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.
- On the basis of the material, the market has been divided into alumina silica, calcium magnesium silicate and others.
- Based on the product, the market has been classified into rigid boards and panels, flexible panels and others.
- On the basis of the application, the market has been segmented into industrial, energy and power, oil and gas, aerospace and defense, and others.
- On the geographical front, the market has been segregated into North America (the United States and Canada), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia and others), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia and others), Latin America (Brazil, Mexico and others), and Middle East and Africa.
- The competitive landscape of the market has been studied in the report with the detailed profiles of the key players. Some of these players include Elmelin Ltd., Etex Group, Isoleika S. Coop, Johns Manville Corporation (Berkshire Hathaway Inc.), Kingspan Group Plc, Morgan Advanced Materials plc, NICHIAS Corporation, Siltherm Group Holdings Limited, TECHNO-PHYSIK Engineering GmbH, Unicorn Insulations Limited and Unifrax LLC.
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