According to the latest report by IMARC Group, titled "Aerogel Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2020-2025," the global aerogel market size reached US$ 581.2 Million in 2019. Aerogel is a synthetic and translucent solid with extremely low density. It is manufactured by combining a polymer with a solvent that forms a gel. The liquid element of the gel is further replaced with air in a high-temperature environment to create a solid with high porosity. Also known as frozen smoke, solid smoke, solid air and blue smoke, aerogel is light in weight, has a high surface area and energy dampening properties, and is characterized by very low thermal conductivity and optical index of refraction. It is considered to be one of the finest insulation materials available in the market and finds a vast array of applications across industrial and commercial sectors.
Global Aerogel Market Trends:
The global market is primarily driven by a significant increase in the demand for aerogels from numerous end use industries. They are extensively used in the oil and gas sector for insulation purposes. Since insulation is crucial for temperature control in the industry, and aids in reducing thermal loss while improving efficiency at the same, it is being increasingly adopted in the oil and gas sector for various operations. Aerogels are also widely used in the building and construction industry, owing to their excellent insulation properties. These solids are increasingly replacing traditional insulation materials, such as perlite, mineral wool and polyurethane foam, on account of their higher thermal efficiency. Aerogels are also thinner as compared to the other materials, which makes them a preferred choice for construction purposes as thinner insulation materials offer superior loading capacity with additional floor area. Apart from this, they are also utilized for the manufacturing of wetsuits and spacesuits in the aerospace industry. Manufacturers are also focusing on the development of polymer-based variants with improved strength and flexibility, which is anticipated to create a positive outlook for the market. The advent of organogels is further providing a stimulus to the market growth. These monolithic aerogels are made up of self-assembled small organic molecules and are derived from a single amino-acid based supramolecular gel. They have extremely low densities and are considered to be much lighter than traditional variants. On account of the aforementioned factors, the market is projected to reach a value of US$ 958.8 Billion by 2025, expanding at a CAGR of 8.5% during the forecast period (2020-2025).
- Based on the processing, the market has been divided into virgin, composites and additives.
- On the basis of the type, the market has been categorized into silica, polymer, carbon and others, wherein silica represents the most preferred product type.
- On the basis of the form, the market has been segregated into blanket, particle, panel and monolith. Among these, blankets exhibit a clear dominance in the market.
- Based on the application, the market has been classified into oil and gas, construction, transportation, electronics, and others. Currently, the oil and gas industry accounts for a majority of the total market share.
- On the geographical front, North America holds the leading position in the market. Other key regions include Asia Pacific, Europe, Latin America, and Middle East and Africa.
- The competitive landscape of the market has been examined in the report with the detailed profiles of the key players operating in the market. Some of these players include Aspen Aerogels, Inc., BASF SE, Cabot Corporation, The Dow Chemical Company, JIOS Aerogel Corporation, Svenska Aerogel Holding AB, Enersens SAS, Active Aerogels, Nano Tech Co., Ltd., Guangdong Alison Hi-Tech Co., Ltd., Intelligent Insulation Ltd., Surnano Aerogel Co., Ltd., TAASI Corporation, Protective Polymers Ltd and Green Earth Aerogel Technology SL.
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