MARKET ANALYSIS
The Aerogel market refers to the global industry involved in producing, consuming, and distributing aerogel materials. Aerogel is derived from various substances, including silica, polymers, metal oxides, and carbon. They are produced through a process of supercritical drying, which involves replacing the liquid component of the gel with gas while maintaining the structure of the gel. Aerogel is a lightweight, high-performance material characterized by its exceptional thermal insulation properties, low density, and high porosity. Moreover, aerogels have potential uses in oil and gas production, exploration, and automotive applications.
GROWTH DRIVERS AND CHALLENGES
The aerogel market is expected to witness substantial growth in the coming years. The aerogel market is driven by several factors contributing to its growth and demand. Factors including growing demand in the oil and gas industry, aerospace and defense applications, energy efficiency initiatives, and advancements in nanotechnology fuels the growth of the aerogel market. Furthermore, aerogels find application in the aerospace and defense sectors due to their lightweight nature, fire resistance properties, and excellent thermal insulation. Increasing global emphasis on energy efficiency and sustainability is a one of the significant drivers for the aerogel market.
Increasing demand for insulation applications and growing adoption in oil and gas sector are fueling the growth of global aerogel market. Aerogels exceptional thermal insulation properties make it highly desirable for applications in the construction industry. As energy conservation and sustainable construction practices gain prominence, the demand for aerogel-based insulation materials is expected to grow. Aerogel is extensively used in the oil and gas industry for the thermal insulation in pipelines, tanks, and equipment. It helps in reducing heat loss and minimizing energy consumption in oil and gas operations.
However, the aerogel market's growth may be hindered by high costs, lack of standardization, limited awareness, and supply chain challenges. The aerogel market presents significant opportunities due to its unique properties and diverse applications.
REPORT SEGMENTATION AND SCOPE
The "Global Aerogel Market Analysis to 2030" is a specialized and in-depth study with a major focus on the global market trends and growth opportunities. The report aims to provide an overview of the global market with detailed market segmentation by type, form, processing, end use industry, and geography. The global aerogel market has been witnessing high growth over the recent past and is expected to continue this trend during the forecast period. The report provides key statistics on the consumption of aerogel worldwide along with their demand in major regions and countries. In addition, the report provides the qualitative assessment of various factors affecting the aerogel market performance in major regions and countries. The report also includes a comprehensive analysis of the leading players in aerogel market and their key strategic developments. Several analyses on the market dynamics are also included to help identify the key driving factors, market trends, and lucrative opportunities that would, in turn, aid in identifying the major revenue pockets.
Further, ecosystem analysis and Porter’s five forces analysis provide a 360-degree view of the global aerogel market, which helps understand the entire supply chain and various factors affecting the market growth.
SEGMENTAL ANALYSIS
The global Aerogel market is segmented on the basis of type, form, processing, and end-use industry. Based on type, the aerogel market is segmented as silica, carbon, polymer, and others. On the basis of form, the market is classified as, blanket, particle, panel, monolith, and others. On the basis of processing, the market is classified as, virgin, composite, and additives. On the basis of end-use industry, the market is classified as, oil and gas, medical devices, aerospace and defense, marine, construction, automotive, personal care and cosmetics, paints and coatings, and others.
Based on type, silica-based aerogel is considered a widely used and common type of aerogel. Silica aerogel is primarily composed of silica dioxide and is often derived from silica gel. Silica aerogel processes exceptional properties, such as low density, high thermal insulation, and significant surface area. These characteristics of silica aerogel make it useful in applications, including components, insulation for buildings, aerospace, and cryogenics.
Based on form, blanket form accounted for a significant share which can be attributed to its broad range of applications such as construction, automotive, oil & gas, and marine and aerospace.
REGIONAL ANALYSIS
The report provides a detailed overview of the global Aerogel market with respect to five major regions, namely; North America, Europe, Asia-Pacific (APAC), Middle East and Africa (MEA) and South & Central America. North America is estimated to account for a significant market share of the aerogel market. The growth of the aerogel market in North America includes increasing awareness about energy-efficient materials, strict building regulations, and the demand for advanced insulation materials in various industries. North America, mostly the United States, has a strong presence in industries that utilize aerogel technology.
Furthermore, Europe has a strong presence of key players in the aerogel industry, leading to product innovation and technological advancements. In Europe, the demand for innovative insulation materials like aerogel is increasing, further contributing to the market growth.
INDUSTRY DEVELOPMENTS AND FUTURE OPPORTUNITIES
The aerogel market has been witnessing significant growth and development in recent years. Market players are developing aerogel-based products with improved thermal performance, ease of installation, and cost-effectiveness. These developments aim to address the energy efficiency needs of buildings, industrial equipment, and pipelines.
May 2023: Boston-headquartered Cabot Corporation has launched three Entera aerogel products as thermal insulation additives designed to enable the development of ultra-thin thermal barriers for electric vehicle (EV) lithium-ion batteries.
January 2023: A team of engineers from the University of Bath has created a new company, Aerogel Core Ltd, specializing in ultra-light ‘aerogels’ that can be used as soundproofing and heat-shielding materials for the aerospace and automotive industries.
IMPACT OF COVID
In 2020, the global market faced some challenges because of the Covid-19 epidemic. The global lockdown measures and restrictions on movement disrupted supply chains across various industries, including the aerogel market. The construction industry experienced a slowdown during the pandemic. This decline in construction activities affected the demand for aerogel-based insulation materials. This reduction in energy sector investments impacted the demand for aerogel materials used in thermal insulation.
Due to COVID-19, The Global Public Health Emergency is a worldwide health emergency that affects nearly all industries, and the longer-term repercussions are projected to affect their growth over the forecast period. During a recession, industrial activity declines, reducing demand for aerogel materials. Moreover, government stimulation packages or infrastructure projects aimed at economic recovery could create demand for aerogel products.
COMPETITIVE LANDSCAPE AND KEY COMPANIES
Some of the key players operating in the Aerogel market include, Aemacell, Aspen Aerogels, Inc, , Cabot Corporation, Aerogel Technologies, LLC, Active Aerogels, LDA , BASF SE, Blueshift International Materials, , JIOS Aerogel Corporation, Nano Technology Co., Ltd., Dow, Inc., Enersens, Guangdong Alison Hi-Tech Co. Ltd, , Svenska , Aerogel Holding AB among others.