ALBANY, New York, March 29, 2016 /PRNewswire/ --
Transparency Market Research has released a new market report titled "Aerogels (Silica, Metal Oxide, Carbon and Others) Market for Construction, Oil & Gas, Transportation, Electronics and Other End-users - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2015-2023." According to the report, the global aerogels market was valued at US$ 309.1 Million in 2014 and is estimated to reach US$ 1,903.2 Million in 2023, expanding at a CAGR of 15.2% between 2015 and 2023.
Aerogels are exceptionally light weight insulating materials that exhibit low density, porous structure, and low thermal conductivity than most of the conventional insulating materials. Rising demand for aerogels in oil & gas and construction industries is expected to drive the global market. However, the threat of low-cost substitutes in developing regions and slow rate of commercialization are anticipated to hamper market growth during the forecast period. High demand for light weight and compact insulation in the transportation industry is estimated to offer growth opportunities to the aerogels market from 2015 to 2023.
In terms of volume, North America accounted for more than 55% of the global aerogels market in 2014. This was primarily ascribed to the high demand for these in the oil & gas and construction industries in the region. North America is projected to maintain its dominance during the forecast period, owing to high demand for insulation in downstream industries. The U.S. is likely to be one of the major manufacturers and consumers of aerogels in the next eight years. Europe is expected to be the fastest-growing region for aerogels during the forecast period. Significant demand for aerogels in construction and transportation industries is anticipated to be the key reason for the rapid growth of the market in Europe. Increase in commercialization of aerogels is estimated to lower the price of aerogels in developed regions. This is projected to shift the momentum of demand toward developing regions between 2015 and 2023.
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The aerogels market is estimated to gain momentum in developing regions such as Asia Pacific once the cost of aerogels is in line with that of the existing insulation materials. Emergence of China-based manufacturers in the aerogels market during the forecast period is projected to lower the prices of aerogels in the near future. Countries such as China, Japan, South Korea, and India are likely to be the major consumers of aerogels during the forecast period. Rising demand in downstream industries in Asia Pacific is expected to provide the necessary thrust for the aerogels market in the region in the near future.
Middle East & Africa is estimated to witness moderate growth during the forecast period. Expansion of the downstream industries such as oil & gas and construction is anticipated to boost the aerogels market in the region. However, high cost of raw materials and lack of technological expertise is expected to hamper market growth in Middle East & Africa. The aerogels market in Latin America is also projected to expand substantially, owing to the rising demand from insulation industry in Brazil. However, the high cost of final products and large dependence on North America for the import of aerogels are likely to hamper market growth. Rising commercialization for the production of aerogels is expected to propel the market in these regions in the next eight years.
The global aerogels market is significantly consolidated. Key players 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.
Browse Research Blog: http://www.tmrblog.com/2016/02/as-industries-warm-up-to-use-of.html
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
- Rest of North America
- Rest of Europe
- Rest of Asia Pacific
- Rest of Latin America
Middle East & Africa (MEA)
- South Africa
- Rest of MEA
Research Press Release: http://www.transparencymarketresearch.com/pressrelease/global-aerogels.htm
Browse Regional Market Analysis: http://www.europlat.org/global-aerogels-market.htm
Browse Other Research Reports:
- Aerosol Market: http://www.transparencymarketresearch.com/aerosol-market.html
- Precipitated Silica Market: http://www.transparencymarketresearch.com/precipitated-silica-market.html
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