The report “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″, is projected to reach USD 1,045 million by 2025, at a CAGR of 10.4% from USD 638 million in 2020.
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.
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.
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“Polymer was the fastest growing type segment in the aerogel market during the forecast period”
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. NASA has developed a cross-linked polyimide aerogel for the automotive industry. The growth of polymer aerogels is mainly driven by its low thermal conductivity and high mechanical strength.
“Blanket segment is projected to be the largest form of the aerogel market in 2019”
Blanket segment is considered to be the largest form for the aerogel market in 2019. The growth is attributed to its increasing use in the oil & gas and construction applications. The blanket material has a clear value proposition, as it is super insulating and two to three times better than particle material in terms of thermal properties. Blanket materials are used for a broad range of applications, such as oil & gas, construction, automotive, and marine and aerospace, as these can be cut and modified as per specific requirements due to their flexible physical structure. The oil & gas segment is expected to lead the blanket-based aerogel market during the forecast period.
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“Composite is projected to be the fastest growing segment of aerogel market during the forecast period”
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.
“The transportation segment is estimated to be the fastest growing application of the aerogel market during the forecast period”
Unique properties, such as excellent thermal resistance, enhanced acoustic insulation, lightweight, reduced thickness, and fire and water resistance, are pushing the demand for aerogel materials in this segment. The aerogel market for transportation applications is expected to witness slow demand in 2020, owing to decreased demand in the automotive industry across the globe. The decrease in the production of automotive is expected to impact the demand for aerogel for this application. However, the industries are gradually getting back on track, and demand is expected to boost during the forecast period.
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“APAC estimated to be second largest market for the aerogel market in 2019”
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), BASF (Germany), Aerogel UK , Intelligent Insulation (UK), Surnano Aerogel (China), Dow Corning (US), Blueshift(US), Green Earth Aerogel Technologies (Spain), Ocellus(US), TAASI Corporation (US), Gelanggang Kencana (Malaysia), Aerogel Insulation India , and Protective Polymers (UK).
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This report covers the aerogel market in terms of value and volume and forecasts the market size until 2025. The report includes market segmentation based on type, form, processing, application, and region. It also provides company profiles and competitive strategies adopted by the major players in the aerogel market. The report also covers Porter’s Five Forces analysis, market overview, and insights on various drivers, restraints, opportunities, and challenges in the aerogel market.
“Brief information on the Research Methodology used for the report can be found in the report description provided on the website.”