Global Aerogel Market is Expected to Witness Highest Growth During 2013 - 2020

Aerogel is the lightest solid in existence on earth and is derived from the gel in which a conventional gas replaces the liquid component of the gel. It is usually composed of silica or carbon compounds and has less density than helium gas. Considering its light weight it is very strong and can support materials that are hundreds of times stronger than itself. It is highly elastic, breathable, and fireproof, absorbs both oil and water and is an excellent conductor of electricity. It resembles mesoporous solid foam and one of the best thermal insulator and is extremely porous. Owing to these unique properties, it is widely used in different industries such as aerospace, oil & gas, electronics, building insulation, healthcare and the like. Also, it is eco-friendly as it can be recycled after being used in oil spills applications. The global aerogel market value was estimated at $221.8 million in the year 2013.It is expected that the market will reach $1,896.6 million by the year 2020, growing at a 36.4% CA

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Exceedingly high cost of production of aerogel is the main constraint in the commercialisation of aerogel market. Aerogel market is dependent on petroleum, construction and power market and so is vulnerable to external factors such as global adverse economic policies and restricting international trade laws for the dependent markets. Nonetheless there are many promising market avenues for the production of aerogel owing its unique properties. Since it is very light and extremely less dense, it can be used as thermal insulators in protective gears intended for firefighters. It can be used as catalysts for chemical transformations and for electric and hydrogen energy storage since it has a very high surface area.

The criteria for the segmentation of the aerogel market are raw materials, physical form, applications and geographical locations.

On the basis of the raw materials used the market of aerogels can be categorised mainly into carbon, silica, aluminium with the silica aerogels being the most common. So the market of silica aerogel generated highest revenue in 2013 and is also poised to grow exponentially in the coming years. Silica gel mainly finds its applications in automotive, acoustic insulation, oil & gas, thermal insulation, cryogenics, chemical and health care.

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Based on the form the aerogel market is segmented into blankets, particles, blocks and panels. The blanket market for aerogel was the largest segment in the aerogel market in 2013 and is expected to grow substantially in the future. Panels segment is the highest growing market with a 41.0% CAGR amid the forecast period. Since it has very low thermal conductivity it is widely used in walkways and canopies, sloped sunrooms, skylights, conservatories and curtain and interior walls. The recently launched polyurethane aerogel insulating panel is easy to produce and is very thin so find mass-scale commercial use.

Aerogel market is segmented based on the application to which aerogel is put to. Aerogel is widely used in oil & gas, building insulation, aerospace, thermal management, health care, chemical, electronics, automotive, thermal & acoustic insulation. In 2013 building insulation was the highest revenue generator and its market is expected to grow considerably in future. The fastest growing segment is acoustic insulation with a 46.1% CAGR amid the forecast period. Aerogels being highly porous decrease the sound velocity and is therefore has high sound absorption capacity.

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