Global microporous insulation market is growing at a significant CAGR during the forecast period. Microporous insulation is a composite material in the form of fibers with pores having a diameter less than 2 nm (nanometer). This insulation consists of opacifier which reduces the amount of radiant heat emission. The resulting material and pore structure produce thermal insulation which has very low thermal conductivity across various temperature, these materials have lower thermal conductivity than ceramic fiber materials. The microporous material is inorganic, due to which it is non-combustible and is also suitable for fire protection applications.
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Essential Characteristics of Microporous Insulation
The primary factor for the rising demand of microporous insulation is a growing aerospace industry. One of the major ways to improve aircraft performance is reducing its structural weight, lighter material allows more speed and less operational cost. Additionally, it may also lead to less fuel consumption and thus making the aerospace industry one of the most prominent sectors which need more lightweight materials. Lighter material allows an aircraft to increase its load-carrying capacity. Due to this, the industry is moving towards microporous insulation which enables them to meet space and weight specifications and simultaneously increases performance. This has significantly contributed to the growth of the global microporous insulation market.
Another industry is power and energy with increasing fuel prices and the main cause of global warming due to fossil fuels. These industries are tilting towards renewable energy sources such as solar power, biofuels and so on. These sources exist freely in nature, never run out and are eco-friendly. Moreover, the use of microporous insulation will play a crucial role due to low maintenance and better thermal efficiency which will allow them to produce more electricity. Additionally, nuclear power plants need maximum efficiency in power generation and optimized heat flows and minimum wastage through heat loss. This is significantly contributing to the growth of the microporous insulation market.
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Due to the exceptional thermal efficiency and lightweight, microporous insulation has found increasing demand in oil and gas industries. Oil and gas industries are more prone to blasts, fire and high temperature. Thermal insulation is one of the crucial requirements during manufacturing due to high levels of heat emission by steam turbines, gas turbines, boilers, and furnaces. These industries require materials which can withstand high temperature with very less thermal conductivity.
Segmentation Analysis of the Industry
The global microporous insulation market is segmented on the basis of product and application. On the basis of the product, the market is bifurcated into a rigid panel and flexible panel. Further, on the basis of application, the market is segmented into industrial application, energy & power, oil & gas, aerospace & defense, and others. In the industrial sector, the microporous insulating materials are widely used in piping and equipment. Due to the high operating condition of temperature above 2500 F, the microporous insulating material is considered to be beneficial in the industrial sector.
Industry Key Players
The market is composed of various market players which include Promat International NV, NICHIAS Corp., Johns Manville, Wacker Chemie AG, Murugappa Morgan Thermal Ceramics Ltd., Unifrax LLC, Techno Physik Engineering GmbH, Nanovix Thermal Insulation Co., Ltd., and Unicorn Insulations Ltd.
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The global microporous insulation market is geographically segmented into North America, Europe, Asia-Pacific, and rest of the world. Asia-Pacific region is expected to grow at a significant rate during the forecast period. The major factor contributing to the substantial growth of the region include rapid industrialization in fast-growing economies such as India and China.
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