The aerogel market was valued at USD 1.85 Billion in 2018 and is expected to reach USD 13.49 Billion by 2026 growing at a Compound Annual Growth Rate (CAGR) of 24.7% from 2018 to 2026. Ultra-lightweight and superior thermal resistivity features propel the demand for aerogel across several industrial applications which in turn is expected to drive the global aerogel market during the forecast period. In addition, increasing demand for construction coupled with the growing awareness regarding global warming, and installation of eco-friendly materials within the building are further estimated to create new necessities and augment the market of growth over the forecast period of 2018-2026.
The aerogel market has been segmented based on types, which is further divided into metal oxides, silica, carbon, and others. Based on product form the aerogel market has been segmented as powder, blanket, block, and panel. Based on end-use industry, the market has further segmented as construction, subsea, paints & coatings, electronics, transportation, and others. The rising demand for eco-friendly commercial and residential buildings coupled with awareness regarding the application of light-weight raw materials are expected to be the prime reason owing to which construction segment will grow at a significant growth rate during the forecast period.
The global aerogel market has been geographically segmented into Asia-Pacific, Europe, North America, Latin America, the Middle East and Africa region. In addition to this, North America region holds the largest market share. The reason may be attributed to the increased spending towards construction industry across the countries such as USA and Canada coupled with the massive investment towards developing subsea and onshore oil and gas exploration projects. In addition, the presence of greater numbers of manufacturers in this region is another influencing factor owing to which North America region holds the largest market share. However, Asia-Pacific aerogel market is expected to propel at the fastest CAGR during the forecast period owing to the increasing investments towards adaptation of modern raw materials in the construction industry coupled with the rise in the demand for semiconductors and insulator by the electronic industry. Presence of developing countries such as China, Japan, India and South Korea is the key factor expected to drive the demand for aerogels across electronics, construction and Subsea industries.
Some of the key players in the global aerogel market include Acoustiblok UK Ltd, Airglass AB, American Aerogel Corporation, Aspen Aerogel Inc., BASF SE, Dow Corning Corporation, Enersens, JIOS Aerogel, Nano High-Tech and Svenska Aerogel AB.
· Metal Oxides
• Paints and Coatings
• North America
o Rest of Europe
• Asia Pacific
o Rest of Asia Pacific
• Middle East and Africa
o South Africa
o Rest of Middle East and Africa
• Latin America
o Rest of Latin America