What's driving the Aerogel Insulation Market Growth? Key Players are BASF, Aerogel technologies, Aspen, Svenska, Enersen SAS, Cabot Corporation
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Steady inflation in the oil & gas industry owing to the constant supply from oil rich economies across the globe will stimulate the demand for aerogel insulation market share. Key product applications in supercapacitors, padding for heat storage in automobiles, and electrodes for capacitive deionization supports the product portfolio. Besides, major properties of aerogel afford their suitability for many applications in high-tech commercial field such as waste management, super insulating jackets, and nuclear particle detection.
Shifting consumer preferences towards energy conservation owing to the rising GHG emissions along with elevated carbon footprint will be key impetus in the overall aerogel insulation market. Increasing green building projects across several regions including North America and Europe will positively influence product penetration over the forecast timeframe. In addition, positive application outlook as improved acoustic or thermal insulation material for building envelope will further boost the business growth.
Asia Pacific Aerogel Insulation Market is anticipated to surpass USD 350 million in the overall market by 2025. Rapid economic growth and low interest rates in the real estate sector will continue to drive the business size. An upsurge in urban development owing to the surging industrialization and massive push in the residential buildings sector will provide positive scope for the industry share. Increasing trend in the discretionary income and credit availability has boosted the demand for consumer durables. Favorable investment schemes to boost regional construction sector will further support the demand of overall aerogel insulation market.
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Stringent policies & standards pertaining to the work environment conditions in several industries will amplify the market growth. For instance, ASTM standards C1057 and C1055 offers specific process engineers and system specifiers guidelines for making the respective work atmosphere safe from burn hazards. However, lack of awareness pertaining to the product benefits along with raw material price trend fluctuations may hinder the overall aerogel insulation market growth.
Carbon will observe significant gains exceeding 15% CAGR in the overall aerogel insulation market over the projected time period. Increasing application of carbon material in the electronic industry owing to its electrically conductive nature will further augment the segment size. These material stands to benefit from existing regulation such as environmental or chemical standards like the REACH regulation. Long terms strategic partnerships with raw material suppliers to reduce operational cost are the among the key strategies that are adopted by the aerogel insulation market participants.
Global industry share is competitive in nature owing to the presence of several global and regional players. Major companies present in the business include BASF, Aerogel technologies, Aspen, Svenska and Enersen SAS. Other prominent players include Cabot Corporation, Nano High-Tech, Guangdong Alison Hi-Tech, Active Aerogels, and Jios. Global players are making substantial investments in several technological advancements and innovations for strengthening their foothold in the overall aerogel insulation market across the globe. For instance, BASF SE announced strategic partnership with Aspen on 3rd April 2019, which will help both companies to manufacture and distribute new non-combustible and superior-quality thermal insulation product SLENTEX for global market.
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