Due to technological advances in this area, North America led the world market, followed by Asia Pacific. The global aerogel industry is estimated to be US$ 1.5 billion by 2022 and forecasts annual growth of 17% worth US$ 7.5 billion through 2022 to 2032.
The global aerogel market is on the rise due to increased applications of aerogel in industries such as oil & gas, marine, automotive, and aerospace. Aerogel is an extremely low-density solid material, mainly composed of air, and is manufactured using conventional gel. The global aerogel market consists of materials exhibiting numerous properties, making it suitable for the applications in aforementioned industries. These properties include thermal & acoustic damping, low density, high degree of porosity, and other desired properties in various applications industries. In addition to the abundant uses of aerogel in industrial applications, one of the key reasons for the increasing global aerogel market is due to the fact that the material is being witnessed as a good replacement for thermal insulation materials since it provides cost competitiveness to other high-performance thermal insulating materials.
Aerogel Market: Drivers & Restraints
The increasing demand for aerogels by end users such as oil & gas, automotive, marine & aerospace, etc. is driving the global aerogel market. Growing globalization leading to an increase in investments, new establishments for construction, and properties of aerogel such as high insulation, being cheap, and abundant availability of the raw material are some of the factors driving the growth of the global aerogel market. High production cost is the major challenging factor for the growth of the global aerogel market.
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Aerogel Market: Segmentation
Within these applications, the oil & gas industry accounts for a leading share of the global aerogel market. Among other applications, wherein significant growth is likely to be witnessed are automotive and construction applications, wherein thermal insulation properties of aerogel material are being exploited.
These different types of aerogel are being utilized in the global marketplace, wherein polymer type of aerogel is expected to witness the highest growth in coming years. In terms of market share, the global aerogel market has been dominated by silica-type aerogel, which is likely to continue its dominance through the forecast period as well.
The global aerogel market is dominated by the blanket form of aerogel, which is widely used for thermal insulation applications across industries. The global aerogel market is expected to witness tremendous growth in the particle form of aerogel, which is expected to contribute towards the growth in demand for aerogel in the global aerogel market during the forecast period.
In terms of processing, within the global aerogel market, virgin aerogel is witnessed to be the dominating processing segment. This is due to the fact that virgin aerogel is free from composites and additives, which enables its applications in research & development activities. Further virgin aerogel is accompanied by high commercial availability in the global aerogel market.
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