Rising need for high temperature insulation materials and increasing demand for the product from various industrial verticals are key factors driving market revenue growth
North America Microporous Insulation Market Size – USD 144.1 Million in 2020, Growth – at a CAGR of 5.2%, Trends – Increasing research and development activities by major players operating in the global market
The global North America Microporous Insulation Market size is expected to reach USD 215.2 Million in 2028 and register a revenue CAGR of 5.2% over the forecast period, according to a latest report by Reports and Data. Increasing demand for North America Microporous Insulation from automotive, aerospace defense, oil gas, energy power and industrial sectors is expected to drive the market revenue growth during the forecast period. Increasing demand for high temperature North America Microporous Insulation as it is the most efficient way to save energy and space, increasing scope of product applications, lower CO2 emissions, and enhance safety. The ultra-thin and lightweight North America Microporous Insulation boards, rigid and flexible panels maintain the highest thermal stability in extreme environment conditions. Rising awareness regarding this product feature is expected to boost adoption rate of the product and drive revenue growth of the global North America Microporous Insulation market. Microporous materials help in maximizing thermal efficiency and process control and reduce the insulation lining thickness by a factor of four in comparison to the traditional insulation. Low density, thinness, and lightweight of microporous materials offer various benefits in terms of storage, transport, handling, and installation time.
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Top Companies: Promat International (Etex Building Performance NV), Morgan Advanced Materials, Isoleika S. Coop., Unicorn Insulations Limited, Johns Manville, NICHIAS CORPORATION, Unifrax, Elmelin, Advanced Ceramics Corp., and Kingspan Group plc.
Further Key Finding from the Report Suggestion:
- In July 2020, Unifrax, which is a US-based global provider of high-performance specialty materials, focused on emission control, thermal management, specialty filtration, batteries and fire protection applications, announced the acquisition of Rex Materials Groups, which is a manufacturer of engineered thermal components. The acquisition is expected to help Unifrax in achieving their long-term growth strategy and focus on delivering energy efficiency and eco-friendliness. The addition of Rex materials would help the company in expanding its product portfolio of high temperature engineered thermal components, enhance its overall manufacturing capabilities, and supports the mission of creating a greener, cleaner and safer world.
- Rigid boards and panels segment is expected to account for largest revenue share in the global North America Microporous Insulation market over the forecast period, owing to its growing demand from industrial and commercial applications. Microporous rigid boards and panels are hardwearing and offer excellent resistance to heat and fire though the insulation boards are thin. It can act as a highly efficient barrier to flames and heat when used to line fire doors and also maintain thermal performance in the event of fire.
- Industrial segment is expected to account for a considerably large revenue share in the global North America Microporous Insulation market owing to rising need for insulation that saves space, weight, and energy among the different industrial verticals. High temperature insulation such as North America Microporous Insulation helps industries in maintaining efficiency or ensuring electrical devices function consistently.
- The North America Microporous Insulation market in Europe is expected to account for largest revenue share in the global market over the forecast period. Major manufacturers operating in countries in the region such as Promat International, Morgan Advanced Materials, Isoleika S. Coop., Elmelin and Kingspan Group plc are focusing on launching new and effective North America Microporous Insulation materials for high performance applications in which lightweight, space, and optimal thermal management for energy and environment impact is required, and this is expected to boost market revenue growth in the region.
Consumers are placing a higher importance on sustainability and, as a result, are choosing items based on factors like circularity and carbon footprint. Furthermore, consumer concern about carbon emissions has prompted increased investment in renewable energy, energy efficiency, and transportation decarbonization. These developments have had considerable impact on chemical end sectors, particularly in the automobile and construction industries. COVID-19 has exacerbated the situation by lowering the automobile and construction industries (as well as many others) and disrupting current supply lines.
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The global North America Microporous Insulation Market is segmented into:
Product Type Outlook (Revenue, USD Million; 2018-2028)
- Rigid Boards and panels
- Flexible panels
- Machined parts
- Pourable products
- Moldable products
- Feeder bowl kits
- Vacuum insulated panels
Application Outlook (Revenue, USD Million; 2018-2028)
- Energy power
- Oil and Gas
- Aerospace Defense
- Fire protection
- North America (U.S.A., Canada, Mexico)
- Europe (Italy, U.K., Germany, France, Rest of Europe)
- Asia Pacific (China, India, Japan, South Korea, Australia, Rest of APAC)
- Latin America (Chile, Brazil, Argentina, Peru, Rest of Latin America)
- Middle East Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
Key Questions Addressed in the Report:
- What are the dominating factors that are influencing the growth of the industry?
- In the forecast period, which market segment is expected to rise the most?
- What are the risks and challenges that the industry is facing?
- In the coming years, which area is projected to dominate the market?
- Who are the major players in the market?
- What kind of strategic business plans have they made?
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