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.
UK microporous insulation
market, by product, 2014 - 2025 (USD Million)
Browse full research report on
Microporous
Insulation Market
Further key findings from
the report 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)
For
more information: http://www.grandviewresearch.com
No comments:
Post a Comment