Global Aerogel Market Share Is Expected To Grow At A CAGR Of 10.78% By 2028

13-Sep-2022 | Facts and Factors

According to Facts and Factors, the global aerogel market size was worth around USD 702.9 million in 2021 and is predicted to grow to around USD 1190 million by 2028 with a compound annual growth rate (CAGR) of roughly 10.78% between 2022 and 2028.

Aerogel is the world’s most lightweight solid created by replacing the liquid in gel with gas. It has been termed as the material of the future, the global aerogel market may flourish in the coming years if certain restraining factors are worked upon. It comprises 99.98% air in terms of volume making it extremely difficult to produce but no other solid material comes close to the properties of aerogel making it the current favorite of science scholars. Even though the product was first created in 1931, by Samuel Kreitler, as a part of a bet, the material since its innovation, has managed to gain attention across industries. The name of the material may be misleading but it is solid, rigid, and dry and does not, in any way, resume the properties of the gel. Aerogels are extremely strong but they cannot bear high tension, and pressing them with extreme firmness may have catastrophic outcomes as they may shatter like glass. Some other properties include excellent insulation, especially silicas-based aerogel since only 3% of its entire component is silica, and the rest 97% is air. Since air has low thermal conductivity, silica-based aerogels are good thermal insulators. However, they may not be very effective as insulators in terms of radiative heat.

Browse the full “Aerogel Market Size, Share, Growth Analysis Report By End User (Oil & Gas, Automotive, Marine, Aerospace, Building & Construction, and Others), By Product (Polymers, Carbon, Silica, and Others), By Form (Particle, Blanket, Monolith, and Panel), and By Region - Global and Regional Industry Insights, Overview, Comprehensive Analysis, Trends, Statistical Research, Market Intelligence, Historical Data and Forecast 2022 – 2028" report at https://www.fnfresearch.com/aerogel-market

The global aerogel market cap suffered losses during Covid-19 which was majorly driven by the closure of manufacturing units and halt in production. Aerogels require extremely advanced machines for production that have to be handled under extreme supervision and by skilled personnel only. As a result of the non-availability of manual resources, the global market growth dipped during the initial phase of the pandemic.

The global aerogel market is projected to grow owing to the increasing demand in the building and construction industry as well as marine, and aerospace sectors. There is a growing trend of investment in developing windows for buildings where aerogel is sandwiched between two glass sheets. These windows are lighter than traditional three layers windows and offer better insulation properties. The construction market was valued at USD 249.9 in 2022 and may grow at a CAGR of 7.78% by the end of 2030. For instance, currently, New York city in the United States is home to more than one million buildings of all types. The growing industrialization and commercialization of areas resulting in the development of high-rise buildings are projected to help the construction market grow further. The global market cap may also benefit from the recent development of cotton aerogel which may have vast applications in the clothing sector since it can be used to manufacture jackets and help reduce the bulkiness seen in traditional winter wear.

The complex nature of aerogel manufacturing is projected to restrict the global market growth while the rising application in healthcare may provide growth opportunities. The high cost of the material is anticipated to challenge the global market expansion

The global aerogel market is segmented based on end-user, form, product, and region.

Based on end-user, the global market is segmented into oil & gas, automotive, marine, aerospace, building & construction, and others. The oil & gas industry led the segmental growth with a revenue share of over 63.9%.

Based on form, the global market is divided into particle, blanket, monolith, and panel, with the blanket segment leading the global market. The particle segment may grow at a CAGR of 16.65% during the projection period.

Based on product, the global market segments are polymers, carbon, silica, and others. The global market was led by silica-based aerogels in 2020 with a market share of 67.1%.

The global aerogel market is projected to be led by North America during the forecast period. The United States is expected to contribute heavily to regional growth owing to increasing revenues in building and construction. The US is one of the top regions housing a large number of more than 100-storey buildings. The highly advanced economy as well as the presence of the biggest giants from across industries has helped the US become a world leader in terms of construction. Growth in Europe may be driven by the recent policy by the European countries to improve energy efficiency, especially in commercial buildings. This has resulted in a growing demand for aerogel windows to control heat loss and optimize energy consumption levels. As per estimated a room may lose up to 30% of the cooling or heating energy in case of improper window installation.

Report Scope

The global aerogel market is dominated by players like Armacell, Nano Technology Co., Ltd., BASF SE, Enersens, Cabot Corp., and Dow, Inc.

Recent Developments:

• In April 2021, Aspen Aerogels, a sustainability challenges solution provider, announced the awarding of a contract for providing its Cryogel®Z aerogel insulation to PTT Public Company Limited led project termed Nong Fab LNG Receiving Terminal.
• In July 2022, scholars at Harbin Institute of Technology, China, in collaboration with US colleagues, developed a ceramic aerogel that is made from nanocrystals that are embedded in a matrix for applications as thermal insulators.

The global aerogel market is segmented as follows:

By End User

• Oil & Gas
• Automotive
• Marine
• Aerospace
• Building & Construction
• Others

By Product

• Polymers
• Carbon
• Silica
• Others

By Form

• Particle
• Blanket
• Monolith
• Panel

By Region

• North America
  • The U.S.
  • Canada
  • Mexico
• Europe
  • France
  • The UK
  • Spain
  • Germany
  • Italy
  • Nordic Countries
    • Denmark
    • Sweden
    • Norway
  • Benelux Union
    • Belgium
    • The Netherlands
    • Luxembourg
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • Australia
  • South Korea
  • Southeast Asia
    • Indonesia
    • Thailand
    • Malaysia
    • Singapore
    • Rest of Southeast Asia
  • Rest of Asia Pacific
• The Middle East & Africa
  • Saudi Arabia
  • UAE
  • Egypt
  • South Africa
  • Rest of the Middle East & Africa
• Latin America
  • Brazil
  • Argentina
  • Rest of Latin America

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