The global aerogel market reached a value of US$ 581.2 Million in 2019. Also known as frozen smoke, aerogel is a translucent, synthetic solid-state substance that has an extremely low density and excellent thermal insulating properties. It is mainly produced by replacing the liquid element of the gel with gas in a high-temperature environment. It is light in weight and has a high surface area, owing to which it is widely utilized in various industrial and commercial applications across the globe.
The market is currently experiencing strong growth on account of the expanding applications of aerogel in numerous end use industries. For instance, it is employed in the aerospace industry in the manufacturing of wetsuits and spacesuits. It is also used in the construction sector as a superlight concrete and wall insulator. Besides this, aerogel serves as a crucial component in the manufacturing of fire suits, spacecraft and vehicles due to its superior thermal insulation property. Additionally, owing to its several other advantageous properties, it is gaining popularity in the electronics, and oil and gas industries worldwide. Furthermore, some of the leading vendors operating in the industry are focusing on increasing their budget for research and development (R&D) activities to introduce polymer-based aerogels that have enhanced strength and flexibility. Such steps are expected to be instrumental in expanding their existing consumer base and market share, thus contributing to the market growth. These factors collectively are projected to fuel the market growth in the upcoming years. Looking forward, IMARC Group expects the market value to reach US$ 958.8 Billion by 2025, at a CAGR of 8.5% during the forecast period (2020-2025).
Breakup by Processing:
Breakup by Type:
Silica aerogel exhibits a clear dominance in the market.
Breakup by Form:
At present, blanket accounts for the majority of the total market share.
Breakup by Application:
Aerogel finds vast applications in the oil and gas industry.
On the geographical front, North America enjoys the leading position in the market.
The competitive landscape of the market has been analyzed in the report, along with the detailed profiles of the major players operating in the industry. Some of these players are:
Key Questions Answered in This Report:
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