According to Facts and Factors, the Global Aerogel Market size is expanding from $702.9 million in 2021 to $1190 million by 2028, at a CAGR of approximately 10.78% between 2022 and 2028. The key market players are listed in the report with their sales, revenues and strategies are Armacell, Nano Technology Co. Ltd., BASF SE, Enersens, Cabot Corp., Dow Inc., and Others.
SAN FRANCISCO, U.S., Sept. 19, 2022 (GLOBE NEWSWIRE) -- Facts and Factors has published a new research report titled “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” in its research database.
“According to the latest research study, the demand of global Aerogel Market size & share was valued at approximately USD 702.9 million in 2021. The market is expected to grow above a CAGR of 10.78% and is anticipated to reach over USD 1190 million by 2028.”
The report analyses the market’s drivers and restraints, as well as the impact they have on-demand throughout the projection period. In addition, the report examines global opportunities in the global Aerogel market.
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.
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Key Insights from Primary Research
As per the analysis, the Aerogel market is likely to grow above a CAGR of around 10.78% between 2022 and 2028.
The Aerogel market size was worth around US$ 702.9 Million in 2021 and is estimated to hit approximately US$ 1190 Million by 2028. Due to a variety of driving factors, the market is predicted to rise at a significant rate.
Based on end user segmentation, oil & gas was predicted to show maximum market share in the year 2021
Based on product segmentation, silica was the leading revenue-generating product in 2021.
During the predicted time period, the North American aerogel market is expected to be the most lucrative worldwide.
The report also provides an in-depth analysis of the market's main competitors, as well as information on their competitiveness. The research also identifies and analyses important business strategies used by these main market players, such as mergers and acquisitions (M&A), affiliations, collaborations, and contracts. The study examines, among other things, each company's global presence, competitors, service offers, and standards.
Some of the main players in the global Aerogel market include
Nano Technology Co. Ltd.
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Market Growth Drivers
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.
Aerogel Market: COVID-19 Impact Analysis
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.
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Aerogel Market: Segmentation Analysis
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.
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Recent Industry 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.
Key questions answered in this report:
What is the market size and growth rate forecast for Aerogel industry?
What are the main driving factors propelling the Aerogel Market forward?
What are the leading companies in the Aerogel Industry?
What segments does the Aerogel Market cover?
How can I receive a free copy of the Aerogel Market sample report and company profiles?
Market Size in 2021
USD 702.9 Million
Projected Market Size in 2028
USD 1190 Million
CAGR Growth Rate
Key Market Players
Armacell, Nano Technology Co. Ltd., BASF SE, Enersens, Cabot Corp., Dow Inc., and Others
By End User, Product, Form, and Region
Major Regions Covered
North America, Europe, Asia Pacific, Latin America, and the Middle East &, Africa
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The global Aerogel market is segmented as follows:
By End User
Oil & Gas
Building & Construction
The Middle East & Africa
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Market Size, Trends, & Forecast by Revenue | 2022−2028
Market Dynamics – Leading Trends, Growth Drivers, Restraints, and Investment Opportunities
Market Segmentation – A detailed analysis by End User, Product, Form, and Region
Competitive Landscape – Top Key Vendors and Other Prominent Vendors
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