Due to technological advances in this area, North America led the world market, followed by Asia Pacific. The global aerogel industry size is estimated to be USD 1.5 billion by 2022 and forecasts annual growth of 17% worth USD 7.5 billion through 2022 to 2032.
The global aerogel market is on the rise due to increased applications of aerogel in industries such as oil & gas, marine, automotive, and aerospace. Aerogel is an extremely low-density solid material, mainly composed of air, and is manufactured using conventional gel. The global aerogel market consists of materials exhibiting numerous properties, making them suitable for the applications in aforementioned industries. These properties include thermal & acoustic damping, low density, high degree of porosity, and other desired properties in various applications industries. In addition to the abundant uses of aerogel in industrial applications, one of the key reasons for the increasing global aerogel market is due to the fact that the material is being witnessed as a good replacement for thermal insulation materials since it provides cost competitiveness to other high-performance thermal insulating materials.
Aerogel Market: Drivers & Restraints
The increasing demand for aerogels by end users such as oil & gas, automotive, marine & aerospace, etc. is driving the global aerogel market. Growing globalization leading to an increase in investments, new establishments for construction, and properties of aerogel such as high insulation, being cheap, and abundant availability of the raw material are some of the factors driving the growth of the global aerogel market. High production cost is the major challenging factor for the growth of the global aerogel market.
Aerogel Market: Segmentation
Within these applications, the oil & gas industry accounts for a leading share of the global aerogel market. Among other applications, wherein significant growth is likely to be witnessed are automotive and construction applications, wherein thermal insulation properties of aerogel material are being exploited.
These different types of aerogel are being utilized in the global marketplace, wherein polymer type of aerogel is expected to witness the highest growth in coming years. In terms of market share, the global aerogel market has been dominated by silica-type aerogel, which is likely to continue its dominance through the forecast period as well.
The global aerogel market is dominated by the blanket form of aerogel, which is widely used for thermal insulation applications across industries. The global aerogel market is expected to witness tremendous growth in the particle form of aerogel, which is expected to contribute towards the growth in demand for aerogel in the global aerogel market during the forecast period.
In terms of processing, within the global aerogel market, virgin aerogel is witnessed to be the dominating processing segment. This is due to the fact that virgin aerogel is free from composites and additives, which enables its applications in research & development activities. Further virgin aerogel is accompanied by high commercial availability in the global aerogel market.
Aerogel Market: Region-wise Outlook
The global aerogel market has witnessed increased growth in the North American region, which accounts for a leading share of the global aerogel market. Followed by North America, the Asia-Pacific excluding Japan (APEJ) region accounts for the second leading region in terms of aerogel consumption across the globe, which is due to the high amount of consumption in China. However, the European market is likely to be the leading region, in terms of annual growth, in years to come.
Aerogel Market: Key Players
The global aerogel market is dominated by major players such as Cabot Corporation, Aerogel Technologies LLC, Aspen Aerogels, Inc., and BASF SE, to name a few.
The research report presents a comprehensive assessment of the market and contains thoughtful insights, facts, historical data, and statistically supported and industry-validated market data. It also contains projections using a suitable set of assumptions and methodologies. The research report provides analysis and information according to market segments such as geographies and End-use industries.
The report is a compilation of first-hand information, qualitative and quantitative assessments by industry analysts, and inputs from industry experts and industry participants across the value chain. The report provides an in-depth analysis of parent market trends, macro-economic indicators, and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.
Key Segments Profiled in the Aerogel Industry Survey
Product Type:
- Silica Aerogel
- Polymer Aerogel
- Carbon Aerogel
Application Industry:
- Aerogels for Oil & Gas
- Aerogels for Marine & Aerospace
- Aerogels for Performance Coating
- Aerogels for LVHS
- Aerogels for Day-Lighting
- Aerogels for Automotive
- Aerogels for Construction
Form:
- Monolith Aerogel
- Blanket Aerogel
- Article Aerogel
- Panel Form Aerogel
Processing:
- Virgin Processed Aerogel
- Fabricated Aerogel
Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- APEJ
- Japan
- Middle East & Africa
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