Aerogel Market worth $1,045 million by 2025| Key players Aspen Aerogels, Cabot Corporation, Aerogel Technologies, Armacell, Guangdong Alison Hi-Tech

According to recent market research the "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 ", The global aerogel market size is projected to grow from USD 638 million in 2020 to USD 1045 million by 2025, at a CAGR of 10.4% from 2020 to 2025. 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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Oil & gas is the largest application segment in the aerogel market. North America was the largest market for aerogel in oil & gas application in 2019, in terms of both volume and value. Factors such as super thermal resistance, thinner and lighter alternative will drive the aerogel market.
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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In the composites segment, the as manufactured aerogel forms are compounded with one another and used as a bundled pack for applications. Aerogel forms are bundled together using a binding material (for example, glue). These materials are altered and modified to enhance their physical properties and mechanical strengths. For example, Aspen Aerogels Inc. (US) manufactures composite aerogel materials by combining fibrous battings of inorganic or organic fibers with aerogels for high-temperature applications.

Growing industrialization and infrastructure development in the region offer enormous opportunities for the use of aerogel in Asia Pacific. Very few companies based in China and South Korea are involved in the production of aerogels, mainly due to the requirement of huge capital and advanced technology. The technology for producing aerogels at the commercial level is patented by leading players, such as Aspen Aerogels and Cabot Corporation. The R&D required for aerogels adds costs to the already expensive manufacturing process. These factors have been hurdles for the large-scale establishment of aerogels in Asia Pacific
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 companies also adopted new product launch as a strategy to expand their product portfolio and market presence. For instance, in August 2020, Armacell launched its next generation flexible aerogel blanket for dual-temperature and cryogenic applications. Armagel dt. exists in 5, 10, 15, 20 mm thicknesses and withstands up till -180¢ªc. Similarly, in February 2020, Enersens, launched its new product line, innovative insulating blanket, Skogar.

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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