Global Aerogel Market by Product (Polymers, Silica), by Form (Blanket, Panel), by End-use (Oil & Gas, Performance Coatings) and Region (North America, Latin America, Europe, Asia Pacific and Middle East & Africa), Forecast To 2028

Summary of the Report

Global aerogel market was valued at USD 818.9 millions in 2020. It is expected to grow at a compound anual growth rate (CAGR of 15.1%) between 2020 and 2028. Market growth is expected to be driven by the rapid development of aerogels for high-temperature insulation, mainly in the oil and gas industry. Global pandemics in 2020 had a significant impact on the market. Lockdowns in various regions caused delays in new construction in the oil and gas industry. This resulted in limited growth. The market's growth in 2020 was attributed to the critical use of the product for MRO activities.

Production activities were stopped, which also caused a shortage of precursor materials needed for aerogel production. The lockdown strategies also restricted transportation, causing disruption in the global supply chain. These trends led to a shortage of aerogel materials in end-use industries, which negatively impacted the market for 2020.

The U.S. government is continually offering subsidies and encouraging the use of EVs. It also encourages OEMs and suppliers to develop EVs through various assistance. The market is likely to benefit from the development of an aerogel thermal barrier product line for use in lithium-ion batteries in EVs.

Thin polymer aerogels are being explored by industry participants for shelter applications such as insulated tents and updating historic structures. These aerogels are becoming more popular in the interior insulation market for building retrofit and thin facade insulation for renovations of historic monuments.

Due to the limited number of players primarily located in North America and Europe, the market has a well-consolidated structure. To reduce manufacturing costs and increase production capacity in order to meet future demand, the key players are investing in research and developing.

Product Insights

Silica aerogel products accounted for more than 67% of the aerogel market's revenue share in 2020. These products are non-combustible, and can bear heat up 1,400 ⁰C. They are therefore highly sought after for their excellent heat endurance and thermal insulation.

For making aerogel blankets with silica aerogel, fibrous reinforcements are used. These convert inelastic aerogels into tough, stretchy and aquaphobic materials. These blankets, which are non-flammable, made from silica aerogels, will be effective in reducing the spread of fire in homes, factories, and other structures.

Due to their superior chemical and physical characteristics, polymer aerogel products will see a 20% CAGR over the forecast period. There are many end-use industries that polymer aerogels can be used in, including electrical & electronic, defense, building and construction, among others.

These products also offer a great combination of properties, which typically include low thermal conductivity and low energy emission. They are also non-flammable and low density. These aerogels can be made as thin films or panels using supercritical drying or ambient pressure. There are many polymers being investigated, including polyimides and polyurethanes as well as polyureas, polyureas, polyamides, and polyureas for various purposes.

Form Insights

With a market share of over 68%, the blanket form segment dominated 2020. The blanket structure transforms the fragile aerogel into an elastic and durable material. Due to their light diffusion and water repellency, these blankets have high penetration rates in building applications.

Aerogel blankets can be combined with PTF membranes for enhanced thermal insulation without adding unnecessary weight. This will drive product usage in construction and building. The industry's growth will also be aided by an increase in product usage for industrial insulation.

Because of their excellent thermal and light diffusion properties, the particle form segment will see a 16.7% CAGR over the next few years. These particles are very easy to transport and handle because of their strong flowability. These granules can be used as performance additives and daylighting.

Aerogel particles are lightweight and super-insulating additives because of their low thermal conductivity and low density. They are used in paints and building materials to provide thermal insulation and fire resistance.

Technology Insights

Supercritical drying technology was the dominant segment of the market, accounting for more than 74% of all revenue in 2020. Because it preserves aerogels' three-dimensional pores, supercritical drying is the most critical step in aerogel production. This results in unique properties such as low density, large surface area and high-quality aerogels.

The most popular method of drying wet gels is supercritical drying. This is the process of extracting solvents from the pores of aerogels with supercritical fluids. This technology creates aerogels that have large pore volumes, porosities, and larger surface areas than ambient pressure drying and freeze-drying.

Other technologies will also see significant growth during the forecast period. Other major processes for producing aerogels include freeze-drying and ambient pressure drying with matrix strengthening. Without matrix strengthening technology, ambient pressure drying can cause shrinkage and loss of porous structure.

Another major technology that can be used for drying wet gels is freeze-drying. This involves freezing solvents within pores below their freezing point. Cryogels are one of the most efficient production methods.

End-use Insights

With a 64% revenue share, the oil and gas segment dominated the market in 2020. Aerogel is a versatile insulation material that can be used for construction, fabrication, and operation of pipelines and other systems. It has excellent heat insulation properties and low porosity.

Aerogel blankets are used to increase insulation of oil-and gas pipelines and deep-sea pipes to reduce production costs, reduce pipeline compression resistance and reduce steel use in construction. Aerogel insulators also offer exceptional thermal performance, mechanical strength and hydrophobicity.

Over the forecast period, performance coatings will see a significant CAGR of over 16%. Polyurethanes, and polystyrene are poor mechanically stable. Aerogel, however, is low in thermal conductivity and high resistance to moisture.

