The Global Aerogel market is expected to grow from USD 10.22 billion in 2024 to USD 16.72 billion in 2029, with a CAGR of 10.3% between 2024 and 2029.
Aerogels are a type of ultra-low synthetic material made from gels that have had their liquid component replaced by gas during supercritical drying. It consists of a network of interconnected nanostructures with at least 50% porosity. It's extremely light and has a low thermal conductivity, making it a great insulation material.
The development of the construction & building and oil & gas industries is propelling the aerogel industry forward. This is due to the fact that aerogel coatings are employed as insulators in the oil and gas industry. The oil and gas business, specifically the petroleum sector, transports large amounts of unprocessed oil products through pipes. Aerogel is an excellent alternative for pipe insulation and protection due to its chemical inertness and low heat conductivity. Because of its unique molecular structure, aerogel functions as a heat barrier and hence does not melt. Aerogel-based blankets have seen a massive increase in their usage in order to insulate roofs and walls of buildings in the construction sector. Aerogel is probably very much lighter than other types of insulation. Therefore, because of its lightweight, it is able to give more resistance than traditional plastic foam and glasses, although having a much thinner coating.
The major examples of traditional insulation materials include mineral wool, rock wool, polyurethane foam, and stone wool. To obtain the requisite R-value, for example, extensive layers of these materials are primarily necessary, which further results in the loss or reduction of valuable floor space in new construction. It's considerably more difficult to add significant levels of insulation to old structures because the extra layers alter the house's aesthetic look. As a result, aerogels are expected to be an appropriate replacement for existing insulating materials in new structures to meet energy standards set by various regulatory authorities and to prevent structural compromises. Due to its low thermal conductivity, the rapid development of aerogel for high-temperature insulation, primarily in the oil and gas industry, is predicted to drive the global aerogel market. However, product utilization in critical applications for key MRO chores drove the aerogel market growth by 2029.
Moreover, the United States government is interested in offering incentives and encouraging the usage of electric vehicles to the public and also offering product development to the part suppliers, and also increasing the manufacturing of EVs. Therefore, the utilization of aerogel thermal barriers in lithium-ion batteries in EVs tends to fuel the global aerogel market growth during the forecast period. The global aerogel market experience high growth due to the presence of major companies in Europe and North America. The industry's major players are investing in research and development in order to lower manufacturing costs and increase production capacity in order to meet future demand.
In the year 2023, a global pandemic had a significant impact on the market. The oil and gas industry's new insulation construction was delayed as a result of the imposed lockdowns in numerous locations, resulting in limited aerogel market growth. Moreover, the suspension of production activities resulted in a lack of precursor materials for the synthesis of aerogels. Furthermore, the lockdown methods limited mobility, disrupting the worldwide supply chain. Therefore, these factors are responsible for the shortage of aerogel materials in the end-use sectors, which further hampers the global aerogel market growth.
The COVID-19 pandemic had an effect on the global economy and demand scenario in major sectors around the world. The pandemic scenario has resulted in a global lockdown and restriction of industrial operations, trade activity, supply-chain disruption, and other activities. Because of this pandemic, most of the end-use sectors of aerogel, primarily including oil & gas, construction, transportation, and others, were severely affected. The market, on the other hand, is rebounding, and businesses have resumed operations with restricted capacity and in accordance with government directives. From the beginning of 2023, all end-use industries are expected to be fully operational, resulting in significant demand for aerogel.
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REPORT METRIC |
DETAILS |
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Market Size Available |
2023 to 2029 |
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Base Year |
2023 |
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Forecast Period |
2024 to 2029 |
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CAGR |
10.35% |
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Segments Covered |
By Type, Form, Processing, Application, and Region |
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Various Analyses Covered |
Global, Regional & Country Level Analysis, Segment-Level Analysis, DROC, PESTLE Analysis, Porter’s Five Forces Analysis, Competitive Landscape, Analyst Overview on Investment Opportunities |
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Regions Covered |
North America, Europe, Asia Pacific, Latin America, and Middle East & Africa |
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Market Leaders Profiled |
Armacell International S.A, Active Aerogels, Aerogel Technologies LLC, Aspen Aerogel Inc., BASF SE, Cabot Corporation, Dow Inc., JIOS Aerogel, Svenska Aerogel AB, Thermablok Aerogels Limited |
Based on type, the silica segment dominates the global aerogel market during the forecast period. The technology of producing silica aerogel is both cost-effective and flexible. Silica aerogels are primarily utilized to great optical transparency and combine low thermal conductivity. The silica-based aerogel market is driven by its high insulating qualities, low cost, plentiful raw material availability, and versatile manufacturing technique. Silica was the first commercially available form of aerogel. Moreover, due to their ultra-low weight and transparency, silica aerogel materials are majorly utilized. Many applications are compatible with a clearly transparent super-insulating material.
The blanket form accounts for the majority of the aerogel market. It was the first commercially available aerogel for a variety of purposes. Most probably blanket material is a highly insulating material, which consists of a clear value proportion. Moreover, the thermal properties of blanket material are two to three times better than particle material. Moreover, blanket materials are utilized in several firms primarily including construction, automotive, oil and gas, maritime, and aerospace. It is because their flexible physical structure helps them to be cut and adjusted to meet specific requirements.
Virgin aerogels are defined as the initial form of aerogel, in which these are not utilized with any other materials. Aerogel materials in the manufactured segment are utilized for applications in their natural state, such as the use of silica aerogel in research and development. These aerogels have the ability to be utilized in industrial applications. Moreover, these aerogels do not require any extra processing or modifications, and they are employed in the same which reproduced by aerogel manufacturers. To be employed in applications, materials in this section do not require any extra manufacture, compounding, coating, modification, or processing.
Based on application, the oil & gas end-use category led the market. Aerogel is utilized in the building, manufacturing, and operation of pipelines and other systems because of its high porosity, low density, low dielectric constant, and superior heat insulation properties. Moreover, in order to decrease production costs and steel usage in construction, Aerogel blankets are been utilized to improvise the insulation in oil and gas and deep-sea pipelines.
For example, due to its extensive application scope in vehicle batteries, the fast-increasing production and manufacture of Electric Vehicles and hybrid vehicles in the North American region is likely to boost product demand.
Europe is predicted to grow significantly. The European Union's energy efficiency policy requires all buildings in nations like Germany, the United Kingdom, Spain, and Italy to lower their energy use by 20%, which is a major driving force in the regional market.
The major key players in the global aerogel market are Armacell International S.A, Active Aerogels, Aerogel Technologies LLC, Aspen Aerogel Inc., BASF SE, Cabot Corporation, Dow Inc., JIOS Aerogel, Svenska Aerogel AB, Thermablok Aerogels Limited, and others.
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