Infrastructure development is one of the major activities undertaken in any economy. Emerging economies are investing significantly in infrastructure development, owing to modernization and industrialization. Iron & steel is required for the construction of buildings, rails, and metros, among other infrastructures. Microporous insulation is used in back-up lining and furnaces, which, in turn, drives the demand in the microporous insulation market. The emerging economies are not only investing in the domestic infrastructure but are also seeking opportunities for foreign investments. China is the biggest trading partner of Brazil, Argentina, Peru, and Chile, investing in everything ranging from energy to aircraft and infrastructure. Similar agreements have been signed between India and China for the development in sectors including railways, renewable energy, and industrial parks. These factors are expected to drive the demand in the microporous insulation market.
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.
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The aerospace & defense application segment is projected to register the highest CAGR, in terms of value, between 2018 and 2023. The demand for microporous insulation is increasing in the aerospace application due to increasing demand for light-weight materials, which in turn, saves the fuel consumed during operation of an aircraft. In addition, the use of microporous insulation provides high performance and helps to meet the space and weight specifications in the aerospace sector. It is the most demanding sector in terms of performance & reliability due to operational and safety reasons.
The microporous insulation market in APAC is projected to register the highest CAGR, in terms of value, between 2018 and 2023. The rising awareness about the benefits of microporous insulation materials and growing industrialization and infrastructure development in the region offer various opportunities regarding the use of microporous insulation. Also, the increase in demand for energy, power, metal, and automotive, is expected to drive the market. The microporous insulation market is significantly driven by the oil & gas segment, where there is a high demand for advanced insulation solutions, having a reduced thickness and low thermal conductivity.
The key 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).
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