Aerogel is a low-density and high-porosity composite material that offers many advantages to the coatings industry. Aerogel acts as a coupling agent in adhesion. This creates a strong bond between aerogel particles on the coating surface. The industry is expected to grow because of the high demand.

Regional Insights

North America was the dominant market for global aerogels in 2020, with a revenue share greater than 46%. This market is expected to grow at a steady CAGR (14.1%) over the forecast period. This is due to the industry's consolidated structure and the large concentration of aerogel producers in the region, particularly in the U.S.

North America has a tremendous growth potential due to product innovation and new application development. Due to its broad application range in vehicle batteries, it is expected that the rapid rise in production of Electric Vehicles and Hybrid Vehicles in North America will boost product demand.

Europe will see significant growth between 2020 and 2028. The European Union's energy efficiency program requires all buildings in countries like Germany, Spain, Spain and Italy to reduce their energy consumption by 20%. This is the main factor driving the regional market.

Market Share Insights & Key Companies

Companies and industries are being forced to adhere to strict environmental standards. They also have to adapt existing technologies and materials to meet standard specifications and requirements. To increase their market presence, key players employ a variety of strategies such as media promotion and the organization of business conventions. Many companies also collaborate with associations to create applications for specific industries. Some companies also have exclusive rights to purchase products from top brands. The following are some of the most prominent players in global aerogel markets:

• Cabot Corp.

• BASF SE

• Nano Technology Co., Ltd.

• Dow, Inc.

• Enersens

Up Market Research published a new report titled “Aerogel Market research report which is segmented by Product (Polymers, Silica), by Form (Blanket, Panel), by End-use (Oil & Gas, Performance Coatings), By Players/Companies BASF SE, Cabot Corp, Dow Inc, Nano Technology Co Ltd, Enersens”. As per the study the market is expected to grow at a CAGR of XX% in the forecast period.

Report Scope

The report covers comprehensive data on emerging trends, market drivers, growth opportunities, and restraints that can change the market dynamics of the industry. It provides an in-depth analysis of the market segments which include products, applications, and competitor analysis.

Global Aerogel Market Report Segments:

The market is segmented by Product (Polymers, Silica), by Form (Blanket, Panel), by End-use (Oil & Gas, Performance Coatings).

Aerogel Market research report delivers a close watch on leading competitors with strategic analysis, micro and macro market trend and scenarios, pricing analysis and a holistic overview of the market situations in the forecast period. It is a professional and a detailed report focusing on primary and secondary drivers, market share, leading segments and geographical analysis. Further, key players, major collaborations, merger & acquisitions along with trending innovation and business policies are reviewed in the report.

Key Benefits for Industry Participants & Stakeholders:

• Industry drivers, restraints, and opportunities covered in the study
• Neutral perspective on the market performance
• Recent industry trends and developments
• Competitive landscape & strategies of key players
• Potential & niche segments and regions exhibiting promising growth covered
• Historical, current, and projected market size, in terms of value
• In-depth analysis of the Aerogel Market

Overview of the regional outlook of the Aerogel Market:

Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa (MEA). North America region is further bifurcated into countries such as U.S., and Canada. The Europe region is further categorized into U.K., France, Germany, Italy, Spain, Russia, and Rest of Europe. Asia Pacific is further segmented into China, Japan, South Korea, India, Australia, South East Asia, and Rest of Asia Pacific. Latin America region is further segmented into Brazil, Mexico, and Rest of Latin America, and the MEA region is further divided into GCC, Turkey, South Africa, and Rest of MEA.

Highlights of The Aerogel Market Report:

1. The market structure and projections for the coming years.
2. Drivers, restraints, opportunities, and current trends of Aerogel Market.
3. Historical data and forecast.
4. Estimations for the forecast period 2028.
5. Developments and trends in the market.

                1. Polymers

                2. Silica

                1. Blanket

                2. Panel

                1. Oil & Gas

                2. Performance Coatings

9. Market scenario by region, sub-region, and country.
10. Market share of the market players, company profiles, product specifications, SWOT analysis, and competitive landscape.
11. Analysis regarding upstream raw materials, downstream demand, and current market dynamics.
12. Government Policies, Macro & Micro economic factors are also included in the report.

We have studied the Aerogel Market in 360 degrees via. both primary & secondary research methodologies. This helped us in building an understanding of the current market dynamics, supply-demand gap, pricing trends, product preferences, consumer patterns & so on. The findings were further validated through primary research with industry experts & opinion leaders across countries. The data is further compiled & validated through various market estimation & data validation methodologies. Further, we also have our in-house data forecasting model to predict market growth up to 2028.

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• Correctly Positioning New Products
• Market Entry Strategies
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Reasons to Purchase the Aerogel Market Report:

• The report includes a plethora of information such as market dynamics scenario and opportunities during the forecast period
• Segments and sub-segments include quantitative, qualitative, value (USD Million,) and volume (Units Million) data.
• Regional, sub-regional, and country level data includes the demand and supply forces along with their influence on the market.
• The competitive landscape comprises share of key players, new developments, and strategies in the last three years.
• Comprehensive companies offering products, relevant financial information, recent developments, SWOT analysis, and strategies by these players.