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2020
Aerogel Market

Aerogel Market

by Raw Materials (Silica, Carbon, Alumina, and Others), Form (Blanket, Particle, Block, Panels, and Others), and Application (Building Insulation, Oil & Gas, Aerospace, Automotive, Healthcare, Chemical, Electronics, Apparel, and Other): Global Opportunity Analysis and Industry Forecast, 2020-2027
Update Available On-Demand

Report Code: A00049
Pages: 386
Jul 2020 | 26541 Views
Author(s) : Ayushi C , Eswara P
Tables: 228
Charts: 76
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Aerogel Market Outlook - 2027

The global aerogel market was valued at $701.0 million in 2019, and is projected to reach $1,395.5 million by 2027, registering a CAGR of 9.3%.

Aerogels is a diverse class of ultralow synthetic material derived from a gel, in which the liquid component of the gel is replaced with a gas by supercritical drying.  It is composed of an interconnected nanostructure network with minimum 50% porosity. Though solid, it is extremely lightweight and possesses low thermal conductivity, which make it an ideal insulation material. 

The growth of the aerogel market is primarily driven by the development of the building and oil & gas industries. This is attributed to the fact that aerogel coatings are used in the oil & gas industry as insulators. Oil & gas or in particular petroleum industry carries volumes of unprocessed oil materials through pipes. Aerogel, due to its properties of chemical inertness and lower heat conductance, acts as an ideal choice for pipe insulation and protection. Owing to its special molecular structure, it acts as a barrier for heat transfer, hence, aerogel does not show tendency of melting down. In the construction industry, aerogel-based blankets are increasingly being used to insulate roofs and walls of buildings. Aerogel is the much lighter than other conventional insulation products. Hence, with much thinner coating, it is able to provide more resistance than the conventional plastic foam and glasses, due to its lightweight. Thinner coating of aerogel can provide similar insulation effect as compared to plastic foam and glass. For example, thermal sensitivity value of aerogel is ~R 10 per inch, whereas that of plastic foam versions such as for XPS ~R 5 per inch, for EPS ~R 4 per inch, and for PU ~R 6 per inch. Furthermore, by having low density and low thermal conductivity, aerogel is considered as an ideal material for thermal protection. Owing to such protective performance, it is embedded in fire fighter’s protective clothing and is being incorporated in apparels such as shoes and jackets. Moreover, the development of the aerospace and automotive industries significantly contribute toward the growth of the global market. 

Infographics_Global Aerogel Market

However, high cost of production of aerogel is expected to hinder the growth of the market. The expensive production process of aerogel is a major limiting factor of the market growth. The complex heating and supercritical drying process add to the cost of production. Owing to this major drawback in the new production technology, the overall production cost increases and manufacturers have to increase the price of product to meet the expense, thereby negatively impacting the market growth. On the contrary, the cost of production is expected to fall, which is anticipated to further motivate stakeholders to adopt aerogel for various purposes. Moreover, due to lack of customer awareness, presently the adoption of aerogel is less as compared to the other insulating materials, though it is expected to increase during the forecast period. Thus, all these factors collectively are expected to provide remunerative opportunities for the expansion of the global market.

With high surface area, the carbon aerogel could be used in hydrogen and electrical energy storage. Most importantly, the energy storage capacity could be improved by manipulating the network structure of carbon aerogel. Moreover, due to such unusual chemical and textural characteristics, it could be used as electrode material in super capacitors, rechargeable batteries, and advanced catalyst support. Increase in trend of electric mobility is expected to create growth opportunity for graphene aerogel-based batteries market. In 2019, a team of researchers in the UK created a graphene aerogel composite anode material as part of their battery development program. They concluded that graphene-containing aerogels could be potential candidates for low-cost high-performance composites for energy storage applications. Graphene-containing aerogels could be used in high-performance composite materials for near future energy storage applications, such as in electric vehicles. Hence, increase in demand for electric vehicles from both developed and developing nations to curb pollution and to reduce the dependency on the conventional fuel usage is expected to create lucrative opportunities for aerogel market growth in future.

The report segments the global aerogel market by raw material into silica, carbon, alumina, and others. The market is categorized by form into blanket, particle/powder, blocks, and panel. Applications include building insulation, oil & gas, aerospace, automotive, health care, chemical, electronics, apparel, and others. Region wise, the market is analyzed across North America, Europe Asia-Pacific, and LAMEA.

Some of the leading manufacturers profiled in this report include 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. These major key players are adopting different strategies such as strategic agreements, new product launches, and business expansions to stay competitive in the global aerogel market.

