The global aerogel market is projected to experience significant growth due to the increasing demand for energy-efficient and sustainable materials in various industries such as construction, oil and gas, and automotive. Asia Pacific is expected to register the fastest growth rate during the forecast period.
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The global aerogel market size reached USD 703.0 Million in 2021 and is expected to register a revenue CAGR of 10.8% during the forecast period, according to latest analysis by Emergen Research.
Over the past few years, there has been tremendous growth in the worldwide aerogel industry. Aerogel is a light, extremely porous substance that provides great thermal insulation. It is utilised in numerous industries, including the oil and gas, automotive, aerospace, and automobile.
The growing demand for energy-efficient materials is one of the major factors driving the aerogel market. One of the best thermal insulation materials now on the market, aerogel can assist lower energy use in commercial buildings and industrial settings. This is boosting demand for aerogel in the oil and gas and construction sectors.
The growing need for aerogel in the automobile industry is another significant factor. In order to lighten and increase fuel efficiency of automobiles, aerogel is utilised as an insulation material. In order to increase the efficiency of electric vehicles, it is also employed in the battery and powertrain systems.
But one of the biggest market barriers is aerogel’s exorbitant price. Aerogel is an extremely expensive substance that calls for specialised manufacturing procedures. This is preventing it from being widely used in some contexts, particularly in underdeveloped nations.
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Another difficulty for the aerogel sector is the accessibility of less expensive substitutes. Although aerogel is the best insulating material currently on the market, there are other materials that are less expensive and have comparable performance. As a result, certain applications are using less aerogel.
Several growth factors exist for the aerogel industry despite these obstacles. One of the main growth drivers is the rising demand for aerogel in the oil and gas sector. Oil and gas operations are made more effective by using aerogel as a thermal insulator in pipelines, tanks, and equipment.
Another significant growth element is the expanding demand for aerogel in the aerospace sector. The insulation systems of satellites and spacecraft use aerogel, which can help lower the weight of these objects and enhance their performance.
Aerogel Market Segmentation:
The aerogel market can be segmented based on product type, form, processing, and application. The product type segment includes silica, polymer, carbon, metal, metal oxide, and metal chalcogenides, among others. Silica aerogel is the most widely used type and accounted for the largest market share in 2019. The demand for silica aerogel is expected to grow significantly during the forecast period, driven by its excellent thermal insulation properties and increasing adoption in the construction and oil and gas industries.
Based on form, the market is segmented into blanket, panel, particle, and monolith aerogel. Blanket aerogel is the most commonly used form and accounted for the largest market share in 2019. Blanket aerogel is used in various applications, including insulation and soundproofing, due to its excellent thermal and acoustic properties.
The processing segment includes virgin, composites, and additives aerogel. Virgin aerogel accounted for the largest market share in 2019 and is expected to remain the dominant segment during the forecast period. Virgin aerogel is a pure form of aerogel, which is produced by a specialized manufacturing process. It is used in various applications, including insulation, electronics, and catalysis.
Based on application, the market is segmented into oil and gas, construction, transportation, automobile, marine, aerospace, performance coating, day-lighting and LVHS, pharmaceuticals, industrial and cryogenics, and others. The construction industry is the largest end-user of aerogel, accounting for the highest market share in 2019. The increasing demand for energy-efficient buildings is driving the adoption of aerogel in the construction industry.
The oil and gas industry is another major end-user of aerogel, driven by the increasing demand for thermal insulation materials in pipelines, tanks, and equipment. The transportation and automobile industries are also significant end-users of aerogel, driven by the increasing demand for lightweight materials to improve fuel efficiency and reduce emissions.
The aerospace industry is a growing market for aerogel, driven by its use in spacecraft and satellites. Aerogel is used in the insulation systems of spacecraft and satellites, which helps reduce the weight of these vehicles and improve their performance.
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Some Key Highlights from the Report
Silica segment accounted for largest revenue share in 2020 and is expected to register a substantially rapid revenue CAGR during the forecast period due to its exceptional thermal insulation properties and its increasing adoption in various industries such as construction, oil and gas, transportation, and aerospace.
Blanket segment is expected to register a significantly robust revenue growth rate over the forecast period due to its wide range of applications in various industries such as construction, aerospace, and oil and gas.
Asia Pacific market is expected to register fastest growth rate during the forecast period due tothe increasing demand for aerogel in various end-use industries such as construction, oil and gas, and automotive in the region. The Asia Pacific region has been witnessing significant growth in the construction industry due to the increasing urbanization and industrialization in the region. The demand for energy-efficient buildings and sustainable construction practices is driving the demand for aerogel in the construction industry in the region.
Some major companies in the global market report include Aspen Aerogels, Inc., Cabot Corporation, Aerogel Technologies, LLC, Guangdong Alison Hi-Tech Co., Ltd., Active Aerogels, Enersens, JIOS Aerogel Corporation, Armacell, Svenska Aerogel AB, and Green Earth Aerogel Technologies.
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