Aerogels are produced by a combination of silica, solvent, and the resulting product is formed by removing the water through supercritical drying process. They are extensively used in refrigeration, buildings & construction to impart heat resistance and durable nature to the final product. Moreover, they also provide reliability and versatility to the product.
The Global Aerogel Market is driven by the scope of its application in various sectors such as oil & gas, construction, transportation, performance coating, and others. Moreover, oil & gas segment is set to grow at a higher CAGR owing to the endless use of insulation materials in the sector.
Some of the well-known players functioning in the Global Aerogel Market are Aspen Aerogels, Inc. (U.S.), Cabot Corporation (U.S.), Aerogel Technologies, LLC (Germany), Nano High-Tech Co., Ltd. (China), Guangdong Zhaoqing L&V Co. Ltd. (China), Active Aerogels (Portugal), Enersens SAS (France), JIOS Aerogel Limited (U.S.), BASF SE (Germany), and Svenska Aerogel AB (Sweden) among others.
The Global Aerogel Market is segregated into the type, form, processing, and application. The market by type is classified into silica, polymer, and carbon segments. The market by form is differentiated into blanket, panel, particle, and monolith segments. On the basis of processing, the market is sub-divided into virgin, composites, and additives segments. The market by application is bifurcated into oil & gas, construction, transportation, performance coating, and others.
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The Silica type is leading the market on account of its growing consumption in oil & gas, construction, performance coating, and others. This type is anticipated to continue its dominance in the market over the assessment period.
The blanket form is leading the market due to extraordinary features offered by the product such as fire resistance and excellent heat insulation. The growing demand for the product in infrastructure development and facilities is expected to propel the market in the next couple of years.
The virgin processing is leading the market due to unique features exhibited by the final product such as lightweight, biocompatible, minimal maintenance, and other features.
Oil & gas hold a major portion of the Aerogel Market. The increasing installation of deep pipeline installations in downstream industries is the major factor behind their growth in the market.
Geographically, Aerogel Market is segmented across five regions in the world namely Asia Pacific, North America, Europe, Latin America, and the Middle East & Africa. Among these, North America holds a majority of the market share due to advantages offered by the product and growing need for high performance insulation materials in major industries. Asia Pacific is set to expand at a significant rate owing to growing demand for Aerogel in construction, furniture, textiles, and other sectors. In this region, the manufacturers and investors are shifting their focus from heavy materials to lighter products in end-use applications. The enactment of new rules and regulations to use aerogel product in pipelines instead of steel has driven the market in the European region. Due to economic slowdown and use of expensive raw materials, Latin American region is estimated to witness a moderate growth in the market. The rising demand for high performance insulation materials in the Middle East & African region is projected to drive the market during the forecast period.
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