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According to the latest report by IMARC Group, titled "Microporous Insulation Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026," the global microporous insulation market exhibited moderate growth during 2015-2020. Microporous insulation refers to a composite material that consists of opacifiers. It is available in the form of compacted powder or fibers with an average interconnecting pore size that is often comparable to or sometimes below the mean free path of air molecules in standard atmospheric pressure conditions. It is characterized by minimal thermal shrinkage, excellent compressive strength, exceptional fire barrier properties, and high resistance to liquids, vibration and chemicals. As a result, it finds extensive applications across numerous industry verticals for fire protection, petrochemical refining, and manufacturing heat shields.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Microporous Insulation Market Trends:
The global market is majorly driven by the increasing demand for nuclear energy across the globe. Since microporous insulation is widely utilized as a key component in the nuclear steam supply system (NSSS) for regulating the heat of various elements, such as reactors, pumps, pipes, and valves, it is gaining widespread prominence among the end users. This is further supported by the growing consumption of electricity and the escalating concerns regarding environmental pollution and climate change among the masses. The market is further driven by the extensive research and development (R&D) activities conducted by key players to introduce advanced variants in the market. For instance, they are increasingly investing and engaging in the development of microporous insulation with high-quality acoustic insulation to meet the evolving requirements of the masses. Some of the other factors contributing to the market growth include rapid industrialization, enhanced focus on sustainable development, and the rising product applications in the automotive and oil and gas sectors. On account of the aforementioned factors, the market is projected to grow at a CAGR of around 5% during 2021-2026.
Market Summary:
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