(EnergyIndustry.Net, June 14, 2022 ) The report "Aerogel Market by Type (Silica, Polymer, and Carbon), Form (Blanket, Panel, Particle, and Monolith), Processing (Virgin, Composites, and Additives), Application (Oil & Gas, Construction, Transportation, and Performance Coating) - Global Forecast to 2025", is projected to reach USD 1,045 million by 2025, at a CAGR of 10.4% from USD 638 million in 2020. Aerogel is a porous, solid material consisting of a network-like nanostructure that displays outstanding properties, such as low density and thermal conductivity, high surface area, and flame, moisture, sound, and weather resistance. It is an advanced high-performance insulation material with high load-bearing capacity and exhibits a low optical index of refraction; low dielectric constant; a high degree of porosity; high specific surface area; and superlative thermal, acoustic, and impact damping properties.
In 2020, the outbreak of COVID-19 has impacted the global economy and demand scenario in major industries across the globe. The pandemic scenario has resulted in global lockdown and restriction in industrial operations, trade activities, disruption in supply-chain, and so on. The major end-use industries of aerogel, such as oil & gas, construction, transportation, and others, were also impacted during this scenario. Slump in oil price and delay in new installation in pipelines, less demand from the automotive sector, and a temporary halt in construction activities across the globe for a few months in 2020 have impacted the market. The high growth aerogel market is expected to witness relatively slower growth in 2020 as an outcome of slow demand from end-use industries. However, the market is recovering, and industries have started operations with reduced capacity and following government guidelines. All the end-use industries are expected to be fully operational from the beginning of 2021 and generate high demand for aerogel. Hence, the market is projected to record a high CAGR during the forecast period.
Particle segment is projected to be the fastest growing form of the aerogel market during the forecast period
The particle form is expected to be the fastest-growing segment of the aerogel market during the forecast period. Growing demand from applications, such as day-lighting, performance coating, and personal care and cosmetics, is expected to drive the aerogel market in the particle segment. Particle materials offer light transmission properties and low thermal conductivity, making them ideal for fenestration segments, such as architecture and construction and building applications. The particle material is also used for applications in the automotive and marine, and clothing segments.
Composite is projected to be the fastest growing segment of aerogel market during the forecast period.
In the composites segment, the as manufactured aerogel forms are compounded with one another and used as a bundled pack for applications. Aerogel forms are bundled together using a binding material (for example, glue). These materials are altered and modified to enhance their physical properties and mechanical strengths. For example, Aspen Aerogels Inc. (US) manufactures composite aerogel materials by combining fibrous battings of inorganic or organic fibers with aerogels for high-temperature applications.
Browse in-depth TOC on "Aerogel Market” 179 - Market Data Tables 66 - Figures 205 - Pages
The transportation segment is estimated to be the fastest growing application of the aerogel market during the forecast period.
Unique properties, such as excellent thermal resistance, enhanced acoustic insulation, lightweight, reduced thickness, and fire and water resistance, are pushing the demand for aerogel materials in this segment. The aerogel market for transportation applications is expected to witness slow demand in 2020, owing to decreased demand in the automotive industry across the globe. The decrease in the production of automotive is expected to impact the demand for aerogel for this application. However, the industries are gradually getting back on track, and demand is expected to boost during the forecast period.
APAC projected to be fastest growing region for the aerogel market during the forecast period
Growing industrialization and infrastructure development in the region offer enormous opportunities for the use of aerogel in Asia Pacific. Very few companies based in China and South Korea are involved in the production of aerogels, mainly due to the requirement of huge capital and advanced technology. The technology for producing aerogels at the commercial level is patented by leading players, such as Aspen Aerogels and Cabot Corporation. The R&D required for aerogels adds costs to the already expensive manufacturing process. These factors have been hurdles for the large-scale establishment of aerogels in Asia Pacific
The key market players profiled in the report include Aspen Aerogels (US), Cabot Corporation (US), Aerogel Technologies (US), Nano tech Co. Ltd. (China), Armacell (Germany), Guangdong Alison Hi-Tech (China), Active Aerogels (Portugal), Enersens (France), JIOS Aerogel (South Korea), and BASF (Germany)
MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.
Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the “Growth Engagement Model – GEM”. The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write “Attack, avoid and defend” strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.
MarketsandMarkets’s flagship competitive intelligence and market research platform, “Knowledge Store” connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.