Microporous Insulation Market Size, Share & Trends Analysis Report By Product (Rigid Boards & Panels, Flexible Panels), By Application (Industrial, Energy & Power, Oil & Gas), By Region, And Segment Forecasts, 2024 - 2030

Report Overview

The global microporous insulation market size was valued at USD 154.0 million in 2023 and is projected to grow at a compound annual growth rate (CAGR) of 5.2% from 2024 to 2030. The rise in energy-efficient solutions, growth in the oil and gas sector, aerospace product usage, construction sector expansion, strict environmental regulations, and advancements in microporous insulation materials are key factors driving the market growth. The microporous material is completely protected and consists entirely of inorganic elements, making it non-flammable and perfect for passive fire protection.

Due to their decreased density, microporous insulation materials are suitable for various high-temperature industrial applications, low-temperature cooling, aerospace, and cryogenic applications. They are frequently used in equipment and industrial process pipework in petrochemical and refining facilities. They are also utilized as filler material for expansion joints, heat shields, mattresses, and cassettes.

Furthermore, using microporous insulation offers superior performance and helps meet the weight and space requirements of the aerospace sector. A high standard of performance and dependability is necessary in this business due to operational and safety issues. Furthermore, as microporous insulation can improve fuel efficiency, its use is becoming increasingly essential. The automotive industry uses microporous insulating materials in cars to lessen friction, surface temperature, and vibration resistance, which improves acoustic performance and saves design costs. Moreover, the growing investments in the automotive, aerospace, and defense sectors in Asia Pacific, particularly in China, India, and Japan, are likely to support the market growth for microporous insulation in the foreseeable future. Diesel particulate matter filters, catalytic converters, and exhaust systems use them.

An additional element that contributes to microporous insulation effectively reduces heat transfer. This method decreases the amount of energy required to heat or cool specific areas, whether implemented in commercial or residential environments. Increased energy efficiency can result in lower overall energy usage, decreasing reliance on fossil fuels and reducing the release of greenhouse gases. Due to environmental concerns, many countries and regions around the globe have created plans to reduce the emission of greenhouse gases (GHGs). This impact boosts the market expansion of microporous insulations.

Product Insights

Rigid boards & panels led the market and accounted for the largest revenue share of 46.8% in 2023. The rigid boards and panels segment dominates the market share due to their extensive use in commercial and industrial settings where strong and efficient insulation is necessary. These items provide great heat resistance, durability, and easy installation, making them perfect for use in high-temperature settings such as industrial furnaces, power plants, and the aerospace industry. Their capacity to endure mechanical pressure and deliver stable insulation performance enhances their market dominance.

Flexible panels are projected to grow at the fastest CAGR over the forecast period. The increase in popularity of flexible panels is influenced by their excellent features such as non-flammability, high resistance to compression, absence of harmful fibers, eco-friendliness, resistance to chemicals, and ease of handling. In addition, flexible panels demonstrate outstanding dimensional stability and increased mechanical durability against vibration and impact. They are cost-effective regarding energy usage and can be easily managed and moved. Therefore, it is projected that the superior quality of the flexible panels compared to other products is anticipated to increase the demand for flexible panels in the forecast period.

Application Insights

Industrial applications accounted for the largest market share of 28.7% in 2023 owing to the increased need for these insulations in the industrial industry. The growing utilization of insulation in different sectors of industrial applications such as furnaces, ovens, ladles, boilers, nonferrous metal, cement, and glass industries. In addition, the insulation material is highly effective and offers fire protection properties, making it popular in manufacturing iron & steel, nonferrous metals, and ceramic fiber materials. Hence, the growing demand for insulation in the industrial field is expected to boost the market in the upcoming years.

Oil & gas are projected to rise significantly during the forecast years. Microporous insulations are extensively utilized in the oil and gas sector for multiple purposes such as cracking furnaces, furnace linings, and others due to their outstanding characteristics, such as resistance to abrasion and burner gas flows, lightweight properties, and stable chemical composition. The projected growth is expected to be driven by high demand from the petrochemical and aviation industries, which aligns with existing market patterns and governmental regulations. Therefore, the expansion of the oil and gas industry drives market growth by increasing the demand for microporous insulating materials. Moreover, it is anticipated that market growth will be positively impacted by extensive research and new product development in the field aimed at enhancing the properties and benefits of these materials.

Regional Insights & Trends

The Asia Pacific microporous insulation market dominated the global market and accounted for the largest revenue share of 39.9% in 2023. Rapid industrialization and the rising demand for high-temperature-resistance products adopted in several industrial applications influenced microporous insulation in the region, which resulted in consistent growth during the forecast period. Key factors such as rapid urbanization, increasing disposable income, and improved living standards in major developing countries including China, India, and Japan have contributed to significant growth in the microporous insulations in the Asia-Pacific region.

China Microporous Insulation Market Trends

The microporous insulation market in China is expected to grow significantly over the forecast period. The increasing demand from various end-use industries, including oil and gas, aerospace, and automotive, primarily drives the market's growth. Key factors contributing to this growth include the material's superior thermal performance, lightweight properties, and energy efficiency. Furthermore, the non-combustible nature of microporous insulation makes it suitable for applications requiring passive fire protection. The market will expand as industries seek advanced insulation solutions to meet stringent energy efficiency standards and operational demands.

