Microporous insulation is a composite material comprising a blend of ceramic powders and fibers, with an average interconnecting pore size comparable to or even less than mean free path of air molecules at standard atmospheric pressure. The microporous insulation material is inorganic in nature, making it non-combustible and suitable for passive fire protection applications. The growing industrialization in Asia Pacific and South America and increasing oil & gas production in countries, such as the US, Saudi Arabia, Iran, and Russia drive the demand for microporous insulation. The requirement for high thermal insulation products in various applications, such as industrial, oil & gas, energy & power also drive the demand for microporous insulation.
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The microporous insulation market size is projected to grow from USD 132 million in 2018 to USD 165 million by 2023, at a compound annual growth rate (CAGR) of 4.7%, during the forecast period. The major driving factors in the microporous insulation market are high thermal resistance of microporous insulation material and increasing demand from various applications, such as industrial, oil & gas, energy & power, and automotive.
Europe is estimated to be the largest microporous insulation market in 2018 and is expected to continue to lead the market till 2023, owing to rising awareness to conserve energy in the region. In addition, presence of stringent regulations regarding the use of insulation materials which comply with Registration, Evaluation, Authorisation and Restriction of Chemicals (REACH) and European Dangerous Substances Directive Amendment 97/69/EC, drive its demand in the region. Also, the presence of various manufacturers of microporous insulation in the region drives its demand.
The major players in the microporous insulation market include Promat International N.V. (Belgium), Morgan Advanced Materials plc (UK), Isoleika S. Coop. (Spain), Unicorn Insulations Ltd. (China), Guangzhou Huineng Environmental Protection Materials Co., Ltd. (SILTHERM) (China), Johns Manville (US), NICHIAS Corporation (Japan), ThermoDyne (US), Unifrax (US), and Elmelin Ltd. (UK). These players have adopted various growth strategies, such as expansion, acquisition, new product launch, and investment, to expand their presence further and increase their shares in the microporous insulation market. Expansion has been the most adopted strategy by major players between 2013 and 2018, which helped them to expand their regional presence.
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