The microporous insulation market size is projected to grow from USD 132 million in 2018 to USD 165 million by 2023, at a compound annual growth rate (CAGR) of 4.7%, during the forecast period. The major driving factors in the microporous insulation market are high thermal resistance of microporous insulation material and increasing demand from various applications, such as industrial, oil & gas, energy & power, and automotive.
The microporous insulation market has been studied for North America, Europe, Asia Pacific, South America, and the Middle East & Africa. The Asia Pacific region is projected to register the highest CAGR, in terms of value, during the forecast period. The growth of the microporous insulation market in the region is attributed to the rising awareness about the benefits of microporous insulation materials and growing industrialization and infrastructure development in the region. In addition, increase in the demand for energy, power, metal, and automobiles is also expected to drive the market.
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The major players in the microporous insulation market include Promat International N.V. (Belgium), Morgan Advanced Materials plc (UK), Isoleika S. Coop. (Spain), Unicorn Insulations Ltd. (China), Guangzhou Huineng Environmental Protection Materials Co., Ltd. (SILTHERM) (China), Johns Manville (US), NICHIAS Corporation (Japan), ThermoDyne (US), Unifrax (US), and Elmelin Ltd. (UK). These players have adopted various growth strategies, such as expansion, acquisition, new product launch, and investment, to expand their presence further and increase their shares in the microporous insulation market. Expansion has been the most adopted strategy by major players between 2013 and 2018, which helped them to expand their regional presence.
Promat International N.V. is one of the leading manufacturers of microporous insulation, globally. The company focuses on the strategies of expansion and investment to maintain its leading position in the market. For example, the company recently opened a new facility in the Middle East at Dubai Investment Park (DIP). The new facility has significant capacity for Promat boards, fire stopping, and High Performance Insulation (HPI) products, which include microporous insulation. In addition, in October 2013, Etex Group, the parent company of Promat International invested USD 13.27 million in its subsidiary, Microtherm NV (Belgium). This investment helped the company to expand its microporous insulation segment and enter various niche markets using high-temperature insulation products.
Morgan Advanced Materials plc is another major player in the microporous insulation market. The company focuses on improving its operational execution and driving its sales by managing its resources, customers, and distribution channels. The company has focused on the strategies of acquisition as part of its growth. For instance, in July 2014, Morgan Advanced Materials acquired Porextherm Dämmstoffe GmbH (Germany), one of the leading manufacturers of microporous insulation panels. This acquisition helped Morgan Advanced Materials to strengthen its product portfolio of microporous insulation and vacuum insulation panels. Thus, the acquisition helped the company to strengthen its microporous insulation business.
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