Aerogel Market Overview:
Aerogel Market is expected to garner $1,926.6 million by 2021. Aerogel is a mesoporous solid foam, derived by replacing the liquid component of the gel with a gas. It is composed of an interconnected nanostructure network with minimum 50% porosity. Though solid, it is extremely porous and lightweight. In addition, it consists of low thermal conductivity features, which make it an ideal insulation material.
The aerogel sponge, can be recycled after use, thereby signifying its eco-friendly nature and cost effectiveness. There are features which drive the aerogel market, such as rise in its usage in many industries. These include oil & gas, aerospace, healthcare, electronics, building insulation, and others. Despite these features, the industry faces challenges from high production cost and poor mechanical strength. With advancements and innovations in materials, the aerogel market is expected to grow rapidly in the near future across the globe. However, the adoption of aerogel in newer applications, such as apparel, agriculture, and power generation, could foster the market growth, during forecast period.
The aerogel market is dominated by silica aerogel, which is used in almost all major applications, such as oil & gas, building insulation, automotive, aerospace, electronics, and others. However, the report segments the market by raw materials such as carbon, alumina and others.
Silica aerogel, garnered more than three fourth share in the aerogel market worldwide, in 2014. However, the consumption of carbon aerogel is estimated to be the highest owing to growing application of carbon aerogel in electronics, semiconductor and super capacitors applications, during the forecast period.. Moreover, graphene (carbon based) aerogel, could be the ideal raw material for oil absorption application owing to its extremely low density and hydrophilic attributes.
The aerogel market is segmented by form into blanket, particle/powder, blocks and panel. Theblanket aerogel captured more than 70% share in the total market, in 2014. This is due to its wide usage in oil & gas, pharmaceuticals, and other industries. Based on application, the industry is segmented into building insulation, oil & gas, aerospace, automotive, health care, chemical, electronics, apparel, and others. The oil & gas application garnered the highest revenue of $157.8 million, in 2014. It is anticipated that it would experience a substantial market growth in the near future. The building insulation application would be one of the fastest growing application segment at a CAGR of 35% during the forecast period. The rise in awareness of global warming leads to increase in use of aerogel panel in the newly constructed buildings of developed regions, such as Europe and North America.
In terms of geography, the aerogel market is segmented into North America, Europe Asia-Pacific, and LAMEA. Consumption of the aerogel in North America, was the highest owing to increasing demand of aerogel for oil & gas and construction applications, in 2014. . However, Europe would be the fastest growing region, accounting for the highest CAGR of 34.7% in the market across the globe.
Competitive Intelligence of the prominent manufacturers operating in the aerogel market, provides key insights on the strategies implemented. Top market players adopt product launch, partnership, and expansion as their key business strategies to sustain in the competitive market. Some of the leading manufacturers profiled in this report include Aspen Aerogel Inc., Cabot Corporation, American Aerogel Corporation, Svenska Aerogel AB, BASF SE, Dow Corning Corporation, Airglass AB, JIOS Aerogel, Active Aerogels, and Acoustiblok UK Ltd.
Key Benefits Of Aerogel Market Report:
- It includes extensive analysis of the factors driving as well as restraining the market
- It consists of the market projections for period, 2014-2021
- It provides quantitative as well as qualitative analysis of trends to help the stakeholders in understanding the situations prevailing in the market.
- It includes SWOT analysis which helps in comprehending the internal environment of the leading companies for strategy formulation.
- It highlights competitive intelligence of the business practices followed by the leading market players across various geographies.
Aerogel Market Key Segments:
The world aerogel market is segmented as:
By Raw Material
- Building insulation
- Oil & Gas
- North America