The aerogel market size is estimated to be USD 638 million in 2020 and is expected to reach USD 1,045 million by 2025, at a CAGR of 10.4% during the forecast period. Aerogel is a porous, solid material consisting of a network-like nanostructure that displays outstanding properties, such as low density and thermal conductivity; high surface area; and flame, moisture, sound, and weather resistance. It is an advanced high-performance insulation material with high load-bearing capacity and exhibits a low optical index of refraction; low dielectric constant; a high degree of porosity; high specific surface area; and superlative thermal, acoustic, and impact damping properties. The major drivers contributing to the growth of the global aerogel market are super thermal resistance, and thinner and lighter alternative will drive the aerogel market.
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Based on type, the most commonly used aerogel are silica, polymer, carbon, and others. The high insulating properties, low cost, abundant raw material availability, and the versatile process of manufacturing are driving the silica-based aerogel market. Silica is the first type of aerogel to be made commercially available. Silica aerogel materials are particularly intriguing due to their ultra-low weight and transparency. A visibly transparent super-insulating material is compatible for many applications. Therefore, the rising demand from various end-use industries drives the silica aerogels market globally.
Based on form, the aerogel market is segmented as blanket, particle, panel, and monolith. Manufacturers produce different forms of aerogels to meet the needs of diverse applications. The production and configuration of aerogel forms are patent protected. Blanket materials were the first form of aerogels to be commercialized, and hence, they have widespread applications in several end-use industries. Panel form is a blanket material without rolling up its physical structure and is anticipated to replace blanket materials for some applications in construction and oil & gas industries
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Based on processing, the aerogel market is segmented as as manufactured (Virgin), composites, and additives. The composites and additives segments are collectively called as fabricated aerogels. Most of the final aerogel products are used as virgin materials for direct applications. However, fabricated aerogels are modified to alter their internal structure and surface area to suit the application requirements. Due to the changes in the structure, fabricated aerogels demonstrate superior physical properties than virgin aerogels.
Based on application, the aerogel market has been segmented into oil & gas, construction, transportation, performance coatings, day-lighting & LVHS, and others. Aerogel materials are also hydrophobic and exhibit significant resistance to flame and weather as compared to the traditional insulation materials. These properties make aerogels ideal for critical applications in the oil & gas industry, such as pipeline transportation from sea to land port under adverse conditions. NASA has developed exceptionally strong polyimide aerogels for numerous automotive applications. Aerogel materials have also been used in aerospace missions by NASA, such as Stardust and Mars Pathfinder. Active Aerogels (Portugal) develops aerogel products for aerospace applications. Aerogel particle materials are increasingly used for marine applications for chilled water lines as well as steam pipe insulation shipboards.
Based on region, North America is projected to be the largest market for aerogel during the forecast period. The North American aerogel market is largely driven by the oil & gas application, where the demand for advanced solutions is extremely high due to its reduced thickness, superior insulating properties, and low thermal conductivity. The growing use of aerogel materials in the automotive, marine, and aerospace applications in North America is expected to drive the aerogel market.
Key players in the aerogel industry are Aspen Aerogels (US), Cabot Corporation (US), Aerogel Technologies (US), Nano tech Co. Ltd. (China), Armacell (Germany), Guangdong Alison Hi-Tech (China), Active Aerogels (Portugal), Enersens (France), JIOS Aerogel (South Korea), and BASF (Germany). They have adopted strategies such as agreement, expansion, and new product launch in order to gain an advantage over their competitors.
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