The Global Aerogel Market Size is valued at 769.96 million in 2022 and is predicted to reach 1955.26 million by the year 2031 at an 11.13% CAGR during the forecast period of 2023-2031.
A variety of ultralow synthetic materials called aerogels are made from gels in which the liquid portion has been replaced with gas through a process called supercritical drying. It comprises a network of connected nanostructures with at least 50% porosity. Despite being sturdy, it is incredibly light and has little thermal conductivity, which makes it the perfect insulating material.
The main element fueling the growth of the aerogel market in the anticipated time is the industry's robust expansion. The market is being driven by the perception of aerogel as the best material for thermal protection due to its low density and low thermal conductivity. The aerogel market is also anticipated to expand over the forecast period due to rising demand from various end-use industries, including oil and gas, building and construction, automotive, aerospace and marine, and performance coatings.
However, the aerogel market is constrained by high costs and a lack of consumer awareness, whereas sophisticated heating and supercritical drying will provide growth challenges. Aerogel market prospects will be plentiful throughout the forecast period because it is not as widely used as other insulating materials.
Recent Developments:
- In April 2022, the newest unique technology from Alkegen, AlkeGel by Alkegen, was unveiled. The following extensible material, AlkeGel, was created for industrial temperature control applications, including protecting against fires caused by EV and battery systems. AlkeGel from Alkegen is dustier, has a higher thermal conductivity than rival insulation products, performs better thermally, and requires less insulation than those products.
- In April 2019, a novel non-combustible, thermal insulating product was produced by BASF SE and Aspen Aerogels as part of their expanded strategic partnership.
Competative Landscape:
Key Players in the Aerogel Market:
- Aspen Aerogels, Inc.
- Cabot Corporation
- Aerogel Technologies, LLC
- Guangdong Alison Hi-Tech Co., Ltd
- Active Aerogels
- EnersensJIOS Aerogel Corporation
- Armacell
- Svenska Aerogel AB
- Green Earth Aerogel Technologies
- Armacell
- Nano Technology Co. Ltd.
- BASF SE
- Dow Inc.
Market Segmentation:
The aerogel market is segmented on the product, form, processing, and application. Based on product, the market is segmented into Silica, Ploymer, Carbon, and Others (Metal, Metal Oxide, Metal Chalcogenides). Based on Form, aerogel market is segmented into Blanket, Panel, Particle, and Monolith. Based on Processing, aerogel market is segmented into Virgin, Composites, Additives. Based on end-use applications, aerogel market is segmented into Oil & Gas, Construction, Transportation (Automobile, Marine, Aerospace), Performance Coating, Day-Lighting & LVHS, Pharmaceuticals, Industrial & Cryogenics, and Others.
Based on product type, the polymer segment is accounted as a major contributor to the aerogel market
The polymer category grabbed the highest revenue share, and it is anticipated that they will continue to hold that position during the anticipated time. The market is expanding due to the rising usage of polymer-based materials for the shelter and rising R&D spending. Such materials can be utilized to update antiquated monuments because they are light and transparent. Polymer materials are becoming increasingly popular as an interior insulation substitute for the roof, side balconies, and historic monument renovations.
The oil & gas segment witnessed growth at a rapid rate
The automotive category is anticipated to grow significantly over the forecast period. The expanding use of materials in the construction and oil and gas industries is a key driver fueling the expansion of the aerogel market. Such material coatings are used as insulators in buildings and the oil and gas industries. The oil and gas sector uses pipelines to transport massive volumes of crude oil. Such coatings prevent leaks and are great for pipe insulation and security due to their chemical inertness.
The Asia Pacific aerogel market hold a significant revenue share in the region
The Asia Pacific aerogel market is expected to register the highest market share in revenue in the near future due to the top firms' increased research and development efforts for the Aerogel product. The market in the region is expected to be driven by rising investments in end-use industries throughout the forecast period. The demand for insulation materials in the aerospace, marine, defense, electrical, and electronics industries has driven nations like China, Japan, and India to record-breaking market growth.
In addition, North America is projected to grow rapidly in the global aerogel market, primarily responsible for driving the oil and gas sector. It has a particularly strong need for cutting-edge solutions due to its reduced thickness, improved insulating qualities, and low thermal conductivity. The growing usage of aerogel materials in North America's automotive, marine, and aerospace applications is anticipated to fuel the aerogel business.
Aerogel Market Report Scope:
|
Report Attribute |
Specifications |
|
Market Size Value in 2022 |
USD 769.96 million |
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Revenue Forecast in 2031 |
USD 1955.26 million |
|
Growth Rate CAGR |
CAGR of 11.13% from 2023 to 2031 |
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Quantitative Units |
Representation of revenue in US$ Million, Volume in Ton and CAGR from 2023 to 2031 |
|
Historic Year |
2019 to 2022 |
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Forecast Year |
2023-2031 |
|
Report coverage |
The forecast of revenue, the position of the company, the competitive market structure, growth prospects, and trends |
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Segments covered |
Product, Form, Processing, Application |
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Regional scope |
North America; Europe; Asia Pacific; Latin America; Middle East & Africa |
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Country scope |
U.S.; Canada; U.K.; Germany; China; India; Japan; Brazil; Mexico ;The UK; France; Italy; Spain; China; Japan; India; South Korea; South East Asia; South Korea; South East Asia |
|
Competitive Landscape |
Aspen Aerogels, Inc., Cabot Corporation, Aerogel Technologies, LLC, Guangdong Alison Hi-Tech Co., Ltd, Active Aerogels, EnersensJIOS Aerogel Corporation, Armacell, Svenska Aerogel AB, Green Earth Aerogel Technologies, Armacell, Nano Technology Co. Ltd., BASF SE, and Dow Inc. |
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Customization scope |
Free customization report with the procurement of the report, Modifications to the regional and segment scope. Particular Geographic competitive landscape. |
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Pricing and available payment methods |
Explore pricing alternatives that are customized to your particular study requirements. |
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