Global Aerogel Market - Segmented by Raw Material, by Form, by Application, by End-user industry and Geography - Growth, Trends and Forecasts (2018 - 2023)
The global aerogel market is expected to witness a moderate CAGR during the forecasted period, 2018-2023. North America is the largest market for aerogel owing to its special interest towards research, development, and innovation, and the usage of new materials in that region. Asia-Pacific is the fastest-growing market during the given forecast period, due to the technological advancement in this region.
Robust Demand for Silica Aerogel to Drive the Market
Silica aerogel has low density, low thermal conductivity, low sound speed, low refractive index, and high transparency, which makes it suitable to be used for super capacitors, water deionizers, sensors for gas detection, pollution filters, dielectric integrated circuits, absorbents, catalysis, matching layers for acoustical transducers, sound insulation, kinetic energy absorbers, sound insulation, impact protection, nuclear particle detectors, and many more.
The use of silica aerogel is gaining significant attention from the aerospace industry in recent years, due to its exceptional insulation properties and lightweight nature. In the oil & gas industry, it is widely used in insulation packs for oil & gas subsea pipelines. In the construction industry, their application can be found in architectural panels, glass units, and tensile roofing systems, and many others. As these continue to grow, the use of silica aerogel is expected to increase during the forecast period.
Increasing Demand from Automotive Industry
In the automotive industry, aerogel is used in automotive insulation applications. Due to its extremely thin profile, hydrophobic nature, superior moisture resistivity, and outstanding resistivity to flame spread and smoke emission, the use of aerogel has continued to rise in automotive industry, through the years. For instance, aerogel blankets are used in passenger cars, trucks, restored and modified cars, drag racers, stock cars, vans, and recreational vehicles. With automotive production increasing over the years, the use of aerogel in automotive is also on the rise, thereby, driving the market during the forecast period.
North America to Dominate the Market
The United States is expected to continue being the leading country in North America. Increasing stringent environmental norms by the United States government, growing awareness on environment-friendly products, and extensive research on product and process development to manufacture aerogel, are the key factors helping the United States maintain the top position in the global aerogel market. Thermal and acoustic insulation is the major application where the aerogel is highly used. The United States Department of Energy (DOE) is investing in innovative insulation material that saves energy and money for industrial sector. Hence, the market for aerogel is expected grow at a moderate rate in the region during the forecast period.
Major Players: Green Earth Aerogel Technologies, BASF SE, DowDuPont, and SVENSKA Aerogel AB, amongst others.
Key Developments in the Market
July 2017: Aspen Aerogels, launched Pyrogel HPS aerogel insulation technology, which will provide good thermal conductivity and economic performance at service temperatures of up to 650°C
Reason to purchase this Report
Analyzing various perspectives of the market with the help of Porter’s five forces analysis
Application that is expected to dominate the market
Regions that are expected to witness fastest growth during the forecast period
Identifying the latest developments, market shares, and strategies employed by the major market players
3-month analyst support, along with the Market Estimate sheet (in excel)
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