Press release
Aerogel Market Study Analysis with Forecast to 2034
The global aerogel market is estimated to reach over USD 4.0 Bn million by 2034, exhibiting a CAGR of 13.4% during the forecast period.
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Aerogels are ultra-light synthetic materials produced by replacing the liquid component of a gel with a gas through supercritical drying, resulting in a highly porous network of interconnected nanostructures with at least 50% porosity. Renowned for their durability, low thermal conductivity, and minimal density, aerogels serve as an ideal insulating material across various industries.
The aerogel market is experiencing robust growth driven by developments in the construction and oil & gas sectors. In the petroleum industry, aerogel coatings are widely used as insulators in pipelines transporting large volumes of raw oil, while its thermal protection properties make it a preferred choice for a range of applications. Moreover, aerogels are incorporated into footwear, clothing, and protective gear for firefighters, owing to their effective heat insulation.
List of Prominent Players in the Aerogel Market:
• Aspen Aerogels, Inc.
• Cabot Corporation
• Aerogel Technologies, LLC
• Guangdong Alison Hi-Tech Co., Ltd
• Active Aerogels
• Enersens
• JIOS Aerogel Corporation
• Armacell
• Svenska Aerogel AB
• Green Earth Aerogel Technologies
• Armacell
• Nano Technology Co. Ltd.
• BASF SE
• Dow Inc.
Market Dynamics:
Drivers-
The global aerogel market is expected to expand due to increasing demand across the building and construction, marine, and aerospace industries. One notable trend is the growing adoption of innovative window designs that incorporate aerogel between two sheets of glass, offering superior insulation and a lighter weight compared to traditional triple-glazed windows. For example, with over one million buildings in New York City alone, the demand for advanced insulation is driven by the rapid development of high-rise structures and the overall industrial and commercial growth in urban areas.
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Challenges:
A major barrier to market expansion is the high cost of production associated with aerogels, particularly silica aerogels. These costs are influenced by expensive raw materials, especially alkoxide-based precursors, as well as complex manufacturing processes involving solvent exchange stages and prolonged reaction times limited by diffusion. Additionally, many manufacturers operate with relatively small production capacities, and extensive research and development efforts further contribute to the high cost of producing aerogel materials.
Regional Trends:
The Asia Pacific region is anticipated to secure a significant share of the global aerogel market and grow at a high compound annual growth rate (CAGR) due to increased research and development investments and strategic investments by leading companies. The market in this region is bolstered by diverse applications in sectors such as pharmaceuticals, transportation, and automotive, as well as its widespread use in insulation for marine, aerospace, defense, and electrical & electronics industries in countries like Japan, China, and India. Additionally, the region benefits from readily available raw materials and competitive labor costs, which further drive revenue growth.
Recent Developments:
• In April 2022, the newest unique technology from Alkegen, AlkeGel by Alkegen, was unveiled. The following extensible material, AlkeGel, was created for industrial temperature control applications, including protecting against fires caused by EV and battery systems. AlkeGel from Alkegen is dustier, has a higher thermal conductivity than rival insulation products, performs better thermally, and requires less insulation than those products.
• In April 2019, a novel non-combustible, thermal insulating product was produced by BASF SE and Aspen Aerogels as part of their expanded strategic partnership.
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Segmentation of Aerogel Market-
By Product
• Silica
• Polymer
• Carbon
• Others
o Metal
o Metal Oxide
o Metal Chalcogenides
By Form
• Blanket
• Panel
• Particle
• Monolith
By Processing
• Virgin
• Composites
• Additives
By Application
• Oil & Gas
• Construction
• Transportation
o Automobile
o Marine
o Aerospace
• Performance Coating
• Day-Lighting & LVHS
• Pharmaceuticals
• Industrial & Cryogenics
• Others
By Region-
North America-
• The US
• Canada
• Mexico
Europe-
• Germany
• The UK
• France
• Italy
• Spain
• Rest of Europe
Asia-Pacific-
• China
• Japan
• India
• South Korea
• South East Asia
• Rest of Asia Pacific
Latin America-
• Brazil
• Argentina
• Rest of Latin America
Middle East & Africa-
• GCC Countries
• South Africa
• Rest of Middle East and Africa
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