Microporous Insulation Market – Industry Analysis, Competitive Strategy during 2019-2025
In terms of end-use sector, the Microporous Insulation
Market is bifurcated into metal works, oil & gas, energy & power, and
transportation. Among these, the oil & gas segment is poised to account for
over USD 250 million of total microporous insulation industry size by 2025.
Much of the rise in energy demand will result from rapid economic growth in
emerging economies including India and China.
Escalating demand from aerospace,
automotive, and other transportation sectors in emerging countries will augment
microporous insulation market share over the coming years. Microporous
insulation is high-performance thermal insulation and used in a wide range of
end-use applications to reduce energy consumption and saving manufacturers significant
costs.
The material finds its extensive usage in
auxiliary power units, exhaust systems, black boxes, and voyage data recorders
(VDR) in aircrafts. With the growing usage of microporous insulation in the
automotive industry, vehicle designers can achieve optimal thermal management
throughout the engine and control systems. Moreover, its lightweight nature
augments the load-carrying capacity in the vehicles, which in turn, accelerates
its demand in the transportation sector.
Enumerated below are some notable factors
expected to impact microporous insulation industry trends over the next few
years:
Increased demand for energy worldwide
Energy demand is anticipated to increase
considerably in the coming years as the result of growing population and
economic development. The largest increase in energy demand will take place in
developing economies where the proportion of global energy consumption is
expected to surge. This, in turn, will drive the product demand across
consolidated solar plants, conventional thermal plants, fuel cells and nuclear
power stations due to its low shrinkage and low thermal conductivity.
It also aids in delivering improved energy
efficiencies instantly as well as has the ability to resist thermal shocks at a
very high temperature. Many emerging countries are consistently investing in
oil & gas exploration activities to meet its growing demand. For instance,
China is planning to invest more than USD 280 billion in oil, gas, and
petrochemical segment of Iran.
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Furthermore, China will also invest nearly
USD 280 billion in the region to enhance its manufacturing and transportation
infrastructure, which will boost microporous insulation market size over the
estimated timeline.
Continuous growth in transportation sector
The market is mainly segmented into
calcium magnesium silicate and alumina silica material. Reports estimate that
alumina silica based microporous insulation industry share is projected to
register a notable 11% CAGR between 2019-2025 due to its particularly high
thermal stability and low thermal conductivity.
Its witnesses demand from several
industries that work under high temperatures such as energy & power and
transportation. In addition, higher fossil fuel prices and government policies
and programs in support of alternative energy will further boost the adoption
of renewable energy sources, impacting microporous insulation market trends.
Proliferation of automotive sector in
North America
North America microporous insulation market
size may surpass USD 400 million by 2025. This is due to the rising
technological changes in the automotive and other transportation sectors which
are expected to progress even further in the digitized environment.
Strong engineering expertise and
cost-effective raw material availability and are some of the prominent factors
complementing the deployment of microporous insulation in the automotive
industry. Additionally, growing product demand in glass manufacturing, and
consumer appliances businesses along with the tremendous adoption of
cutting-edge technologies in the U.S. manufacturing sector will certainly
accelerate microporous insulation market forecast.
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Corporate Sales, USA
Global Market Insights, Inc.
Phone:1-302-846-7766
Toll Free: 1-888-689-0688
Email: sales@gminsights.com
Web: https://www.gminsights.com
Microporous Insulation Market – Industry Analysis, Competitive Strategy during 2019-2025
Reviewed by snehal
on
October 21, 2019
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