Global Aerogel Market – Insights on How Companies Strategize Themselves to Grab the Limitless Opportunity and Growing
The global Aerogel market is valued at US$703 million in 2021. It is expected to grow at a CAGR of 10.4% during the forecast period (2022-2029).
ChemIntel360’s global Aerogel market study is a 148-page report containing in-depth analysis on historical and forecasted spending, consumption patterns in the sector, and related market dynamics such as trends, drivers, and challenges. The study offers granular value and volume data from a global, regional, applications, and end-use industry perspective.
Aerogel, also known as “frozen smoke,” is a translucent, synthetic, gel-derived, solid substance with extremely low density and excellent thermal insulating properties, making it ideal for insulation applications.
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The base year is 2021 for the study with historical data between 2018 and 2021. The data forecast has been provided for the years between 2022 and 2029.
Key insights from the Global Aerogel report
Insights on the Product type:
Aerogel is an ultra-porous, low-density material composed of air in its microscopic pores, making it an excellent conductive insulator. The Aerogel market is segmented into Silica, Polymer, Carbon, and Others in terms of product.
The Silica Aerogel segment held the largest revenue share of 73% in the Aerogel market in 2021. Due to its low thermal conductivity and low-density, Silica Aerogel is primarily used to restrict fire spread in the building and construction sectors. It is also widely used as an insulator for refrigerators and containers, and as an absorbent in numerous chemical manufacturing industries.
The demand for Polymer Aerogel products is expected to rise significantly over the forecast period due to their advanced chemical and physical properties as compared to Silica Aerogel. The product is also expected to witness increased demand from various end-use industries such as defense, electrical and electronics, building, and construction.
Meanwhile, Carbon Aerogels are also expected to witness increased demand due to their advanced electrical conductivity, which makes them ideal for hydrogen and electrical energy storage. Electrical and electronic companies who make up most of the demand use Carbon Aerogels as electrodes in supercapacitors, rechargeable batteries, and for advanced catalyst support.
Insights on Application:
The global Aerogel market is further segmented by applications such as Oil and Gas, Construction, Transportation, Performance Coating, Day Lighting and LVHS, and others. The report further breaks out the market size of each of these applications in terms of their volumes and values.
Oil and gas is a major application segment with Aerogel being widely used to make insulation packs for oil and gas subsea pipelines. It accounted for 63% of the market in 2021.
Insights on key countries:
The U.S market was the largest in 2021 and was valued at US$171 million in 2021. Growing use of Aerogel in the construction industry would contribute to the growth of the market. In addition, increasing demand of the product in the production of insulation packs for oil and gas pipelines would drive the growth of the country.
The Chinese market was valued at US$90 million for the same year. Aerogel is utilized in the manufacture of rigid boards and insulating plaster solutions in the construction sector. In addition, robust demand of chemical in the coatings sector is expected to contribute to the growth of the Chinese market.
COVID Impact
The global Aerogel market was adversely affected by the COVID-19 pandemic due to a sudden fall in demand from major end-use industries and supply chain bottlenecks caused by border closures and strict lockdowns.
The fall in crude oil price, delay in installing new pipelines, a decline in demand from the automotive sector, and indefinite halt in construction activities globally have created much uncertainty in the market.
However, with the countries recovering from the pandemic, industrial activities have already started reaching pre-pandemic levels, which augurs well for the demand for Aerogel in the future.
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Key Companies
The leading companies operating in this market are Cabot Corporation, Aspen Aerogels, Aerogel Technologies, Nano tech Co. Ltd., Armacell, BASF SE, Guangdong Alison Hi-Tech, Active Aerogels, Enersens, and JIOS Aerogel.
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