announced the acquisition of Rex Materials Groups, which is a manufacturer of engineered thermal components. The acquisition is expected to help Unifrax in achieving their long-term growth strategy and focus on delivering energy efficiency and eco-friendliness. The addition of Rex materials would help the company in expanding its product portfolio of high temperature engineered thermal components, enhance its overall manufacturing capabilities, and supports the mission of creating a greener, cleaner and safer world.
- Rigid boards and panels segment is expected to account for largest revenue share in the global microporous insulation market over the forecast period, owing to its growing demand from industrial and commercial applications. Microporous rigid boards and panels are hardwearing and offer excellent resistance to heat and fire though the insulation boards are thin. It can act as a highly efficient barrier to flames and heat when used to line fire doors and also maintain thermal performance in the event of fire.
- Industrial segment is expected to account for a considerably large revenue share in the global microporous insulation market owing to rising need for insulation that saves space, weight, and energy among the different industrial verticals. High temperature insulation such as microporous insulation helps industries in maintaining efficiency or ensuring electrical devices function consistently.
- The microporous insulation market in Europe is expected to account for largest revenue share in the global market over the forecast period. Major manufacturers operating in countries in the region such as Promat International, Morgan Advanced Materials, Isoleika S. Coop., Elmelin and Kingspan Group plc are focusing on launching new and effective microporous insulation materials for high performance applications in which lightweight, space, and optimal thermal management for energy and environment impact is required, and this is expected to boost market revenue growth in the region.
- Companies profiled in the global market include Promat International (Etex Building Performance NV), Morgan Advanced Materials, Isoleika S. Coop., Unicorn Insulations Limited, Johns Manville, NICHIAS CORPORATION, Unifrax, Elmelin, Advanced Ceramics Corp., and Kingspan Group plc.
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