Aerogel Market Report, published by Allied Market Research, forecasts that the global market is expected to garner $1,926.6 million by 2021. Silica aerogel is expected to generate around three-fourths of the overall market revenue by 2021. The European aerogel market is projected to grow at the highest CAGR of 34.2% during the forecast period.
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Aerogel is a porous, dry solid material that exhibits a wide array of properties, such as low density, low thermal conductivity, and light weight. The primary attributes of aerogel, such as reusability, recyclability, high durability, and thermal resistance, have fostered its adoption across numerous end-user industries such as oil & gas, automotive, aerospace, electronics, and others. However, mass adoption of aerogel is strictly limited to these industries, owing to its relatively high pricing. However, application areas of aerogel are likely to be diversified with the advent of various cost-efficient manufacturing techniques. Supporting government policies related to green infrastructure in the European and Middle Eastern countries would promote the adoption of aerogel in the building insulation application segment.
In 2014, blanket aerogel was the most widely used aerogel in the market, accounting for about 71% share of the market. The other aerogels available in the market are particle, panel, and block aerogel. In 2014, oil & gas was the major revenue-generating segment in terms of application, garnering about three-fourths share of the overall market revenue. Building insulation is one of the fastest growing application segment, owing to increasing implementation of green infrastructure policies, globally, especially in Europe, North America, and Middle East.
Key Findings of Aerogel Market
- Electronics application segment is projected to grow at a CAGR of 36.9% from 2015 to 2021.
- Oil & gas segment is expected to maintain its dominance in the application segment during the forecast period.
- Aerospace, automotive, healthcare, and chemical industries jointly accounted for around one-fifths share of the overall market revenue in 2014.
- Particle/powdered aerogel is likely to exhibit the highest growth during the analysis period.
- In 2014, Asia-Pacific and LAMEA collectively accounted for around 40% share of the market.
In 2014, North America accounted for more than 40% share of the global market, owing to the increasing demand for aerogels in oil & gas industries based in the United States and Canada. However, Europe is expected to be the fastest growing region in the global aerogel market owing to stringent government regulations of the European Union which has further facilitated the implementation of green infrastructure.
The prominent players profiled in this report include Aspen Aerogels, Inc., American Aerogel Corporation, Cabot Corporation, Dow Corning Corp., Svenska Aerogel AB, BASF SE, Airglass AB, JIOS Aerogel, Active Space Technologies, and Acoustiblok UK Ltd., and others.