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Aerogel Market Poised To Hit Double Digit CAGR Of 30% By 2028


Aerogel is a synthetic substance obtained by replacing liquid component with gas in the gel. Aerogel has an extremely low density, high thermal resistance, and impact damping properties.

The global aerogel market was valued at US$ 673.0 million in 2017, and is expected to register a CAGR of over 30%.

Global Aerogel Market Dynamics:
Increasing globalization and urbanization has led to new investments in infrastructure development activities where aerogels panels and insulations are used, thus driving growth of global aerogel market over the forecast period. Major players in the market are focusing on development of eco-friendly aerogels, which in turn is expected to propel growth of the global aerogel market. Aerogel has high thermal resistance as compared to conventional insulation material which in turn creates demand for aerogel in construction industry.

However, high capital production costs and low production volumes of aerogel are major factors limiting growth of global aerogel market over the forecast period. In addition, poor mechanical properties of aerogel such as hardness, compression, tension and shear tests is expected to hamper market growth over the forecast period.

Market analysis by application:

On the basis of application, the market is segmented based on oil and gas, construction, automotive and aerospace, healthcare, chemicals, electronics, and others. The oil and gas segment is expected to contribute major revenue share and expected to maintain its dominance over the forecast period. Oil and gas segment witnessed moderate CAGR of over 30%, owing to factors such as graphene (carbon-based) aerogel being the most ideal raw material for oil absorption, coupled with excellent hydrophilic (water repellent) properties of aerogel.

Market analysis by Form:

On the basis of form, the market is segmented based on blanket, panels, particles, and block. The blanket segment contributes major market share, and is expected to register CAGR of over 31%, owing to its use as thermal insulations in factories and industrial settings. Furthermore, it is used in improving energy efficiency of insulation in household, due to its thermal insulation and low thickness properties.

Market analysis by Processing:

On the basis of processing, the market is segmented based on virgin processing, and fabrication processing. The virgin processing segment contributes major market share, and the fabricated segment is expected to register CAGR of over 32%. Virgin processing offer pure form of aerogel without any additives and composites, so it is highly preferable in research and development activities.

Market analysis by type:

On the basis of type, the market is segmented based on silica, carbon, alumina, and others. The silica segment is expected to contribute major revenue share and the carbon segment is expected to register highest CAGR of over 32%. Technological advancements and fast growth in semiconductors industries due to small electronic devices are major driving factors for the silica segment.

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Market analysis by region:

In 2017, Europe accounted for the second largest revenue share contribution to the global aerogel market. Rapid development in construction sector and restructuring of old buildings in Europe are major factors driving demand for aerogel. This demand can be attributed to nearly “Zero-Energy Building” by 2020, initiative by Europe government. As silica aerogel is being used as an insulation material for buildings owing to its properties such as high thermal insulation and fast drying.

Svenska Aerogel, a major player in Europe has developed a production method that has helped to reduced production cost by almost 90%. Technological advancements by major players is expected to further drive growth of the aerogel market in Europe region during the forecast period.

Increasing number of applications in consumer electronics of aerogel by major players in this region is a major factor driving growth of the Asia Pacific aerogel market. For instance, in 2016, Panasonic Corporation has created Nano Silica Balloon Insulator (NASBIS) which can be used for narrow space insulation of 1mm or less.

Companies profiled in the report are BASF, American Aerogel Corporation, Dow Corning, Cobot Corporation, Svenska Aerogel AB, Airglass AB, JIOS AEROGEL, Aspen Aerogels Inc., Active Space Technologies, Acoustiblok UK Ltd.

Updated : 2022-01-29 10:28 GMT+08:00