Global Microporous Insulation Market Grows Steadily at a CAGR of 4.1%

Introduction

Microporous insulation, a material utilized for thermal insulation, is widely recognized for its remarkable thermal efficiency and negligible thermal conductivity. The primary objective of the material's design is to mitigate heat transmission by incorporating minute, hermetically sealed pores that hinder air passage and other gases. The characterization "microporous" is ascribed to the small size of these pores, which frequently quantifies in the micrometer scale. Microporous insulation is highly suitable for an extensive range of sectors, including but not limited to building construction, transportation, appliances, and the oil and gas industry, due to its diverse characteristics.

Market Dynamics

High Demand from the Oil and Gas Industry Drives the Global Market

Fired heaters, tanks, equipment, industrial pipelines, pipe supports, and vessels are all insulated with microporous insulating materials. The oil and gas industry utilizes microporous insulation in various applications primarily due to its extraordinary thermal insulating properties and resistance to elevated temperatures. They aid in the preservation of critical infrastructure and equipment, the optimization of processes, and the reduction of energy consumption.

The oil and gas industry is experiencing exponential growth on a global scale. Based on the Oil 2023 medium-term market analysis, worldwide oil consumption is anticipated to escalate by 6% between 2022 and 2028, culminating in a daily average of 105.7 million barrels (mb/d). Strong demand from the petrochemical and aviation sectors is anticipated to fuel this expansion, consistent with current market trends and government policies. Thus, the expanding oil and gas sector stimulates market expansion by augmenting the need for microporous insulating materials.

Environmental Advantages Create Tremendous Opportunities

Microporous insulation demonstrates a notable level of effectiveness in the reduction of heat transfer. This technique is useful for reducing the energy needed to heat or cool certain regions, whether used in commercial or residential settings. The improved energy efficiency can lead to a reduction in overall energy consumption, thereby reducing dependence on fossil fuels and alleviating the emission of greenhouse gases. In light of environmental considerations, numerous nations and regions worldwide have devised strategies to mitigate the release of greenhouse gases (GHGs). This pledge is likely to stimulate market growth.

The European Union proposed the European Green Deal Investment Plan in December 2019. The strategy to achieve climate neutrality in the European Union by 2050 has been unveiled. The government has committed to the Green Deal to decrease greenhouse gas emissions by 55% from 1990 to 2030. China dedicated to achieving carbon neutrality by 2060 in September 2020, considering a range of factors, including implementing more stringent energy-efficiency standards for buildings and other measures. Thus, the subsequent policies will likely provide opportunities for market expansion.

Regional Analysis

Asia-Pacific is the most significant global microporous insulation market shareholder and is expected to expand substantially during the forecast period. The growth of the Asia-Pacific region's construction and oil and gas sectors has significantly amplified the need for these types of insulation materials. The Asia-Pacific construction industry has experienced significant growth due to several key factors: rapid urbanization, rising disposable income, and enhanced living standards. South Korea, China, India, and Japan are the most significant developing nations in the Asia-Pacific region. As of 2019, Asia-Pacific continues to be the most significant market for the global construction industry. This trend is expected to continue.

Population growth, housing demand, and investments in numerous projects, including 5G networks, the Internet of Things, artificial intelligence, and data centers, all contribute to the rapid expansion of the construction industry in the region. Additional 65 fixed-asset investment projects, valued at USD 78.4 billion, were formulated by the National Development and Reform Commission to lessen the effects of a pandemic on the construction sector. Consequently, the demand for microporous insulating materials is expected to rise due to these investments in numerous initiatives.

Key Highlights

• The global microporous insulation market was valued at USD 135.48 million in 2022. It is estimated to reach USD 194.50 million by 2031, growing at a CAGR of 4.1% during the forecast period (2023–2031).
• Based on material, the global microporous insulation market is segmented into calcium magnesium silicate, alumina-silica, and others. 
• Based on product, the global microporous insulation market is segmented into rigid boards and panels, flexible panels, and others. The rigid boards and panels segment is the highest contributor to the market.
• Based on application, the global microporous insulation market is bifurcated into industrial, energy and power, oil and gas, aerospace and defense, and others.
• Asia-Pacific is the most significant global microporous insulation market shareholder and is expected to expand substantially during the forecast period.

Competitive Players

Competitive Players

The key players in the global microporous insulation market are Promat International N.V., Isoleika S. Coop., Morgan Advanced Materials plc, Unicorn Insulations Ltd., Siltherm, Johns Manville, Unifrax, NICHIAS Corporation, Kingspan Group Plc, ThermoDyne, Elmelin Ltd., and others.

Recent Developments

Market News

• In March 2023, Shin-Etsu Chemical Co., Ltd. launched a new molding silicone rubber KE-5641-U) that is optimal as an insulation coating material for high-voltage automobile cables.
• In September 2023, PrimaLoft Utility, the most recent product innovation from PrimaLoft Inc., represented a substantial advancement in synthetic insulation technology. By integrating recycled materials, employing efficient manufacturing processes, and boasting an exceptional lifespan, this groundbreaking product actively promotes sustainable practices within the industry.

Segmentation

Global Microporous Insulation Market: Segmentation

By Material

• Calcium Magnesium Silicate
• Alumina Silica
• Others

By Product

• Flexible Panels
• Rigid Boards and Panels
• Others

By Applications

• Industrial
• Energy and Power
• Oil and Gas
• Aerospace and Defense
• Others

By Regions

• North America
• Europe
• Asia-Pacific
• Latin America
• The Middle East and Africa