As per the latest report by IMARC Group, titled “Aerogel Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024”, the global aerogel market size reached US$ 528.4 Million in 2018. Aerogel, also known as frozen smoke, is a translucent, synthetic solid-state substance, which has an extremely low density and a texture identical to foamed polystyrene. It is derived by substituting the liquid element of the gel with a gas in a high-temperature environment. Aerogel is light in weight, highly porous, offers excellent thermal insulating properties, and exhibits a high surface area and excellent energy damping (thermal, acoustic, and impact) properties. Owing to these advantages, aerogel is found in various industrial and commercial applications around the world.
Global Aerogel Market Trends:
At present, aerogel is widely utilized in the field of aerospace for space traveling. Owing to its various properties, aerogel is currently gaining traction in several industries, such as oil and gas, electronics, and construction. Besides this, it is extensively employed in wetsuits, spacesuits, fire suits, spacecraft and vehicles, owing to its superior thermal insulation property. It is also used as a superlight concrete and wall insulator in the construction sector. Apart from this, as it has a brittle nature and high manufacturing cost, manufacturers are focusing on developing polymer-based aerogels with increased strength and flexibility to expand their consumer base. For instance, the Sweden-based aerogel-based materials manufacturer, Svenska Aerogel, recently introduced a continuous aerogel production process to significantly minimize the overall manufacturing cost. Looking forward, the market value is projected to reach US$ 886.1 Million by 2024, expanding at a CAGR of around 9% during the forecast period (2019-2024).
- Based on the type, the market has been segregated into silica, polymer, carbon and others.
- On the basis of the form, the market has been classified into blanket, particle, panel and monolith.
- The market has been analyzed on the basis of the processing into virgin, composites and additives.
- Based on the application, the market has been divided into oil and gas, construction, transportation, electronics, and others.
- Region-wise, the market has been segmented into North America, Asia Pacific, Europe, Latin America, and Middle East and Africa.
- The competitive landscape of the market has been examined with some of the key players being Aspen Aerogels, Inc., BASF SE, Cabot Corporation, Dow Corning Ltd., JIOS Aerogel Ltd., Svenska Aerogel Holding AB, Enersens SAS, Active Aerogels, Nano Tech Co. Ltd., Guangdong Alison Hi-Tech Co., Ltd., Intelligent Insulation, Surnano Aerogel Co., Ltd., Taasi Corporation, Protective Polymers Ltd. and Green Earth Aerogel Technologies Limited.
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