According to a Grand View Research report, the global microporous insulation market is expected to reach USD 184.8 Million by 2025. The rapid growth of the end-use industries has been a major factor driving the global market.
The energy and power industry is witnessing significant growth in power generation from renewable energy and thermal insulation is one vital requirement during manufacturing due to high levels of heat emission by gas and steam turbines. Properties of microporous insulation allow efficient protection of the equipment during power generation.
The product is considered expensive for utilization in price sensitive sectors such as commercial, automotive, and industrial applications. However, companies including Thermodyne have been trying to develop products which can lead to energy conservation and weight reduction, thereby compensating the high cost.
Other report findings include:
- Flexible panel segment is expected to grow at fastest CAGR of 5.1% Industrial segment emerged as the largest application in 2016 and is expected to grow at a CAGR of 4.7% from 2017 to 2025
- Oil & gas industry is expected to grow at fastest CAGR of 6.5% in Middle East & Africa
- Europe accounted for the largest market share in 2016 and is expected to grow at a CAGR of 3.8% from 2017 to 2025. The industry is expected to witness fastest growth in demand from aerospace & defense sector in the region.
- The Asia Pacific market is expected to witness fastest CAGR of 6.0% from 2017 to 2025
- In December 2013, Promat International Nv started a new factory in North America to expand its product offerings in passive fire protection (PFP) and high-performance insulation (HPI)
If you wish to learn more, browse the complete "Microporous Insulation Market Analysis By Product, By Application, By Region, And Segment Forecasts, 2014 - 2025" report with TOC.