Aerogel Market Size to Reach USD 1,759.7 Million in 2030 | Expanding Applications of Aerogel in Aviation Sector and Increasing Need for Thinner, Lighter and Eco-Friendly Materials are Key Factors Driving Industry Demand, Says Emergen Research
VANCOUVER, BC, Feb. 22, 2022 /PRNewswire/ -- The global aerogel market size reached USD 703.0 Million in 2021 and is expected to register a CAGR of 10.8% during the forecast period, according to latest analysis by Emergen Research. Increasing application of aerogels in various end-use industries such as construction, performance coatings, transportation, and others is a major factor expected to continue to drive global aerogel market revenue growth during the forecast period.
Drivers:
Aerogels are ideal substitutes for traditional insulation materials such as mineral wool, polyurethane foam, and rock wool. Aerogels are used to fulfill energy standards set by various governmental bodies, which eliminate structural compromises in new building and constructions. Aerogel materials, when used in commercial and residential buildings, help to save floor space and a substantial amount of energy owing to reduced thickness and low thermal conductivity. The materials are also widely used for industrial insulation due to being extremely porous and the pores are in the nanometer range. The nano pores are not visible to the human eye, which makes aerogel so adept at insulating.
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Restraints:
However, high cost associated with raw materials and complex production process and technologies is a major factor expected to hamper revenue growth of the market. Manufacturing of aerogel materials requires extensive investment in R&D activities, which makes the entire process time consuming and end product costly. It also requires sophisticated facility, highly specialized production mechanisms, and skilled labor. Supercritical drying is the most expensive step in the aerogel manufacturing process.
Growth Projections:
Global aerogel market revenue is expected to register a CAGR of 10.8% over the forecast period and market size is projected to increase from USD 703.0 Million in 2020 to USD 1,759.7 Million in 2030. Increasing demand for super thermal resistant, high temperature insulation and environment friendly materials are major factors supporting revenue growth of the market.
COVID-19 Impact Analysis:
COVID-19 pandemic resulted in economic downturn and loss of numerous lives across the globe. Imposition of stringent lockdowns globally and restriction in trade and industrial operations resulted in disruption in supply chains worldwide. Lockdowns across various regions resulted in a delay of new construction projects, which led to slow-down of growth of the market. However, post lockdown, restart of economic activities in a phased manner resulted in sudden rise in demand from automotive industry and construction sector. Governments of various countries announced several economic packages and reforms to help businesses and increase demand for products across end-use industries. Increase in demand from the transportation sector due to high demand for exports of agricultural and other goods, demand for housing due to lower interest rates, and increase in sales of vehicles were indirectly responsible for increase in production of aerogels.
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Current Trends and Innovations:
Recent developments in nanocellulose-based aerogels in thermal application is expected to boost market growth over the forecast period. Nanocellulose is a biodegradable and renewable nanomaterial with low density, high strength, and high surface area, which allows interaction with other polymers and nanomaterials in a controlled manner. In recent years, nanocellulose aerogel has garnered much attention due to rising environmental concerns. Nanocellulose-based aerogels have excellent properties such as green reproducibility, good biocompatibility, and easy degradation, along with several advantages of previous inorganic aerogels and polymer aerogels. Nanocellulose aerogels provide wide range of functional applications such as adsorption, separation, energy storage, thermal insulation, electromagnetic interference shielding, and biomedical applications.
Geographical Outlook:
North America market is expected to register a significantly robust revenue growth rate over the forecast period due to presence of well-established aerogel manufacturing industries in countries in the region. Rapidly rising production and adoption of Electric Vehicles (EVs) in countries in the region is also expected to boost product demand owing to wide application of aerogel in production of EV batteries.
Strategic Initiatives:
Some major companies included in the global market report are, Aspen Aerogels, Inc., Cabot Corporation, Aerogel Technologies, LLC, Guangdong Alison Hi-Tech Co., Ltd., Active Aerogels, Enersens, JIOS Aerogel Corporation, Armacell, Svenska Aerogel AB and Green Earth Aerogel Technologies.
- In August 2020, Armacell, which is a global leader in energy efficiency launched ArmaGel DT, which is a next generation flexible aerogel blanket. ArmaGel DT can be used for dual-temperature and cryogenic applications. Compared to other competing insulation products, ArmaGel DT offers superior thermal performance, exceptionally low thermal conductivity, and reduction in insulation thicknesses. It does not shrink at cryogenic temperatures and its hydrophobicity and flexibility provides protection against corrosion under insulation extending asset.
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Emergen Research has segmented the global aerogel market on the basis of product type, form, processing, application, and region:
- Product Type Outlook (Revenue, USD Million; 2019–2030)
- Silica
- Polymer
- Carbon
- Others
- a. Metal
- b. Metal Oxide
- c. Metal Chalcogenides
- Form Outlook (Revenue, USD Million; 2019–2030)
- Blanket
- Panel
- Particle
- Monolith
- Processing Outlook (Revenue, USD Million; 2019–2030)
- Virgin
- Composites
- Additives
- Application Outlook (Revenue, USD Million; 2019–2030)
- Oil & Gas
- Construction
- Transportation
- a. Automobile
- b. Marine
- c. Aerospace
- Performance Coating
- Day-Lighting & LVHS
- Pharmaceuticals
- Industrial & Cryogenics
- Others
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- Regional Outlook (Revenue, USD Million; 2019–2030)
- North America
- a. U.S.
- b. Canada
- c. Mexico
- Europe
- a. Germany
- b. France
- c. U.K.
- d. Italy
- e. Spain
- f. Benelux
- g. Rest of Europe
- Asia Pacific
- a. China
- b. India
- c. Japan
- d. South Korea
- e. Rest of APAC
- Latin America
- a. Brazil
- b. Rest of LATA
- Middle East & Africa
- a. Saudi Arabia
- b. UAE
- c. South Africa
- d. Turkey
- e. Rest of MEA
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