Microporous Insulation Market Analysis By Product (Rigid Boards & Panels, Flexible Panels), By Application (Industrial, Energy & Power, Oil & Gas, Aerospace & Defense), By Region, And Segment Forecasts, 2018 - 2025

Industry Insights

The global microporous insulation market size was estimated at USD 121.0 million in 2016. Growing demand from the end-use industries coupled with properties of microporous insulation materials including outstanding thermal performance, lightweight, and resistance to fire & climate is likely to be a key factor driving the market growth.

The oil & gas industry requires high-temperature insulation materials for the production of petrochemicals and other chemicals which involves a sequence of processes connected by pipes at high temperatures. This is likely to have a positive impact on the demand for flexible panels in the oil & gas sector over the forecast period.

UK microporous insulation market, by product, 2014 - 2025 (USD Million)

Rising demand for these insulation products due to growing energy & power and aerospace & defense sectors particularly in developed economies including UK, Germany, and France is anticipated to drive the market demand over the forecast period. Europe is the largest producer and exporter of the product due to the availability of the latest technology, strong financial background, availability of raw material suppliers, and the presence of key manufacturers.

Microporous insulation materials are used on large scale in the aerospace industry due to the characteristics such as compact weight and space structure, thermal management, and fire protection for various applications involving heat shields, engine, and exhaust insulation. Due to its efficient usage and technical properties, the product is likely to capture a significant market share in the aerospace & defense industry.

Energy & power industry requires materials with low thermal conductivity for heat protection during the process to increase efficiency. Apart from these, the product is extensively used in the renewable energy industry owing to its vivid features and extensive application which is anticipated to augment the market demand over the forecast period.

Majority manufacturers use third party channels for distribution of their products in various countries. For instance, Morgan Advanced Materials have marked its presence in many countries through their distributors including Jays Refractory Specialists Ltd, Refractory Partners S.A., SILCA Insulation (SEA) Sdn Bhd, L`Auxiliaire D´Industrie Department Distrisol, and Tianjin Nanji Star (NJS) Insulating Material Co., Ltd.

Product Insights

Rigid boards & panels segment accounted for the major market share of 47.5% in 2016 on account of its significantly high demand from commercial and industrial applications. Rigid boards & panels are expected to grow at the fastest rate in the Asia Pacific owing to the presence of emerging economies including India and China.

The features such as rigidity, excellent strength, high compression resistance, and superior thermal performance are the key drivers for its growth. The rapid industrialization in the region and vivid applications of rigid boards and panels in end-use industries is expected to drive the growth over the forecast period.

Flexible panels accounted for a global share of 32.9% in 2016. Flexible panels are designed to insulate complex structure which would otherwise be impossible to insulate with traditional material and rigid boards & panels. These are highly suitable as industrial ladle liners which are expected to propel the demand over the coming years.

Flexible panels segment is anticipated to grow at the fastest rate from 2017 to 2025 in the Middle East & Africa due to the wide presence of the oil & gas industry. High suitability of the product for insulation of the oil & gas pipeline network on account of its flexibility and less thickness is expected to fuel the demand.

Application Insights

In terms of revenue, the industrial application dominated the global microporous insulation market with a share of 28.9% in 2016. Factors including low carbon emission, energy consumption, and reduction in operating costs are likely to propel industry development over the coming years.

The oil & gas segment accounted for 19.3% in 2016. Exceptional thermal and mechanical properties of microporous insulation materials are expected to propel the demand over the next eight years. Extensive research and new product development in this field to improve the properties and benefits of these materials are expected to have a positive impact on market growth.

Global microporous insulation market revenue, by application, 2016 (%)

Microporous insulation is resistant to corrosion, chemical wear, and high heat which is required by the energy & power industry to produce energy from fossil fuels and renewables. This is expected to have a positive impact on the industry over the coming years. Energy & power application segment is expected to grow at the fastest rate in the APAC region.

The product meets the superior quality standards including weight conservation, thermal management, space conservation, and fire protection for utilization in the aerospace & defense industry. In addition, extensive R&D and new product development of microporous insulation in the field of aerospace & defense is expected to play a vital role in driving the demand globally.

Regional Insights

Europe is the major market for microporous insulation materials accounting for a share of 40.3%, in terms of revenue, in 2016. High investment by the government in military & defense products on account of growing global tension is anticipated to positively impact the growth.

North America accounted for a global market share of 13.9% in 2016. The product provides highly efficient solutions to thermal insulation. Its properties such as high compressive strength with low weight & pressure, vibration resistance, and excellent thermal efficiency are expected to propel the utilization in the North America aerospace industry.

Asia Pacific is expected to be the fastest-growing market. Countries such as China, India, Japan, New-Zealand, and Australia are expected to witness high growth on account of rapid industrialization and supportive government policies. India, China, and Japan together accounted for the 81.0% market share in 2016, in terms of revenue.

The market is expected to witness a significant growth in MEA owing to the largest oil & gas reserves worldwide. Apart from the oil and gas reserves, the rise in economies of the Middle East is expected to fuel the growth in the region. The growing end-use industry of microporous insulation materials is expected to foster growth over the forecast period.

Competitive Insights

The global microporous market is highly competitive with key manufacturers including Promat International Nv., Morgan Advanced Materials PLC., Johns Manville Corporation, and Unifrax LLC. New product development and constant customization are the key strategies in the industry. With the frequent expansion and large investments in R&D activities, companies are focusing on expanding their product portfolio and gaining global market share.

Wacker Chemie AG, Johns Manville Corporation, Xunyu Chemical Co. Ltd., Orisil, Tokuyama Corporation, Cabot Corporation, and The Knauf Insulation are the key raw material suppliers. Johns Manville Corporation is integrated across the value chain wherein it supplies mineral wool as well as manufactures microporous insulation.

Report Scope

Segments Covered in the Report

This report forecasts revenue growth at global, regional & country levels and provides an analysis of the industry trends in each of the sub-segments from 2014 to 2025. For the purpose of this study, Grand View Research has segmented the global microporous insulation market on the basis of product, application, and region:

• Product Outlook (Revenue, USD Thousand, 2014 - 2025)

  • Rigid boards & panels

  • Flexible panels

  • Others

• Application Outlook (Revenue, USD Thousand, 2014 - 2025)

  • Industrial

  • Energy & power

  • Oil & gas

  • Aerospace & defense

  • Others

• Regional Outlook (Revenue, USD Thousand, 2014 - 2025)

  • North America

    •  The U.S.

    • Canada

    • Mexico

  • Europe

    • Germany

    • The U.K.

    • France

  • Asia Pacific

    • China

    • India

    • Japan

  • Central & South America

    • Brazil

  • The Middle East & Africa