The global aerogel market is experiencing growth due to several factors such as growing demand from the oil and gas industry and the properties of aerogel like superior thermal resistance, reusability, and recyclability.
Allied Market Research published a report, titled, "Aerogel Market by Form (Blanket, Particle, Panel, and Monolith) by Type (Silica, Polymers, Carbon, and Others) by End-Use Industry (Building and Construction, Oil and Gas, Automotive, Aerospace, Performance Coatings, and Others): Global Opportunity Analysis and Industry Forecast, 2022-2032". According to the report, the global aerogel market was valued at $1.3 billion in 2022, and is projected to reach $7.5 billion by 2032, growing at a CAGR of 19.4% from 2023 to 2032.
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Aerogel is a mesoporous solid foam, which is derived by replacement of the liquid component of the gel with a gas and is composed of an interconnected nanostructure network with minimum 50% porosity. Though solid, it is extremely porous, lightweight, and possesses low thermal conductivity, making it an ideal insulation material. Aerogel sponge can be recycled after use, thereby signifying its eco-friendly nature and cost-effectiveness.
Prime determinants of growth:
The global aerogel market is experiencing growth due to several factors such as growing demand from the oil and gas industry and the properties of aerogel like superior thermal resistance, reusability, and recyclability. However, the high cost of production hinders the market growth to some extent. Moreover, demand for lightweight and protective equipment offers remunerative opportunities for the expansion of the aerogel market.
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The particle segment is expected to grow faster throughout the forecast period.
Based on form, the blanket segment held the highest market share in 2022, accounting for more than half of the global aerogel market revenue and is estimated to maintain its leadership status throughout the forecast period. This is because aerogel blankets are used as thermal insulation in spacecraft and satellites. They are highly effective at protecting against extreme temperatures and can be used to shield critical components from the harsh conditions of space. However, the particle segment is projected to manifest the highest CAGR of 19.84% from 2023 to 2032, as it is commonly used as insulation material due to their excellent thermal insulation properties. They can be added to various building materials, such as concrete and plaster, to improve energy efficiency and reduce heat loss.
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Leading Market Players: -
• ARMACELL
• ACTIVE AEROGELS
• AEROGEL TECHNOLOGIES, LLC.
• CABOT CORPORATION
• ASPEN AEROGELS, INC.
• BASF SE
• DOW
• SVENSKA AEROGEL AB
• THERMABLOK AEROGELS LIMITED
• GUANGDONG ALISON HI-TECH CO., LTD.
The report provides a detailed analysis of these key players in the global aerogel market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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