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.

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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.

[b]Further key findings from the report suggest:[/b]

• 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

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• 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)

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