Aerogel Industry Size, Share, Demand & Growth by 2032
Due to technological advances in this area, North America led the world market, followed by
Asia Pacific. The global aerogel industry is estimated to be US$ 1.5 billion by 2022 and
forecasts annual growth of 17% worth US$ 7.5 billion through 2022 to 2032.
The global aerogel market is on the rise due to increased applications of aerogel in industries
such as oil & gas, marine, automotive, and aerospace. Aerogel is an extremely low-density
solid material, mainly composed of air, and is manufactured using conventional gel. The
global aerogel market consists of materials exhibiting numerous properties, making it suitable
for the applications in aforementioned industries. These properties include thermal & acoustic
damping, low density, high degree of porosity, and other desired properties in various
applications industries. In addition to the abundant uses of aerogel in industrial applications,
one of the key reasons for the increasing global aerogel market is due to the fact that the
material is being witnessed as a good replacement for thermal insulation materials since it
provides cost competitiveness to other high-performance thermal insulating materials.
Aerogel Market: Drivers & Restraints
The increasing demand for aerogels by end users such as oil & gas, automotive, marine &
aerospace, etc. is driving the global aerogel market. Growing globalization leading to an
increase in investments, new establishments for construction, and properties of aerogel such
as high insulation, being cheap, and abundant availability of the raw material are some of the
factors driving the growth of the global aerogel market. High production cost is the major
challenging factor for the growth of the global aerogel market.
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Aerogel Market: Segmentation
Within these applications, the oil & gas industry accounts for a leading share of the global
aerogel market. Among other applications, wherein significant growth is likely to be
witnessed are automotive and construction applications, wherein thermal insulation properties
of aerogel material are being exploited.
These different types of aerogel are being utilized in the global marketplace, wherein polymer
type of aerogel is expected to witness the highest growth in coming years. In terms of market
share, the global aerogel market has been dominated by silica-type aerogel, which is likely to
continue its dominance through the forecast period as well.
The global aerogel market is dominated by the blanket form of aerogel, which is widely used
for thermal insulation applications across industries. The global aerogel market is expected to
witness tremendous growth in the particle form of aerogel, which is expected to contribute
towards the growth in demand for aerogel in the global aerogel market during the forecast
period.
In terms of processing, within the global aerogel market, virgin aerogel is witnessed to be the
dominating processing segment. This is due to the fact that virgin aerogel is free from
composites and additives, which enables its applications in research & development
activities. Further virgin aerogel is accompanied by high commercial availability in the global
aerogel market.
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