Market Synopsis:
Market Research Future (MRFR)’s new report highlights that the global aerogel market is set to expand at a healthy CAGR during the forecast period 2017 to 2023. Aerogel has developed application across various industries such as oil & gas, building insulation, aerospace, transportation, electronics, and others. The growth of the end-user industries is likely to drive the expansion of the global market over the assessment period. Meanwhile, the increasing demand from the burgeoning automotive industry is projected to have a relatively higher impact on the proliferation of the aerogel market in the upcoming years.
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Silica aerogel offers low density, high transparency, low thermal conductivity, etc. which makes it suitable for various uses such as pollution filters, supercapacitors, absorbents, etc. The demand for silica aerogel is expected to witness an upswing over the next couple of years. It is projected to propel the expansion of the global aerogel market during the assessment period. Furthermore, the extensive use of silica aerogel across the oil & gas, and aerospace industry is estimated to expedite the growth of the aerogel market.
Market Segmentation:
By type, the global aerogel market has been segmented into silica, polymer, and carbon segments.
By form, the aerogel market is segmented into blanket, panel, particle, and monolith segments.
By processing, the global aerogel market has been segmented into virgin, composites, and additives segments.
By application, the aerogel market is segmented into oil & gas, construction, transportation, performance coating, and others.
Regional Insights:
The global aerogel market, by region, has been segmented into Asia Pacific, Europe, North America, Latin America, and the Middle East & Africa. North America is a major regional market for aerogel globally. The growing consumption of insulation materials across different industries is expected to propel the expansion of the aerogel market in the region. Furthermore, the rising demand for aerogel from the oil and gas industry owing to low installation cost and better compression resistance is also anticipated to have a favorable influence on the growth of the market. The U.S., Canada, and Mexico are the most significant country-level markets of the region.
Asia Pacific is estimated to register a significant growth rate over the assessment period. The factors that are favoring the growth of the regional aerogel market include growth of the end-user industries, rising inflow of investments, widening range of application across verticals, etc. The country-level markets that are expected to witness substantial growth include China, Japan, and India.
Europe is an important revenue pocket of the global aerogel market and is poised to show a steep rise in the growth owing to the implementation of new regulations favoring the proliferation of the market. The growing innovation and technological advancements are likely to catapult the aerogel market on an upward trajectory with major contributions coming from the U.K, Italy, Germany, and France.
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Industry News:
In February 2018, L.L. Bean, a leader in clothing and outdoor recreation equipment, has introduced ultralight sleeping bags produced through innovative PrimaLoft insulation which blends aerogel with traditional fibers.
In June 2018, Graphene Composites, a Durham firm, has developed bulletproof armor for school kids using aerogel, ultrastrong graphene, and other advanced materials.
In November 2018, the researchers of National University of Singapore (NUS) have innovated an inexpensive way of creating aerogel from waste plastic bottles.
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Competitive Dashboard:
Some of the key players profiled in the report are BASF SE (Germany), Cabot Corporation (U.S.), Aerogel Technologies, LLC (Germany), Aspen Aerogels, Inc. (U.S.), Nano High-Tech Co., Ltd. (China), Active Aerogels (Portugal), Enersens SAS (France), JIOS Aerogel Limited (U.S.), Guangdong Zhaoqing L&V Co. Ltd. (China), and Svenska Aerogel AB (Sweden).
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