CHICAGO, April 22, 2019 /PRNewswire/ -- According to the new market research 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), and Region - Global Forecast to 2023", published by MarketsandMarkets™, the Microporous Insulation Market size is projected to reach USD 165 million by 2023, at a CAGR of 4.7%, from an estimated USD 132 million, in 2018.
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The flexible panels product type segment of the market is projected to register the highest CAGR, in terms of value, during the forecast period.
The flexible panels' product type segment is projected to register the highest CAGR, in terms of value, between 2018 and 2023. This is because flexible panels exhibit excellent dimensional stability and improved mechanical resistance against vibration and impact. They are energy-efficient and can be conveniently handled and transported. In addition, its growing demand from various applications, such as pipelines in the oil & gas sector; fuel cells in energy & power sector; filler materials in heat shield in the aerospace & defense sector; passive fire protection; vessel & reactors in the industrial sector; and others.
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The aerospace & defense application segment of the microporous insulation market is projected to register the highest CAGR, in terms of value, between 2018 and 2023.
The aerospace & defense application segment is projected to register the highest CAGR, in terms of value, between 2018 and 2023. The demand for microporous insulation is increasing in the aerospace application due to increasing demand for light-weight materials, which in turn, saves the fuel consumed during operation of an aircraft. In addition, the use of microporous insulation provides high performance and helps to meet the space and weight specifications in the aerospace sector. It is the most demanding sector in terms of performance & reliability due to operational and safety reasons.
Asia Pacific is projected to register the highest CAGR, in terms of value, in the microporous insulation market, between 2018 and 2023.
The microporous insulation market has been studied for North America, Europe, Asia Pacific, South America, and the Middle East & Africa. The Asia Pacific region is projected to register the highest CAGR, in terms of value, during the forecast period. The growth of the microporous insulation market in the region is attributed to the rising awareness about the benefits of microporous insulation materials and growing industrialization and infrastructure development in the region. In addition, increase in the demand for energy, power, metal, and automobiles are also expected to drive the market.
The key players in the Microporous Insulation Market include Promat International N.V. (Belgium), Morgan Advanced Materials plc (UK), Isoleika S. Coop. (Spain), Unicorn Insulations Ltd. (China), Guangzhou Huineng Environmental Protection Materials Co., Ltd. (SILTHERM) (China), Johns Manville (US), Nichias Corporation (Japan), ThermoDyne (US), Unifrax (US), and Elmelin Ltd. (UK).
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