According to a recent report by Reports and Data, the global microporous insulation market is expected to reach a size of USD 215.2 million by 2028, with a revenue compound annual growth rate (CAGR) of 5.2% during the forecast period. The market growth is expected to be driven by the increasing demand for microporous insulation in various sectors such as automotive, aerospace and defense, oil and gas, energy and power, and industrial. Microporous insulation is preferred due to its efficiency in saving energy and space, reducing CO2 emissions, and enhancing safety. The ultra-thin and lightweight microporous insulation boards and panels maintain thermal stability even in extreme environments, offering several benefits such as reduced weight, storage, handling, and installation time.
Major players in the industry are investing in research and development to produce high-performance microporous insulation materials for applications that require lightweight and optimal thermal management properties. Some of the leading manufacturers include Min-k and WDS, which offer a wide range of products supporting energy savings and space reduction.
The report highlights the acquisition of Rex Materials Groups by Unifrax in July 2020, which is expected to help the company expand its product portfolio of high-temperature engineered thermal components, enhance manufacturing capabilities, and support the mission of creating a greener, cleaner, and safer world.
The rigid boards and panels segment is expected to account for the largest revenue share in the global microporous insulation market during the forecast period, owing to its growing demand from industrial and commercial applications. Microporous rigid boards and panels offer excellent resistance to heat and fire, acting as an efficient barrier when used to line fire doors while maintaining thermal performance in the event of a fire.
The industrial segment is expected to account for a considerably large revenue share in the global microporous insulation market due to the rising need for insulation that saves space, weight, and energy among various industrial verticals. The microporous insulation market in Europe is expected to account for the largest revenue share, with major manufacturers operating in the region focusing on launching new and effective microporous insulation materials for high-performance applications.
The global microporous insulation market is segmented based on product type, application, and region. Some of the key players profiled in the report include Promat International, 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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Microporous Insulation Market: Drive factors
The microporous insulation market is expected to grow due to several driving factors. These include increasing demand for microporous insulation from various industries such as automotive, aerospace & defense, oil & gas, energy & power, and industrial sectors. The use of high-temperature microporous insulation is becoming increasingly popular as it is the most efficient way to save energy and space, and helps reduce CO2 emissions, while enhancing safety. The ultra-thin and lightweight microporous insulation boards, rigid and flexible panels maintain the highest thermal stability in extreme environment conditions. Rising awareness about these product features is expected to boost the adoption rate of the product and drive revenue growth of the global microporous insulation market.
Furthermore, major players in the market are focusing on 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. The development of new and effective microporous insulation materials for high-performance applications by companies such as Promat International, Morgan Advanced Materials, Isoleika S. Coop., Elmelin, and Kingspan Group plc are expected to boost market revenue growth in the future.
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