Global Aerogels Market: Key Trends
The global aerogels market is likely to be driven by the increasing need for aerogels from end-use industries such as oil and gas and construction. Owing to their light weight, low heat conduction and high insulating properties, aerogels are being considered as a potential material for applications across various industries such as transportation and electronics industry. The increasing need for aerogels from construction sector due to their superior insulation feature is likely to drive the global aerogels market. The increasing demand for aerogels from the oil and gas and petrochemical industry is a major factor driving the global aerogels industry. However, the mounting cost of production of aerogels and the slow commercialization process in developing regions are likely to impede the market’s trajectory.
Against the backdrop of all of these factors, the global aerogels market is estimated to expand at a CAGR of 18.7% from 2014 to 2023, rising from US$353.6 mn in 2015 to touch a valuation of US$1,093.2 mn by 2023.
North America to Report Highest Consumption of Aerogels
Due to the high demand for aerogels from end-use industries in North America, the consumption of aerogels is expected to increase substantially in the upcoming years in the region. Based on volume, North America accounted for a share of 56.5% in the global market in 2014. The rapidly growing construction and transportation sectors in North America are anticipated to help the region maintain a lead in the global aerogels market. As construction companies in the U.S. and Canada are preferring the use of aerogels to benefit from their better insulating properties, the demand for aerogels in North America is expected to rise in the coming years.
Europe is expected to emerge as the second-largest region in terms of aerogel consumption. The increasing demand for aerogels from the oil and gas industry in Europe is anticipated to fuel demand for aerogels in Europe. Asia-Pacific is expected to be the most lucrative market in the coming years owing to the increasing commercialization of aerogels in the region.
Construction Sector to Emerge as Fastest Growing Segment among End Users
The increasing construction activities worldwide have been fuelling demand for aerogels as construction companies focus on enhancing the quality of structures. The increasing need for thermal and acoustic insulation among the construction companies is likely to increase the demand for aerogels in the sector in the coming years. The construction sector accounted for 12.6% in the global aerogels market in 2023. Owing to the increasing construction activities in developing countries, the segment is projected to increase at a CAGR of 16.0% from 2015 to 2023.
The oil and gas segment is anticipated to maintain its lead in the global aerogels market with a share of 64.4% in 2023 in terms of revenue. The rising need for aerogels from the electronics sector is also expected to enhance the sales of aerogels in future. Aerogels manufacturers are likely to gain potential opportunities from the electronics segment owing to the rise in demand for smart devices globally.
The leading companies in the global aerogels market are Aspen Aerogels, Inc., Cabot Corporation, Aerogel Technologies LLC, Svenska Aerogel AB, Surnano Aerogel Co., Ltd., JIOS Aerogel Limited, Guangdong Alison Hi-Tech Co., Ltd., BASF SE, Ocellus, Inc., and Green Earth Aerogel Technologies.
Aerogels are one of the most advanced lightweight composite materials that contain more than 95% air and silica or any other material particles suspended in intricate three dimensional porous structure. Aerogels are gels, wherein the liquid phase is replaced by air by keeping the solid phase undamaged. Aerogels were first synthesized in 1931 by Samuel Kistler. However, high cost associated with the production of aerogels resulted in slow commercialization of aerogels. Thus, usage of aerogels was restricted to high-end applications. Aerogels exhibit low density, porous structure, and low thermal conductivity. This makes them suitable for usage in various applications that require light weight and low thermal conductivity such as insulation in petrochemical, construction, and aerospace industries. Expansion in the insulation industry has propelled the usage of aerogels in various end-user industries. The large array of properties make aerogels most suitable in applications that require light weight and low thermal conductivity. Rising demand for aerogels in oil & gas and construction industries is likely to drive the aerogels market in the next few years. However, availability of various low-cost substitutes and high cost associated with the production of aerogels are projected to hamper market growth during the forecast period. High demand in the transportation industry is expected to act as a major opportunity for aerogels in the next few years.
This report analyzes and forecasts the market for aerogels at the global and regional level. The market has been forecast based on volume (tons) and revenue (US$ Mn) from 2015 to 2023, considering 2014 as the base year. The study includes drivers and restraints of the global aerogels market. It also covers impact of these drivers and restraints on demand for aerogels during the forecast period. The report also highlights opportunities in the aerogels market at the global and regional level.
The report includes detailed value chain analysis, which provides a comprehensive view of the global aerogels market. Porter’s Five Forces model for the aerogels market has also been included to help understand the competitive landscape in the market. The study encompasses market attractiveness analysis, wherein end-users are benchmarked based on their market size, growth rate, and general attractiveness.
The study provides a decisive view of the global aerogels market by segmenting it in terms of products such as silica aerogel, metal oxide aerogel, carbon aerogel, and others such as organic polymers. These segments have been analyzed based on present and future trends. Regional segmentation includes current and forecast demand for North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The report also covers demand for individual products and end-users in all regions.
The report provides the estimated market size of aerogels for 2015 and forecast for the next eight years. The global market size of aerogels is provided in terms of volume and revenue. Market volume has been defined in tons, while market revenue is in US$ Mn. Market numbers are estimated based on key products and end-users of aerogels. Market size and forecast for products and end-users have been provided in terms of global, regional, and country level markets.
In order to compile the research report, we conducted in-depth interviews and discussions with a number of key industry participants and opinion leaders. Primary research represents the bulk of research efforts, supplemented by extensive secondary research. We reviewed key players’ product literature, annual reports, press releases, and relevant documents for competitive analysis and market understanding. Secondary research includes a search of recent trade, technical writing, Internet sources, and statistical data from government websites, trade associations, and agencies. This has proven to be the most reliable, effective, and successful approach for obtaining precise market data, capturing industry participants’ insights, and recognizing business opportunities.
Secondary research sources that are typically referred to include, but are not limited to company websites, annual reports, financial reports, broker reports, investor presentations, SEC filings, Plastemart magazine, TPE magazine, internal and external proprietary databases, and relevant patent and regulatory databases such as ICIS, Hoover’s, oneSOURCE, Factiva and Bloomberg, national government documents, statistical databases, trade journals, market reports, news articles, press releases, and webcasts specific to companies operating in the market.
We conduct primary interviews on an ongoing basis with industry participants and commentators to validate data and analysis. These help validate and strengthen secondary research findings. These also help develop the analysis team’s expertise and market understanding.
The report comprises profiles of major companies operating in the global aerogels market. Key players profiled in the report include Cabot Corporation, Aspen Aerogels, Inc., Aerogel Technologies, LLC, JIOS Aerogel Limited, Surnano Aerogel Co., Ltd, Svenska Aerogel AB, Green Earth Aerogel Technologies, BASF SE, Guangdong Alison Hi-Tech Co., Ltd., and Ocellus, Inc. Market players have been profiled in terms of attributes such as company overview, financial overview, business strategies, and recent developments.
The report segments the global aerogels market as follows:
Aerogels Market – Product Segment Analysis
- Silica aerogels
- Metal oxide aerogels
- Carbon aerogels
- Others (Including polymer aerogels, etc.)
Aerogels Market - End-user Analysis
- Oil & gas
- Others (Including pharmaceutical, etc.)
Aerogels Market - Regional Analysis
- North America
- Rest of North America
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa (MEA)
- South Africa
- Rest of MEA