PUNE, India, May 2, 2017 /PRNewswire/ --
The report "Microporous Insulation Market by Product Type (Rigid Boards & Panels, Flexible Panels, Machined Parts, Moldable Products), Application (Industrial, Energy & Power, Oil & Gas, Aerospace & Defense, Automotive, Foundry) - Global Forecast to 2022", published by MarketsandMarkets, the market is projected to grow from USD 983.6 Million in 2017 to USD 1,232.8 Million by 2022, at a CAGR of 4.62% during the forecast period.
Browse 88 market data Tables and 60 Figures spread through 139 Pages and in-depth TOC on "Microporous Insulation Market"
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The growth of this market is mainly driven by the rise in demand for microporous insulation panels from oil & gas, energy, petrochemical, transportation, and industrial sectors, as well as an increase in infrastructural developments.
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The flexible panels segment is projected to grow at the highest CAGR during the forecast period
Based on product type, the flexible panels segment is projected to grow at the highest CAGR from 2017 to 2022. Flexible panels are easy to handle and install. The flexible microporous insulation panels encompass excellent thermal and mechanical properties, owing to which, they are widely utilized for high-temperature applications.
The industrial segment accounted for the largest share of the microporous insulation market
The industrial segment has been further categorized into iron & steel, glass, cement, and non-ferrous metal. Based on application, the industrial segment accounted for the largest share of the microporous insulation market in 2016. This large share is mainly attributed to the increase in construction activities in Asia-Pacific, South America, and the Middle East & Africa. In addition, rebound construction activities in matured markets such as the U.S. and Europe are anticipated to drive the growth of the microporous insulation market during the forecast period.
Asia-Pacific is projected to be the fastest-growing market for microporous insulation
On the basis of region, the Microporous Insulation Market has been segmented into North America, Europe, Asia-Pacific, South America, and the Middle East & Africa. The microporous insulation market in the Asia-Pacific region is expected to grow at the highest CAGR between 2017 and 2022. This growth is mainly attributed to the expansion of the construction, oil & gas, energy & power, and automotive industries in the Asia-Pacific region.
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Key players operating in the microporous insulation market include Promat HPI (Belgium), Morgan Advanced Materials (U.K.), Isoleika S. Coop. (Spain), Johns Manville (U.S.), ThermoDyne (U.S.), Unicorn Insulations Ltd. (Hong Kong), Unifrax LLC (U.K.), NICHIAS Corporation (Japan), TECHNO PHYSIK Engineering GmbH (Germany), and Elmelin Ltd. (U.K.).
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