Aerogel Market

Aerogel Market Overview (2022 to 2032)

[250 Pages Report] Global Aerogel demand is anticipated to be valued at USD 1.5 Billion in 2022, forecast to grow at a CAGR of 17% to be valued at USD 7.5 Billion from 2022 to 2032. Due to technical advancements in the area, North America led the worldwide market, followed by Asia Pacific.

Report Attributes	Details
Estimated Base Year Value (2021)	USD 1 Billion
Expected Market Value (2022)	USD 1.5 Billion
Anticipated Forecast Value (2032)	USD 7.5 Billion
Projected Growth Rate (2022 to 2032)	17% CAGR

The market is likely to be driven by the fast development of aerogel for high-temperature insulation, mainly in the oil and gas industry, due to its low thermal conductivity. The global pandemic in 2020 had a significant influence on the market. The mandated lockdowns in several places caused a delay in new insulation construction in the oil and gas industry, resulting in market growth that was constrained.

In 2020, however, market growth was driven by product use in essential applications for important MRO tasks. The United States government is continually providing incentives and encouraging the usage of electric vehicles (EVs). In addition, it is assisting OEMs and part suppliers with product development and increasing EV manufacturing through different aids. As a result, the market is likely to benefit from the recent development of a product line of aerogel thermal barriers for use in lithium-ion batteries in electric vehicles.

Thin polymer aerogels are being investigated by industry players for usage in shelter applications such as insulated tents, renovating historical structures, and other insulation requirements. Interior insulation options for building retrofit, thin facade insulation for historical monument refurbishment, roof balcony, and side balcony constructions are all gaining popularity.

The market has a highly concentrated structure due to the existence of limited companies, most of which are based in North America and Europe. 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.

Which are Some Prominent Drivers Spearheading Aerogel Market Growth?

Polyurethane foam, mineral wool, rock wool, and stone wool are examples of traditional insulating materials with downsides. To obtain the requisite R-value, for example, extensive layers of these materials are required, resulting in the loss of valuable floor space in new construction. It's considerably more difficult to add significant levels of insulation to historic structures since the extra layers alter the house's aesthetic look.

As a result, aerogels are expected to be an appropriate substitute for existing insulating materials in new structures to meet energy criteria established by various regulatory authorities and to prevent structural compromises. Aerogel materials can save a significant amount of energy that would otherwise be required for heating and cooling because of their poor thermal conductivity and thinness. Because of its qualities, such as low weight and poor heat conductivity, aerogels are utilized for outerwear in cold climates. They're also commonly employed in industrial applications.

What are the Challenges Faced by the Aerogel Industry?

One of the primary factors limiting the growth of the aerogel market is the high cost of manufacture. The high cost of raw materials (particularly alkoxide-based precursor materials), complex process methods (solvent exchange stages, long reaction periods restricted by diffusion), and the installation of relatively modest production capacity of enterprises all contribute to the high cost of silica aerogels. Aerogel materials require a lot of research and development, which makes the whole process expensive.

Aerogel materials are made via synthetic processes, which are less adaptable. Aerogel manufacture needs a complex facility due to the extremely specialized production procedures. Supercritical drying is the most costly phase in the aerogel production process.

Why is North America emerging as an Opportunistic Aerogel Market?

With a revenue share of more than 46% in 2020, North America led the worldwide market and is predicted to grow at a steady CAGR of 14.1% during the forecast period. This tendency can be linked to the industry's consolidated structure as well as the region's large concentration of aerogel makers, particularly in the United States.

Because of increased product innovation and application development, North America has a significant growth potential. For example, due to its extensive application scope in vehicle batteries, the fast expanding production of Electric Cars (EVs) and hybrid vehicles in the area is likely to boost product demand.

How is Europe Contributing to Growth of the Aerogel Market?

According to Future Market Insights, with ongoing recovery measures, energy efficiency, and insulation laws in the area, demand for aerogel is expected to rise throughout Europe. Western European countries such as Germany, the United Kingdom, France, and Sweden are driving the demand.

Energy conservation rules across a variety of industries, including oil and gas, construction, and residential development, are driving demand for innovative insulating materials, which is boosting demand for aerogels in the region. High-end automotive and other industrial sectors, which contribute to the increasing aerogel industry, demand lightweight and high-performance materials. Cabot Corporation's businesses in Europe dominate the European aerogel market.

Market Competition

Companies and industries are adhering to tight environmental regulations and improvising current materials and technologies to fulfill the standard criteria and specifications as worries about sustainability grow as a result of climate change. To increase their market presence, key companies use a variety of techniques, such as media marketing and the hosting of business conventions.

Several corporations are also working with trade organizations to build industry-specific apps. Exclusive rights to sell items from famous brands are increasingly being acquired by businesses. The following are some of the major participants in the worldwide aerogel market: Cabot Corp, BASF SE, Aerogel Technologies LLC and Aspen Aerogels, Inc. among others.

Report Scope

Report Attributes	Details
Growth Rate	CAGR of 17% from 2022 to 2032
Base Year for Estimation	2021
Historical Data	2015 to 2020
Forecast Period	2022 to 2032
Quantitative Units	Revenue in US$ Million and CAGR from 2022 to 2032
Report Coverage	Revenue Forecast, Volume Forecast, Company Ranking, Competitive Landscape, Growth Factors, Trends and Pricing Analysis
Segments Covered	Product Type, Application Industry, Form, Processing, Region
Regions Covered	North America; Latin America; Western Europe; Eastern Europe; APEJ; Japan; Middle East and Africa
Key Countries Profiled	USA, Canada, Brazil, Argentina, Germany, UK, France, Spain, Italy, Nordics, BENELUX, Australia & New Zealand, China, India, ASEAN, GCC, South Africa
Key Companies Profiled	Cabot Corp; BASF SE; Aerogel Technologies LLC; Aspen Aerogels, Inc.
Customization	Available Upon Request

Key Segments Profiled in the Aerogel Industry Survey

Product Type:

• Silica Aerogel
• Polymer Aerogel
• Carbon Aerogel

Application Industry:

• Aerogels for Oil & Gas
• Aerogels for Marine & Aerospace
• Aerogels for Performance Coating
• Aerogels for LVHS
• Aerogels for Day-Lighting
• Aerogels for Automotive
• Aerogels for Construction

Form:

• Monolith Aerogel
• Blanket Aerogel
• Article Aerogel
• Panel Form Aerogel

Processing:

• Virgin Processed Aerogel
• Fabricated Aerogel

Region:

• North America
• Latin America
• Western Europe
• Eastern Europe
• APEJ
• Japan
• Middle East & Africa

Frequently Asked Questions

What is the anticipated growth of the Aerogel market until 2032?

FMI projects the global Aerogel market to expand at a 17% value CAGR by 2032

Which region is forecast to be the most lucrative for Aerogel market growth?

North America is expected to be the most opportunistic aerogel market.

Which are some prominent Aerogel manufacturers?

Cabot Corp, BASF SE, Aerogel Technologies LLC and Aspen Aerogels, Inc. are some prominent aerogel manufacturers