LONDON, Aug. 21, 2017 /PRNewswire/ -- 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, 2014 - 2025
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The global microporous insulation market is expected to reach
USD 184.8 Million by 2025, according
to a new report by Grand View Research, Inc.
The rapid growth of the end-use industries has been a major factor
driving the global market.
Energy & power industry has been witnessing significant growth
in the power generation from renewable energy. Thermal insulation
is one of the vital requirements during manufacturing on account of
high levels of heat emission by gas and steam turbines. The
superior properties of microporous insulation allow efficient
protection of the equipment during power generation. This is likely
to have a positive impact on the demand for the product in this
sector.
High product cost is expected to be the major market restraint over
the forecast period. High manufacturing cost on account of low
industrial production capacity is anticipated to restrict market
growth.
The product is considered expensive for utilization in price
sensitive sectors such as commercial, automotive, and industrial
applications. However, companies including Thermodyne have been
trying to develop products which can lead to energy conservation
and weight reduction, thereby compensating the high cost.
Further key findings from the report suggest:
• Flexible panel segment is expected to grow at fastest CAGR of
5.1% due to its wide range of application in oil & gas
industry
• Industrial segment emerged as the largest application in 2016 and
is expected to grow at a CAGR of 4.7% from 2017 to 2025 on account
of high utilization of the product in metal, iron & steel,
nonferrous metals, and ceramic industries
• Oil & gas industry is expected to grow at fastest CAGR of
6.5% in Middle East &
Africa region due to presence of
huge oil reserves
• Europe accounted for the largest
market share in 2016 and is expected to grow at a CAGR of 3.8% from
2017 to 2025. The industry is expected to witness fastest growth in
demand from aerospace & defense sector in the region.
• The Asia Pacific market is
expected to witness fastest CAGR of 6.0% from 2017 to 2025 on
account of high GDP growth, rising population, and rapid
industrialization in the region
• Market players have been adopting mergers & acquisition and
expansion as their key strategic initiatives over the past years.
For instance, in August 2011, Unifrax
LLC acquired three North American vacuum forming businesses which
are, VacuForm Incorporated ("VFI"), Refractory Specialties
Incorporated ("RSI"), and specialty Ceramics Incorporated
("SCI").
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