Aerogel Market, Size, Share, Outlook and Growth Opportunities 2021-2028
Added: (Tue Dec 28 2021)
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Market Overview
The Global Aerogel Market is expected to grow at a CAGR of 21 % during the forecasting period (2021-2028).
Aerogel, a mesoporous solid foam, is composed of an interconnected nanostructure network with a minimum 50% porosity. It consists of low thermal conductivity features, which make it an ideal insulation material.
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Market Dynamics
The growth in the Aerogel is mainly due to the growing demand for aerogels by the end-users such as oil & gas, automotive, marine & aerospace, and others.
Also, the growing expansion of the building and construction industry with a rising number of residential and commercial construction projects is leading to increase in demand for aerogel globally. However, the high production cost is one of the major factors hindering the growth of the global aerogel market.
Market Segmentation
The global aerogel market is segmented by type into silica, carbon, polymers, and others. Among these, silica aerogel is the dominating segment in 2018 as it widely used in almost all major applications, such as building insulation, oil & gas, automotive, aerospace, electronics, and others.
The consumption of carbon aerogel is also growing during the forecast period due to the increasing application of carbon aerogel in electronics, semiconductor, and supercapacitors applications.
Based on end-user, the market is segmented into oil & gas, building & construction, automotive, aerospace & marine, chemicals, healthcare, and others. Among these, the oil & gas application holds the largest market share in 2018 due to rising demand for advanced insulation materials in the oil & gas application. The building & construction is growing at highest CAGR due to raising awareness of global warming which leads to an increase in the use of aerogel panel in the newly constructed buildings.
Geographical Share
Based on geography the market is segmented into North America, South America, Europe, Asia-Pacific and Rest of the world. North America is dominating the global aerogel market in 2018 due to the growing awareness on environment-friendly products, rising stringent environmental norms by the United States government, and increasing research on product and development to manufacturing aerogel.
The United States Department of Energy (DOE) is investing more in innovative insulation material that saves energy and money for the industrial sector, hence, leading to the growth of the market in this region.
Competitive Landscape
Key players in global Aerogel Market are Aspen Aerogel Inc., Cabot Corporation, American Aerogel Corporation, BASF SE., DowDupont, Active Aerogels, Green Earth Aerogel Technologies, TAASI Corporation, and Nano High-Tech Co. Ltd. The market is strongly competitive as market players adopt different vital strategies such as product launch, partnership, and expansion to sustain in the competitive market. For instance, In Nov 2018, Aerogel Technologies LLC planned to build a pilot plant for the production of polymer aerogel panels and films in Boston.
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