According to a Global Market Insight Inc., report, global microporous insulation market size is poised to surpass US$1.3 billion annually by 2025. Stated below are some factors driving the industry outlook.
Augmented usage of microporous insulation market has been observed worldwide to regulate high-temperature emission from various end-use applications, due to rising concerns pertaining to the environment and climate change across the globe. A growing number of industries around the world such as manufacturing, aerospace, construction, and others are fueling up the demand for insulation in various industrial applications.
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Utilization in transportation sector
The end-use section of the market is bifurcated into metal works, transportation, oil & gas, energy & power, and other end-use industries including consumer appliances, glass manufacturing, among others. Microporous insulation works as a high-performance thermal insulator under very high temperatures. Extensive deployment of these insulations in the transportation sector is attributed to its exceptional properties such as high thermal stability, thermal conductivity, and chemical resistive nature.
In the aerospace industry, the product is widely utilized to regulate high temperatures in the exhaust system, auxiliary power units, voyage data recorders, and black boxes. Microporous insulation industry share form the energy and power sector is likely to grow rapidly at 17% CAGR up to 2025, due to surging energy demand by the increasing population across the globe.
Applications in aerospace industry
A flourishing aerospace industry will escalate the demand for microporous insulation market in multiple applications. Also, high investments in the sector are expected to encourage substantial utilization of the product in the coming years, especially post the coronavirus pandemic when manufacturers could look to ramp up production. A space mapping startup, LeoLabs, raised US$13 million in a Series A funding round steered by WERU Investment of Tokyo and Airbus Ventures, and as per the World Economic Forum, investments in aerospace start-ups brought up more than US$1 billion in 2018.
Based on the product, microporous insulations are categorized into flexible and rigid boards, panels, and other products such as moldable, machined, and pourable insulations. Machined microporous insulations contain exceptional mechanical and thermal characteristics and come with a variety of coverings and coatings for integration into required products and assemblies.
Industrial applications in high temperatures
The material is highly utilized in chimneys, stoves, and furnaces to maintain high temperatures and resist thermal shocks, rapid industrialization will increase product usage in these industrial operations. Accordingly, demand for microporous insulations market for several applications in glass manufacturing, metal works, and end-use sectors will rise drastically. Contrastingly, microporous insulation market forecast might get hampered due to the high capital and operational costs of the product’s implementations in industrial applications.
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The different type of microporous insulation materials are alumina-silica and calcium magnesium silicate. Notably, calcium magnesium silicate-based microporous insulation happens to be environment and user friendly in nature, which makes it among the largest and fastest-growing materials in the market.
Asia Pacific microporous insulation market is expected to gain substantial traction owing to the thriving automotive manufacturing industry in the region. Also, extensive government investments in automotive and e-vehicle manufacturing is likely to trigger high demand for the materials. Gradual rise in electronics production, oil & gas exploration activities and the metal works sector will foster insulation consumption worldwide.
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