Shifting consumer preference toward green building materials is anticipated to help the global aerogel insulation market to grow significantly the in the forthcoming years owing to the increased consumer spending says a market report by RationalStat
Market Overview and Dynamics: The versatile application of aerogel insulation across various industries is expected to fuel the expansion of the global aerogel insulation market in the upcoming years
The global aerogel insulation market is expected to grow at a CAGR of around 11% during the forecast period of 2022-2028. The continuous technological advancements and innovation in the electronics industry, combined with a shift toward digital platforms, will drive the growth of the global aerogel insulation market in the upcoming years.
• Moreover, increased consumer expenditure on sustainable building solutions for optimal energy conservation would boost business growth prospects. Also, because of its insulating properties, increasing product usage in numerous electronic components such as capacitors, fuel cells, humidity sensors, infrared detectors, soft magnets, and Geiger counters will expand the growth of the market.
• Furthermore, rising demand for various semiconductor components as a result of the increased emphasis on Internet of Things (IoT) technology will drive market growth. Many developing economies like Singapore, Indonesia, China, India, etc. will witness rapid urbanization and industrialization, further will further fuel the demand for aerogel insulation.
• In addition, the healthcare industry is expected to be the fastest-growing market for aerogel insulation. The aerospace, defense, and automobile industry are driving demand, which is increasing aerogel usage.
However, the complex heating and supercritical drying process lead to the high production cost and this is one of the major challenges faced by the global aerogel insulation market.
• Based on product type, silicon holds a dominant share of the global aerogel insulation market due to its features including low density, low dielectric constant, and superior heat resistance of materials.
• Based on end-user, Building & Construction holds a dominant share of the market as the sector will grow due to an increase in the implementation of green building programs in various countries across the globe, whereas, Performance Coating acquires the second place in the market after Building & Construction segment.
• Based on region, North America holds a prominent share of the global aerogel insulation market due to the growing demand from various sectors like marine, oil & gas, and automotive sector.
Competition Analysis: The surging requirement for eco-friendly environment chemicals in the manufacturing of several products results is expected to spur the demand for aerogel insulation.
Due to the presence of many well-established companies in the global aerogel insulation market, there is intense competition in the global aerogel insulation market. The use of recycled silica aerogel in the construction and automotive segment is expected to boost the growth of the aerogel insulation market in the forthcoming years
Acquisitions, product launches, and partnerships are the identified industry trend in the global aerogel insulation market. Key market players adopt various strategies in order to reinforce their market share and gain a competitive edge over other competitors in the market. These players adopt various strategies in order to reinforce their market share and gain a competitive edge over other competitors in the market.
• In August 2020, Armacell launched a dual-temperature and cryogenic aerogel insulation blanket that does not shrink in cryogenic temperature, and its hydrophobicity and flexibility can provide protection against corrosion.
• In April 2019, BASF and Aspen Aerogels entered into a partnership by signing an addendum to their exclusive supply agreement. The new product SLENTEX was developed for unique applications in the building and construction sector.
Some of the prominent players that contribute significantly to the global aerogel insulation market growth include, Aerogel Technologies LLC, Aspen Aerogels Inc., BASF SE, Cabot Corporation Ltd., Dow Inc., JIOS Aerogel Pte Ltd., Svenska Aerogel Holding AB, Thermablok Aerogels Ltd., TAASI, Green Earth Aerogel Technologies Ltd., Enersens SAS, Armacell International SA, and Active Aerogels among others.
RationalStat has segmented the global aerogel insulation market on the basis of product type, form, processing, application, and region.
• By Product Type
o Organic and Carbon
o Metal Oxide
o Others (Nanotubes and Metal Aerogels)
• By Form
o Others (Block)
• By Processing
• By Application
o Building & Construction
o Performance Coating
o Oil & Gas
o Aerospace & Defense
o Healthcare, Pharmaceutical & Medical Devices
o Beauty and Cosmetics
o Others (Electronics, Marine, etc.)
• By Region
o North America
o Latin America
Rest of Latin America
o Western Europe
Rest of Western Europe
o Eastern Europe
Rest of Eastern Europe
o Asia Pacific
ASEAN (Indonesia, Vietnam, Malaysia, etc.)
Rest of Asia Pacific
o Middle East & Africa
Rest of the Middle East & Africa
For more information about this report
Kimberly Shaw, Content and Press Manager
Phone: +1 302 803 5429
RationalStat is an end-to-end US-based market intelligence and consulting company that provides comprehensive market research reports along with customized strategy and consulting studies. The company has sales offices in India, Mexico, and the US to support global and diversified businesses. The company has over 80 consultants and industry experts, developing more than 850 market research and industry reports for its report store annually.
RationalStat has strategic partnerships with leading data analytics and consumer research companies to cater to the client's needs. Additional services offered by the company include consumer research, country reports, risk reports, valuations and advisory, financial research, due diligence, procurement and supply chain research, data analytics, and analytical dashboards.
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