Aerogel Market worth $1,045 million by 2025 | Key players operating in the market include Aspen Aerogels, Cabot Corp, Aerogel Technologies, Nano tech, Armacell

According to recent market research "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.

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Polymer aerogel material is stronger than silica aerogel. Unlike its silica counterpart, polymer aerogel has high strength, is mechanically robust, and can be used for structural applications. Organic polymer aerogels can be made from resorcinol formaldehyde, phenol formaldehyde, melamine formaldehyde, cresol formaldehyde, phenol furfuryl alcohol, polyacrylamides, polyacrylonitriles, polyacrylates, polycyanurates, polyfurfuryl alcohol, polyimides, polystyrenes, polyurethanes, polyvinyl alcohol dialdehyde, epoxies, agar, and agarose. The growth of polymer aerogels is mainly driven by its low thermal conductivity and high mechanical strength.

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.

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The aerogel market size is estimated to be USD 638 million in 2020 and is expected to reach USD 1,045 million by 2025, at a CAGR of 10.4% during the forecast period. Factors such as super thermal resistance, thinner and lighter alternative will drive the aerogel market. The major restraint for the market will be the high manufacturing cost, poor mechanical strength. However, the potential substitute for conventional insulation materials will act as an opportunity for the market.

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).

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Armacell (Germany) is one of the major players in the aerogel market. In order to expand its business, the company is focusing on enhancing its market reach by entering new markets and regions. For instance, in August 2019, Armacell (Germany) launched its industrial-scale aerogel line at its new plant in Cheonan, South Korea. This development can increase the annual production of aerogel-based insulation products from 250,000 m2 to 750,000 m2. Similarly, Aspen Aerogels has made an expansion into automotive design and production with the introduction of Airloy in the automotive application.

The Aerogel Technologies (US) is also one of the leading suppliers of aerogel. It caters to the demand for aerogel products in North America, Europe, and APAC. It has a strong foothold in the markets in APAC, North America, and Europe. It The company has developed a new manufacturing technology that enables the production of aerogels with the durability of plastics in theoretically unlimited dimensions. This technology can enable aerogels to be used as a lightweight structural material for a wide variety of application.

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