The global aerogel market reached a value of US$ 528.4 Million in 2018. Aerogel is a broad term used for a class of nanostructured, mesoporous solid foam materials. They are also known as frozen smoke or air glass and comes among the lightest solids, composed of up to 99.8% air by volume. Aerogels are generally formed by removing the liquid component from a precursor gel in a high temperature environment while maintaining its structure. Although the majority of aerogels are silica-based, they can also be composed of carbon, organic polymers and semiconductor nanostructures, as well as iron oxide, copper and gold. These materials have been widely used in the field of aerospace since the 1960s for space travel. However, they are now gaining traction in other industries on account of their properties such as low density, reduced thermal conductivity, high surface area and superior sound insulation.
The major factors driving the demand for aerogels are their exceptional insulation property and lightweight. They are widely used in spacesuits, wetsuits, and fire suits as well as spacecrafts, vehicles and oil and gas pipelines. In the construction industry, aerogels can be used as superlight concrete and wall insulation. Moreover, silica-based aerogel granules can be hybridized with glass for imparting high insulation and utilized as a daylighting system. However, one of the major drawbacks of aerogels is their high production costs and brittle nature, which limits their applicability. In line with this, NASA's Glenn Research Center has developed polymer-based aerogels with improved flexibility and strength. These materials can be used in shelter applications, such as insulated tents, and in refrigeration, building and construction, as well as for insulating historical structures. Similarly, Svenska Aerogel, a Swedish company, has developed a continuous aerogel production process, which can significantly reduce the manufacturing cost. On account of these advancements, IMARC Group expects the market value to reach US$ 886.1 Million by 2024, at a CAGR of around 9% during 2019-2024.
The report has also analyzed the competitive landscape of the market with some of the key players being Aspen Aerogels, BASF, Cabot Corporation, Dow Corning, JIOS Aerogel, Svenska Aerogel AB, Enersens SAS, Active Aerogels, Nano High-Tech, Guangdong Alison Hi-Tech, Intelligent Insulation, Surnano Aerogel, Taasi Corporation, Protective Polymers Ltd, Green Earth Aerogel Technologies, etc.
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