Microporous Materials Market to Garner $8.4 Billion, Globally, By 2031 at 4.9% CAGR, Says Allied Market Research

Increasing demand for highly thermal resistant insulation materials in the oil & gas industry drives the growth of the global microporous materials market.

PORTLAND, Ore., March 15, 2023 /PRNewswire/ -- Allied Market Research published a report, titled, "Microporous Materials Market by Type (Zeolites, Metal organic frameworks, Clays, Activated Alumina, Others), by End Use Industry (Laboratories, Medicine, Energy and Power, Automotive, Media, Others): Global Opportunity Analysis and Industry Forecast, 2021-2031". According to the report, the global microporous materials industry generated $5.3 billion in 2021, and is anticipated to generate $8.4 billion by 2031, witnessing a CAGR of 4.9% from 2022 to 2031.

Prime determinants of growth

Increasing demand for highly thermal resistant insulation materials in the oil & gas industry drives the growth of the global microporous materials market. However, the high manufacturing cost of microporous materials is predicted to hinder the market growth. Moreover, expansion of the oil & gas industry presents new opportunities in the coming years.

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Covid-19 Scenario

• The outbreak of the Covid-19 pandemic had a negative impact on the global microporous materials market, owing to implementation of the global lockdown which led to impact its major end users including oil & gas industry.
• The outbreak had caused delays in receiving insulation materials from manufacturers due to several import and export restrictions. Shipment orders were being severely impacted due to vessel non-availability and blank sailing.
• Microporous materials are used as adsorbents and catalysts in the hydrocarbon processing (oil refining) industry, and the pandemic has lowered long-term global oil and gas consumption by 2.5 million barrels per day. The short-term result is a nearly 25% fall in consumption, which will gradually recover.
• On the other hand, the demand for medical equipment and supplies had increased during the COVID-19 pandemic, resulting in an increased production of microporous materials. This had resulted in a shift in production for some microporous material manufacturers from oil and gas application to medical and healthcare industries.

The zeolites segment to maintain its leadership status throughout the forecast period

Based on type, the zeolites segment held the highest market share in 2021, accounting for nearly three-fifths of the global microporous materials market, and is estimated to maintain its leadership status throughout the forecast period. Microporous zeolites are commonly used as catalysts in chemical reactions due to their high surface area and unique pore structure. They are used in a wide range of applications, such as in the production of fuels, chemicals, and polymers. Microporous zeolites are effective adsorbents for gases and liquids due to their high surface area and porosity. However, the clays segment is projected to manifest the highest CAGR of 5.27% from 2022 to 2031. Microporous clay materials are employed in lubricants, drug delivery, disintegrants, anticaking, and thickening agents as clarifiers, absorption, and adsorption materials. 

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The automotive segment to maintain its leadership status throughout the forecast period

Based on end use industry, the automotive segment held the highest market share in 2021, accounting for nearly one-fourth of the global microporous materials market, and is estimated to maintain its leadership status throughout the forecast period. Microporous insulation is a combination of fibers, silica, and infrared opacifiers, making it non-combustible and ideal for passive fire protection applications in automotive. It is waterproof and has a high resistance to heat. However, the energy and power segment is projected to manifest the highest CAGR of 5.37% from 2022 to 2031. Microporous materials are employed in the manufacture of supercapacitors and batteries. They are also employed as insulation materials in high-temperature applications such as aerospace, low-temperature cooling, and cryogenic applications. 

Asia-Pacific to maintain its dominance by 2031

Based on region, Asia-Pacific held the highest market share in terms of revenue in 2021, accounting for more than one-third of the global microporous materials market, and is likely to dominate the market during the forecast period. This region is expected to witness the fastest CAGR of 5.17% from 2022 to 2031. In Asia-Pacific, microporous materials are used to extract formaldehyde and noble gases like N2 and O2 from natural gas streams, which includes industrial gas drying, filtering, and separation. Microporous materials, such as activated alumina, are widely employed in the water treatment and oil and gas industries in Asia-Pacific.

Leading Market Players: -

• Sumitomo Chemical Co., Ltd.,
• Zeochem AG,
• Zeolyst international,
• Axens,
• PQ,
• PIDC,
• BASF SE,
• Sorbead India,
• Solvay,
• AGC CHEMICALS PVT. LTD.

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