Published: Mar-2021 | Format: PDF | Market Research Store | Number of pages: 110 | Code: MRS - 828557
The aerogels market is set for rapid growth over the forecast period. In terms of revenue, the global aerogels market accounted for USD 630 Million in 2019 and is anticipated to reach around USD 1,150 Million by 2026, growing at a CAGR of 10.4%.
Global Aerogels Market: Overview
Aerogels are the lightest solid material. They are a diverse class of solid, porous materials that have a wide range of extreme materials properties. Aerogel is a low-density, light, solid, porous framework of gel that is isolated from its liquid component. Aerogels exhibit a porosity of around 90% to 99.8% along with a significant amount of microporosity.
Global Aerogels Market: Growth Factors
The properties of aerogel such as thin and lightweight are driving the global aerogel market. Aerogel provides certain advantages over traditional insulation materials such as rock wool, polyurethane foam, stone wool, and mineral wool. In order to acquire the desired R-value, thick layers of traditional insulation materials are required which results in loss of floor space in the construction industry. Floor space is considered very valuable in the case of new constructions. In the case of old constructions, it is very very difficult to improve insulation levels as the introduction of new insulation layers required additional layers of insulation which might result in changes in the appearance of the house. In order to avoid structural changes in building compromising the whole structure and to fulfill energy standards, aerogels are anticipated to be a perfect alternative to traditional insulation materials. The less thickness and low thermal conductivity of aerogels make them the right choice for saving a significant amount of energy that would have rather lost for cooling and heating purposes. Aerogels are used widely in cold regions due to their low thermal conductivity and low weight.
Global Aerogels Market: COVID-19 Impact
COVID-19's outbreak in 2020 has had an impact on the global economy and market scenario in major industries around the world. The limitation in industrial operations, trade practices, supply-chain uncertainty, and other events in global lockdown has resulted from the pandemic scenario. During this situation, aerogel's main end-use sectors, such as oil and gas, construction, engineering, and shipping, were also impacted. The economy has been affected by a drop in oil prices and delays in new pipeline completion, lower demand from the automobile industry, and a partial freeze in construction activities across the globe for a few months in 2020. As a result of slow demand from end-use sectors, the high-growth aerogel industry is projected to slow down in 2020. The economy, on the other hand, is improving, and businesses have resumed operations with limited capability and in accordance with government guidelines. From the beginning of 2021, all end-use industries are projected to be fully operational, resulting in strong demand for aerogel. As a result, the demand is expected to grow at a rapid rate over the forecast period. Several applicants in the oil & gas, construction, performance coating, day-lighting & LVHS, and transportation sector have endorsed the usage of aerogels products as it can ideally enhance the product offered by many. In increasing sales, making things more recognizable and appealing to a buyer plays a critical role. This also serves to show in the shop the range of items or product combinations available.
During COVID-19 lockdowns, the aerogels industry faced both a supply and demand crunch. If COVID-19 infections spread across the workforce, plant capacity may be harmed unless appropriate preventative measures are taken. The lockdown slowed the manufacture of aerogels. Due to the lockdown, the supply of finished goods and the procurement of raw materials were also hindered in the supply chain and logistics. Because the majority of the aerogels industry's production workforce is employed in on-site jobs that cannot be performed remotely, the industry may be particularly vulnerable. Furthermore, given the nature of the industry, businesses may need to consider how to generate social distancing in workplaces where workers are often crowded. Trade limitations, market fluctuations, production chain disruption, unpredictable demand, and workforce shortages are estimated to affect the chemical industry as a whole.
Global Aerogels Market: Segmentation
The global aerogels market is bifurcated into its type, form, processing, application, and regions. Based on the type, the global market is divided into carbon, polymer, silica, and others. Based on form, the market is bifurcated into particles, blankets, monolith, and panels. Based on the Processing, the market is bifurcated into additives, composites, and manufactured. Based on the application, the global market is divided into construction, day-lighting & LVHS, oil & gas, performance coating, and others. Geographically, the global aerogels market is diversified into North America, Asia-Pacific, Europe, Latin America, and Middle East & Africa.
Global Aerogels Market: Regional Analysis
North America region dominated the global aerogels market in 2019 with the U.S. having the major market share and is anticipated to continue its dominance in the upcoming years. The dominance of the North America market can be attributed to the increasing demand from oil & gas applications due to the properties of aerogel such as reduced thickness, low thermal conductivity, and superior insulating properties. The increasing demand for aerospace, marine, and automotive applications is also anticipated to propel the North America market. Huge amounts of investments are being made by the U.S. to develop technologies for product innovation, application development, and improving the quality of the product. Europe was the second-largest region in 2019. The demand for aerogels in Europe can be attributed to insulation regulations, recovery initiatives, and energy efficiency in the region. U.K., Sweden, Germany, and France are the countries majorly driving the aerogel market in Europe. The aerogel market in Europe is driven by stringent regulations on energy conservation in industries such as construction and oil & gas. The demand is also propelled by the automotive sector in the region due to the lightweight and high-performance characteristics of aerogels.
Global Aerogels Market: Competitive Players
Some of the key players in the aerogels market are Dow Corning Corporation, Green Earth Aerogel Technologies, Ocellus, Inc., TAASI Corporation, Acoustiblok UK Ltd, Blueshift Materials, Inc., Intelligent Insulation, American Aerogel Corporation, BASF SE, Aerogel Technologies LLC, Aspen Aerogels, Inc., Surnano Aerogel Co., Ltd., Gelanggang Kencana Sdn. Bhd., Airglass AB, Svenska Aerogel AB, Enersens, Nano High-Tech Co., Ltd., JIOS Aerogel Corporation, Active Aerogels, and Cabot Corporation among others.
Global Aerogels Market: Regional Segment Analysis