Aerogels are a unique kind of gel material in which the liquid part is replaced with gas without collapsing the overall structure. It has the potential to be used in different areas due to its exceptional properties such as low density, high porosity, surface area, lowest thermal conductivity, good pore accessibility, among others. Aerogels are used for various applications, including insulation, chemical absorber, catalyst, imaging devices, optics, and light guide, thickening agents, among others. Ongoing globalization, rise in investments, spurring construction, and exceptional properties are significant aspects forecasted to drive the aerogel market. Aerogels are regarded as one of the most promising high-performance thermal insulation materials for building applications. An exciting aspect of aerogels is that they may be produced as opaque, translucent materials, enabling a wide range of possible building applications when utilizing daylight and solar energy from solar radiation. Conventional insulators are steadily replacing aerogel. Aerogels offer ten times lower thermal conductivity than traditional insulation materials. The same insulation level can be reached with a lesser volume of aerogel material than traditional products resulting invaluable space savings.
According to Value Market Research, the global aerogel market size was valued at about USD 1233.6 billion in 2020 and is estimated to grow at a CAGR of around 23 % during the forecast period 2021 to 2027.
Analysis, By Product
By product, the market is segmented into silica aerogels, metal oxide aerogels, carbon aerogels, and others. In 2020, the silica aerogel segment acquired almost two-third of shares in the global market. Silica aerogel is increasingly preferred and has become quite popular over other types of aerogel due to its attractive properties and features such as low thermal conductivity (~0.01 W/m.K), high porosity (~99%), high optical transmission (99%) in the visible region, high specific surface area (1000 m2/g), low dielectric constant (~1.0–2.0), low refractive index (~1.05), and low sound velocity (100 m/s). They are also lightweight, chemically inert, and reusable.
Analysis, By End-User
By end-user, the market is segmented into building insulation, oil & gas, aerospace, automotive, healthcare, chemical, electronics, and others. Oil & gas is the largest end-user of aerogel. Oil & gas industry trends are favorable for aerogels growth. Aerogel is widely employed in the oil & gas industry as an insulator. Within the oil and gas industry, the aerogel improves insulation for deep-sea pipe-in-pipe oil and gas pipelines, reduces installation costs, improves pipeline compression resistance, reduces the amount of steel in pipeline constructions, and increases oil and gas flow and assurance.
Analysis, By Form
By form, the market is divided into blanket, particle/powder, block, and panel. The blanket form is the largest revenue generator in the global aerogel market, estimated to grow at a healthy pace in coming years due to its increased demand for building insulation and the oil & gas industry. Aerogel blankets are flexible and easily workable. An aerogel blanket’s thin profile makes it ideal to use for compact environments when space is at a premium. It is also lightweight, sits snugly around delicate or fragile components.
Analysis, By Region
Based on region, the market is divided into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. North America dominated the market in 2020, accounting for more than one-third market share. The rise in consumer awareness toward global warming has increased the adoption of insulation solutions such as aerogel in industrial and domestic applications such as buildings and oil & gas refineries. The region is also the base of prominent manufacturing companies and end-use industries.
The global aerogel market is dominated by Armacell International S.A, Active Aerogels, Aerogel Technologies LLC, Aspen Aerogel Inc., BASF SE, Cabot Corporation, Dow Inc., JIOS Aerogel, Svenska Aerogel AB, and Thermablok Aerogels Limited.
Global Aerogel Market Overview
Increasing demand for eco-friendly products has been witnessed on account of rising awareness regarding environmental protection. In March 2020, Researchers at the National University of Singapore had upcycled waste rubber tyres into various aerogels, which have a wide range of applications. Later in April 2021, developed an eco-friendly technique to upcycle metal waste into multi-purpose aerogels. However, specific issues associated with aerogel that add hindrance are the high manufacturing cost and poor mechanical strength. For aerogels to become widespread for applications, the prices have to be lowered substantially, and mechanical strength has to improve. In recent years, new techniques have been used to enhance functional features of aerogels that led to the production of different types of organic, inorganic, and hybrid aerogels.
Diversification of product portfolio through research and development activities and company’s collaboration are specific vital strategies adopted by the major companies to strengthen their share size in the global market.
In this research report, the aerogel market is segmented by product, end-user, form, and region.
Market Segmentation covered in the Report:
- Silica Aerogels
- Metal Oxide Aerogels
- Carbon Aerogels
- Building Insulation
- Oil & Gas
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
This market research report has been produced by gathering information based on primary and secondary research. Secondary research has been done using various sources, including (but not limited to) Company Websites, Paid Data Sources, Technical Journals, Financial Reports, SEC Filings, and other different industry publications. Additionally, our team conducts extensive primary research with key industry participants to gather first-hand data. The data is then analyzed and validated by industry experts.
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