The aerogel market size is estimated to be USD 638 million in 2020 and is projected to reach USD 1,045 million by 2025, at a CAGR of 10.4% between 2020 and 2025.
Factors such as super thermal resistance, a thinner and lighter alternative will drive the aerogel market. The major restraint for the market will be the high manufacturing cost, poor mechanical strength. However, the potential substitute for conventional insulation materials will act as an opportunity for the market.
Silica based aerogel is estimated to be the largest type in 2019.
The method of synthesizing silica aerogel is economical, and the process is very versatile. Silica aerogels are best known for tremendously combining low thermal conductivity with high optical transparency. They are transparent; however, due to the Rayleigh scattering effect, they appear to be blue and are hence commonly called frozen smoke or blue smoke. The high insulating properties, low cost, abundant raw material availability, and the versatile process of manufacturing are driving the silica-based aerogel market. Silica is the first type of aerogel to be made commercially available. Silica aerogel materials are particularly intriguing due to their ultra-low weight and transparency. A visibly transparent super-insulating material is compatible with many applications.
Aerogel in blanket form is estimated to be the largest market in 2019.
The blanket form is the largest segment of the aerogel market. It was the first form of commercial aerogel for various applications. The blanket material has a clear value proposition, as it is super insulating and two to three times better than particle material in terms of thermal properties. Blanket materials are used for a broad range of applications, such as oil & gas, construction, automotive, and marine and aerospace, as these can be cut and modified as per specific requirements due to their flexible physical structure.
Virgin aerogel is estimated to be the largest market in processing segment in 2019.
As manufactured aerogels are called virgin aerogels - the original form of aerogel, which is not loaded with any other material or chemically treated to enhance its physical structure. The only drawback of virgin aerogels is that they are extremely brittle. Virgin aerogels are used in several applications, owing to their commercial availability in comparison to fabricated aerogels. Aerogel materials in the as manufactured segment are used directly in their original forms for applications, such as the use of silica aerogel in R&D. These aerogels are functional for industrial applications without any further processing or alterations and are used in the same form produced by aerogel manufacturers. Materials in this segment do not require additional manufacturing, compounding, coating, modification, or subsequent processing to be used in applications.
The oil & gas application is projected to account for the largest share, in terms of volume and value, of the overall aerogel market between 2020 and 2025.
Fossil fuels play a vital role in meeting the ever-increasing demand for energy. Right from generating electricity to working of automobiles, fuels such as diesel and petrol are required in one or the other way. The oil & gas segment involves exploration, extraction, refining, and selling of products obtained from crude oil. The segment generates huge revenue making it one of the important components of the world's economy. The investments required in this segment are also quite high, considering the lead times for finding and extracting hydrocarbons. The output needs to be carefully transported to the regasification sites through long pipelines. The whole procedure takes place in challenging environments, such as subsea pipelines and rigs in Arctic waters. For the uninterrupted flow of hydrocarbons, maintaining the temperature of these pipelines is important. Hence, the oil & gas industry heavily depends on insulation.
North America is expected to be the largest aerogel market during the forecast period, in terms of value and volume.
North America is the largest region in terms of production and consumption of aerogel materials. Globally, it is the leading aerogel market in terms of product innovation, quality, and application development. The North American aerogel market is largely driven by the oil & gas application, where the demand for advanced solutions is extremely high due to its reduced thickness, superior insulating properties, and low thermal conductivity. The growing use of aerogel materials in the automotive, marine, and aerospace applications in North America is expected to drive the aerogel market.
