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%. Growth in various applications, where space is a constraint, such as aerospace & defense as well as growing demand for energy & power has triggered the demand for microporous insulation.
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The microporous insulation market has been segmented based on product type into rigid boards & panels, flexible panels, and others. The other product type segment includes moldable products, machined parts, and pourable products. The flexible panels product type is estimated to witness highest CAGR, in terms of value, during the forecast period. This is because flexible panels exhibit excellent dimensional stability and improved mechanical resistance to vibration and impact. They are energy-efficient and can be conveniently handled and transported.
The microporous insulation market has been segmented based on application, into industrial, energy & power, oil & gas, aerospace & defense, automotive, and others. The other applications include automotive and consumer appliances. The market in the aerospace & defense application segment is projected to register the highest CAGR, in terms of value, between 2018 and 2023. This is due to the increasing demand for light-weight materials, which, in turn, saves the fuel consumed during the operation of an aircraft.
The market in Asia Pacific (APAC) is projected to register the highest CAGR, in terms of value, between 2018 and 2023. This is because the rising awareness about the benefits of microporous insulation materials and growing industrialization and infrastructure development in the region offer various opportunities regarding the use of microporous insulation. In addition, the increase in demand for energy, power, metal, and automotive, is also expected to drive the market. The market for microporous insulation market is significantly driven by the oil & gas segment, where there is high demand for advanced insulation solutions having reduced thickness and low thermal conductivity.