Aerogel Market
By Region

2027
North America 
Europe
Asia-pacific
Lamea

Europe would exhibit an CAGR of 10.6% during 2020-2027

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Aerogel Market, By Region

North America dominated the market in 2019, accounting for a market share of 39.1%, owing to rise in consumer awareness toward global warming, which, in turn, boosts the adoption of insulation solutions such as aerogel in industrial and domestic applications such as buildings and oil & gas refineries.

Aerogel Market
By Raw Material

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Carbon is projected as the fastest growing segment

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Global Aerogel Market, By Raw Material

In 2019, the silica aerogel segment garnered the highest share of 69% in the global market. This is attributed to the fact that aerogels possess enhanced heat insulation properties and characteristics such as lightweight, chemically inertness, and reusability of silica aerogel.

Aerogel Market
By Form

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Particle is projected as the fastest growing segment

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Global Aerogel Market, By Form

In 2019, blanket was the largest revenue generator, accounting for a share of 69% in the global aerogel market, owing to its increase in use in building insulation and oil & gas industry. 

Aerogel Market
By Application

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Automotive is the fastest growing application

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Global Aerogel Market, By Application

In 2019, oil & gas was the highest revenue generator, accounting for a market share of 56%. This is attributed to chemical inertness and lower heat conductance of aerogel, which make it a suitable material for pipeline insulation.

Key Benefits For Stakeholders

  • The global aerogel market analysis covers in-depth information of major industry participants.
  • Porter’s five forces analysis helps to analyze the potential of buyers & suppliers and the competitive scenario of the industry for strategy building.
  • Major countries have been mapped according to their individual revenue contribution to the regional market.
  • The report provides an in-depth analysis of the global aerogel market forecast for the period 2020-2027.
  • The report outlines the current global aerogel market trends and future estimations from 2020 to 2027 to understand the prevailing opportunities and potential investment pockets. 
  • The key drivers, restraints, and global aerogel market opportunity and their detailed impact analysis is elucidated in the study.

Aerogel Market Report Highlights

Aspects Details
By Row Material
  • Silica
  • Carbon
  • Alumina
  • Others
By Form
  • Blanket
  • Particle
  • Block
  • Panels
By Application
  • Building Insulation
  • Oil & Gas
  • Aerospace
  • Automotive
  • Healthcare
  • Chemical
  • Electronics
  • Apparel
  • Other
By Region
  • North America  (U.S, Canada, Mexico)
  • Europe  (France, Germany, UK, Spain, Italy, Rest of Europe)
  • Asia-Pacific  (India, china, Japan, Korea, Australia, Rest of Asia-Pacific)
  • LAMEA  (Brazil, Saudi Arabia, South Africa, Rest of LAMEA)
Key Market Players ARMACELL INTERNATIONAL S.A., ACTIVE AEROGELS, AEROGEL TECHNOLOGIES LLC, ASPEN AEROGELS INC., BASF SE, CABOT CORPORATION, DOW INC., JIOS AEROGEL CORPORATION, SVENSKA AEROGEL AB, THERMABLOK AEROGELS LIMITED
 

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The global aerogel market is expected to witness significant growth by 2027, owing to rise in adoption of aerogel on account of its lightweight and reusability. However, the major restraint of the market is its high cost of production. Conversely, surge in demand for aerogel products in various applications is anticipated to offer remunerative opportunities for market expansion during 2020–2027. 

Many aerogel producers have developed their unique procedures to produce aerogel that is being commercialized through collaborations with end-use industries. This factor significantly contributes toward the growth of the global aerogel market. Furthermore, increase in consumer acceptance of aerogel as an insulating material instead of the conventional products in the developing countries of Asia-Pacific and LAMEA is projected to fuel the market growth in the near future. Moreover, the commercialization of aerogel in its potential applications such as apparel, energy storage, oil spill cleaning, and space suit insulation significantly drives the market growth.

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FREQUENTLY ASKED QUESTIONS?

A. The global aerogel market was valued at $701 million in 2019

A. include 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. Are some of the leading players in the global aerogel market

A. The manuacturing cost of aerogel, energy storage capacity, and strength are major areas of development for aerogel market

A. Automotive is projected to be the fastest growing segment, owing to its use in acoustic and thermal insulation in cars

A. Use of aerogel in cars as thermal and acoustic insualtion, in cospmetic formulations, energy storage devices are the the emerging trends in the global aerogel market Use of aerogel in cars as thermal and acoustic insualtion, in cospmetic formulations, energy storage devices are the the emerging trends in the global aerogel market Use of aerogel in cars as thermal and acoustic insualtion, in cospmetic formulations, energy storage devices are the the emerging trends in the global aerogel market

A. The raw material segment is the most influential segment

A. North America dominated the market in 2019

A. Automotive applications are expected to be the fastest growing application of aerogel

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