Middle East & Africa Microporous Insulation Market Trends

Middle East and Africa microporous insulation market is expected to grow at a CAGR of 6.4% over the forecast period. The region's booming oil and gas sector significantly boosts demand due to the material's excellent thermal insulation properties, essential for high-temperature applications. Furthermore, increasing energy consumption and focusing on energy efficiency in power generation and construction industries further propel market growth. Urbanization and infrastructure development in countries such as Saudi Arabia and the UAE also contribute to the rising need for advanced insulation solutions.

North America Microporous Insulation Market Trends

The microporous insulation market in North America is expected to grow significantly over the forecasted period. The rise in energy and energy efficiency requirements in North America has led to a growing demand for microporous insulation, particularly in the automotive, aerospace, and other transport industries, focusing on advancing technology. Other significant factors fueling this growth include increasing demand from the automotive, aerospace, and other transportation sectors, widespread use in energy applications, and its importance in metalworking and manufacturing. Although facing difficulties with elevated production and operating expenses, the growth of microporous insulation is driven by its non-flammable properties and increasing utilization in household devices.

U.S. Microporous Insulation Market Trends

The U.S. microporous insulation market is expected to grow significantly over the forecasted period. This growth is expected to be driven by technological advancements, such as increased fire resistance and reduced space requirements. Increased awareness of the advantages of microporous insulation in reducing greenhouse gases is driving demand, creating wider opportunities for manufacturers, and growing the market. Their application extends to aerospace, automotive, and industrial sectors, where high-temperature tolerance is essential.

Europe Microporous Insulation Market Trends

The microporous insulation market in Europe is expected to witness significant growth over the forecast years. There is a growing need for microporous insulation materials at high temperatures in the oil and gas, energy and power, and metal and glass industries. The market in Europe is expected to grow due to environmental concerns and strict government regulations aimed at reducing carbon emissions.

Germany Microporous Insulation Market Trends

Germany microporous insulation market dominated the European market and accounted for the largest revenue share of 26.1% in 2023. The expansion of the automotive sector is also a significant factor expected to contribute to market growth in the upcoming years. Microporous insulation is utilized in various interior and exterior parts, such as exhaust systems, catalytic converters, and diesel particle filters, to provide vehicle thermal insulation.

Key Companies & Market Share Insights

Some of the key companies in the microporous insulation market include Etex Group, Johns Manville., Morgan Advanced Materials, Alkegen, NICHIAS Corporation., TECHNO-PHYSIK Engineering GmbH., Elmelin Ltd market with a focus on providing better quality products to customers.

• Johns Manville is a top producer and promoter of high-quality insulation, commercial roofing, glass fibers, and nonwovens for various commercial, industrial, and residential applications. Its range includes filtration products, fiberglass reinforcement, roving, advanced composites, membrane roofing systems, fasteners, plates, primers, building, home, HVAC, and mechanical insulation materials, among various other items. Its products are utilized in multiple industries, such as building materials, aerospace, automobile and transportation, filtration, commercial interiors, water resistance, and wind power. JM caters to clients in over 80 countries worldwide.

• Nichias Corp manufactures and distributes products utilizing insulation and protection technologies. The company's range of products consists of gaskets and packing, fluoropolymer items, thermal insulation materials, filter products, automotive components, materials for industrial thermal insulation projects, and construction materials for homes and buildings, among other things. The company provides engineering services encompassing development, design, construction, and maintenance. Its offerings are intended for various industries, including chemicals, steel, automotive, electrical, medical, aerospace, industrial, and construction.

Recent Developments

• In May 2024, Unicorn Insulations participated in the 6th China Petrochemical Industry Sourcing Conference. The event in Guangzhou, China, brought together industry professionals and provided a platform for Unicorn Insulations to showcase its innovative products and solutions. The company's booth attracted significant attention from attendees, who were impressed by the high-performance and eco-friendly nature of Unicorn's microporous insulation materials. The conference served as an excellent opportunity for Unicorn Insulations to network with potential clients and partners, further strengthening its presence in the Chinese petrochemical industry.

Microporous Insulation Market Report Scope

Global Microporous Insulation Market Report Segmentation

This report forecasts revenue growth at global, regional, and country levels and analyzes the latest industry trends in each sub-segments from 2018 to 2030. For this study, Grand View Research has segmented the global microporous insulation market report based on product, application, and region.

• Product Outlook (Revenue, USD Million, 2018 - 2030)

  • Rigid boards & panels

  • Flexible panels

  • Others

• Application Outlook (Revenue, USD Million, 2018 - 2030)

  • Industrial

  • Energy & Power

  • Oil & Gas

  • Aerospace & Defense

  • Others

• Regional Outlook (Revenue, USD Million, 2018 - 2030)

  • North America

    • U.S.

    • Canada

    • Mexico

  • Europe

    • UK

    • Germany

    • France

    • Italy

    • Spain

  • Asia Pacific

    • China

    • Japan

    • India

  • Latin America

    • Brazil