Global Aerogel Market Size:
Global Aerogel Market was valued at USD 455 Million in 2017 and is projected to reach USD 786.5 Million by 2022, at a CAGR of 11.9% between 2017 and 2022.
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Factors Helping for the Growth of the Global Aerogel Market:
The global aerogel market is growing due to the increasing number of applications in industries such as oil and gas, marine, automotive and aerospace. The aerogel is a solid material of extremely low density, composed mainly of air, made with conventional gel. The global market for aerogels consists of materials with many properties, which makes them ideal for the applications of the aforementioned industries. These properties include thermal and acoustic damping, low density, high degree of porosity and other desired properties in various application industries. Besides the abundant use of aerogel in industrial applications, one of the main reasons for the growth of the global market of aerogel is the fact that this material is a good substitute for thermal insulation materials and provides better competition in terms of cost for other high-performance thermal insulation materials. The higher thermal resistance and the lighter and finer nature of aerogel are key factors that should stimulate the aerogel market during the forecast period.
The growing demand for aerogels by end users, such as the oil and gas, automotive, marine and aerospace industries, etc. promote the global market. The increase in globalization resulting in greater investment, new construction facilities and aerogel properties such as high insulation, low cost and abundant availability of raw materials, are among the factors that contribute to the growth of the global aerogel market. The high production costs are the main constraints for the global market.
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In terms of geography, the aerogel market is segmented into North America, Europe Asia-Pacific, and LAMEA. Consumption of the aerogel in North America was the highest owing to increasing demand of aerogel in oil & gas and construction applications. However, Europe would be the fastest growing region, accounting for the highest CAGR of 34.7% in the market across the globe. The competitive intelligence of the main manufacturers of the aerogel market provides essential information on the strategies implemented. The main players in the market are adopting the launch, the association and the expansion of products as key strategies to stay in the competitive market.
Among the main manufacturers presented in this report are Aspen aerogel Inc., Cabot Corporation, American aerogel Corporation, Svenska aerogel AB, BASF SE, Dow Corning Corporation, Airglass AB, JIOS aerogel, Active Aerogels and Acoustiblok UK Ltd.
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