Microporous Insulation Market Is Projected To Reach $184.8 Million By 2025: Grand View Research, Inc.
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.
Browse Full Research Report By Grand View Research:
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.
Browse Full Research Report By Grand View Research:
Further key
findings from the study 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").
· In December 2013, Promat International Nv started a new
factory in North America to expand its product offerings in passive fire
protection (PFP) and high-performance insulation (HPI)
Browse more reports of this category by Grand View
Research
http://www.grandviewresearch.com/industry/advanced-materials
http://www.grandviewresearch.com/industry/advanced-materials
Grand View Research has
segmented the global microporous insulation market on the basis of product,
application, and region:
Microporous Insulation Product Outlook
(Revenue, USD Thousand, 2014 - 2025)
- Rigid boards & panels
- Flexible panels
- Others
Microporous Insulation Application
Outlook (Revenue, USD Thousand, 2014 - 2025)
- Industrial
- Energy & power
- Oil & gas
- Aerospace & defense
- Others
Microporous Insulation Regional Outlook
(Revenue, USD Thousand, 2014 - 2025)
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Asia Pacific
- China
- India
- Japan
- Central & South
America
- Brazil
- Middle East & Africa
Access
press release by Grand View Research :
http://www.grandviewresearch.com/press-release/global-microporous-insulation-market
http://www.grandviewresearch.com/press-release/global-microporous-insulation-market
About
Grand View Research
Grand View Research, Inc. is a U.S. based
market research and consulting company, registered in the State of California
and headquartered in San Francisco. The company provides syndicated research
reports, customized research reports, and consulting services. To help clients
make informed business decisions, we offer market intelligence studies ensuring
relevant and fact-based research across a range of industries, from technology
to chemicals, materials and healthcare.
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