Key Topics Covered:
2 Research Methodology
3 Executive Summary
4 Premium Insights 4.1 Attractive Opportunities in the Aerogel Market 4.2 Aerogel Market, by Processing 4.3 North America: Aerogel Market, by Application and Country 4.4 Aerogel Market Share, by Application 4.5 Aerogel Market Growth, by Region 4.6 Aerogel Market Attractiveness, by Key Countries
5 Market Overview 5.1 Introduction 5.2 Market Dynamics 5.2.1 Drivers 22.214.171.124 Superior Thermal Resistance 126.96.36.199 Thinner and Lighter Alternative 188.8.131.52 Environment-Friendly Material 184.108.40.206 Demand from Construction Application 5.2.2 Restraints 220.127.116.11 High Manufacturing Costs 18.104.22.168 Poor Mechanical Strength 5.2.3 Opportunities 22.214.171.124 Potential Substitute for Conventional Insulation Materials 126.96.36.199 New Applications in Apparel Market 188.8.131.52 Growing Applications in Day-Lighting Segment 184.108.40.206 Growing Demand from Aviation Industry 220.127.116.11 Enormous Demand from Lvhs Segment 5.3 Porter's Five Forces Analysis 5.4 Supply Chain Analysis 5.5 Price Analysis of Aerogel 5.6 Aerogel Market Scenarios, 2018-2025 5.7 Patent Analysis 5.8 Aerogel: Ecosystem 5.9 Change in Industry Shift Impacting Future Revenue Mix 5.10 Macroeconomic Overview 5.10.1 Oil & Gas 5.10.2 Automotive 5.11 Case Studies 5.12 Regulatory Framework 5.12.1 Compliance Imposed on Aerogel Products Imported from China by US 5.12.2 Advisory Circular from Federal Aviation Admiration, US 5.12.3 EU Reach Chemical Policy: Aerogel 5.13 Trade Data Statistics 5.13.1 Import of Aerogel: India 5.13.2 Import of Aerogel: Brazil 5.14 Technology Analysis 5.14.1 Sol-Gel Process 5.14.2 Nano Compositing 5.14.3 Super Critical Drying 5.14.4 Stelmor Process 5.15 COVID-19 Impact 5.15.1 Introduction 5.15.2 COVID-19 Health Assessment 5.15.3 COVID-19 Economic Assessment 18.104.22.168 Impact of COVID-19 on Economy - Scenario Assessment
6 Aerogel Market, by Type 6.1 Introduction 6.2 Silica Aerogel 6.3 Polymer Aerogel 6.4 Carbon Aerogel 6.5 Others 6.5.1 Metal Oxide Aerogel 6.5.2 Metal Chalcogenides Aerogels 6.5.3 Metal Aerogel
7 Aerogel Market, by Form 7.1 Introduction 7.2 Blanket 7.3 Particle 7.4 Panel 7.5 Monolith
8 Aerogel Market, by Processing 8.1 Introduction 8.2 as Manufactured (Virgin Aerogels) 8.3 Composites 8.4 Additives
9 Aerogel Market, by Application 9.1 Introduction 9.2 Oil & Gas 9.3 Construction 9.4 Transportation 9.4.1 Aerospace 9.4.2 Automotive 9.4.3 Marine 9.5 Performance Coating 9.6 Day-Lighting & Lvhs 9.7 Others
10 Aerogel Market, by Region 10.1 Introduction 10.2 North America 10.3 Asia-Pacific 10.4 Europe 10.5 Middle East & Africa 10.6 South America
11 Competitive Landscape 11.1 Introduction 11.2 Market Evaluation Framework 11.3 Market Share of Key Players 11.4 Ranking of Key Market Players, 2019 11.5 Revenue Analysis of Top Five Market Players, 2019 11.6 Company Evaluation Matrix Definitions and Methodology 11.6.1 Star 11.6.2 Emerging Leaders 11.6.3 Pervasive 11.6.4 Participants 11.7 Startup & Small and Medium-Size Enterprises (SMEs) Matrix, 2019 11.8 Product Portfolio Analysis of Top Players, 2019 11.9 Business Strategy Excellence of Top Players, 2019 11.1 Competitive Scenario 11.10.1 Contract & Agreement 11.10.2 Expansion 11.10.3 Innovation & New Product Launch 11.10.4 Partnership & Joint Venture