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Aerogel Market Report 2024 - Market Share Analysis And Trends
Aerogel Global Market Report 2024
According to The Business Research Company's, The aerogel market size has grown rapidly in recent years. It will grow from $1.24 billion in 2023 to $1.48 billion in 2024 at a compound annual growth rate (CAGR) of 18.8%. The growth in the historic period can be attributed to advancements in aerospace industry, energy efficiency initiatives, rising demand in oil and gas sector, medical and healthcare applications, expansion in electronics and consumer goods.
The aerogel market size is expected to see rapid growth in the next few years. It will grow to $2.74 billion in 2028 at a compound annual growth rate (CAGR) of 16.7%. The growth in the forecast period can be attributed to oil and gas industry adoption, materials science advances, environmental remediation applications, medical and healthcare application, automotive lightweighting. Major trends in the forecast period include increased sustainability focus, advancements in manufacturing technologies, integration in energy storage systems, emergence of transparent aerogels, healthcare innovations.
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Market Drivers and Trends:
The growing demand in the construction industry is expected to propel the growth of the aerogel market in the coming years. The construction sector is concerned with the building and maintenance of construction sites, infrastructure, and various other physical structures. It includes a variety of operations such as project planning, design, finance, and execution. Aerogels are used in the construction sector as lightweight insulation materials to improve the efficiency of energy and architectural insulation because of their low ability to conduct heat and high porosity. For instance, in November 2023, according to the Office for National Statistics, a UK-based non-ministerial institution in charge of collecting and reporting national, regional, and local economic, demographic, and social data, overall new construction work increased by £18.16 billion ($19.89 billion) in 2022, with a rise of 16.8% and 13.1% for both private and public new construction, respectively. Therefore, the growing demand in the construction industry is driving the aerogel market.
Major companies operating in the aerogel market are focusing on innovative products, such as aerogel particles intended to be used in lithium-ion battery thermal barriers. Aerogel particles are a form of material created from a gel in which the liquid part is replaced by gas, producing a solid with extraordinarily low density and thermal conductivity. For instance, in May 2023, Cabot Corporation, a US-based company that manufactures performance chemicals and specialty chemicals, launched the ENTERA aerogel particle portfolio. ENTERA aerogel particles are a thermal insulation additive that enables the creation of ultra-thin heat barriers for electric vehicle (EV) lithium-ion batteries. Cabot's portfolio includes three ENTERA aerogel materials, which formulators may combine into different thermal barrier forms such as blankets, cushions, sheets, films, foams, and coatings. The Cabot ENTERA aerogel particle portfolio comprises ENTERA EV5200 aerogel, ENTERA EV5400 aerogel, and ENTERA EV5800 aerogel in sizes ranging from microns to millimeters. Cabot's ENTERA aerogel is also up to 20 times lighter than standard insulation additives employed in thermal barriers, with more than 90% air content.
Key Benefits for Stakeholders:
• Comprehensive Market Insights: Stakeholders gain access to detailed market statistics, trends, and analyses that help them understand the current and future landscape of their industry.
• Informed Decision-Making: The reports provide crucial data that support strategic decisions, reducing risks and enhancing business planning.
• Competitive Advantage: With in-depth competitor analysis and market share information, stakeholders can identify opportunities to outperform their competition.
• Tailored Solutions: The Business Research Company offers customized reports that address specific needs, ensuring stakeholders receive relevant and actionable insights.
• Global Perspective: The reports cover various regions and markets, providing a broad view that helps stakeholders expand and operate successfully on a global scale.
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Major Key Players of the Market:
Major companies operating in the aerogel market report are BASF SE, The Dow Chemical Company, Evonik Industries AG, Cabot Corporation, Alkegen, Armacell International S.A, Aspen Aerogels Inc., Nano High-Tech Co. Ltd., Aerosafe Global, Blueshift Materials Inc, Solarcore, Svenska Aerogel Holding AB, ENERSENS, Green Earth Aerogel Technologies, TAASI Corporation, Guangdong Alison Hi-Tech Co. Ltd., Aerogel Technologies LLC, Active Aerogels, Thermablok Aerogels Ltd., THERMULON LTD
Aerogel Market 2024 Key Insights:
• The aerogel market is expected to grow to $2.74 billion in 2028 at a compound annual growth rate (CAGR) of 16.7%.
• Construction Industry's Surging Demand Fueling Growth In The Aerogel Market
• Focus On Introduction Of Aerogel Particle Portfolio To Meet The Demand
• North America was the largest region in the aerogel market in 2023
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