Global Aerogel Market is estimated to reach over USD 1955.26 million by 2031, exhibiting a CAGR of 11.13% during the forecast period.
— Insightace Analytic
NEW JERSEY, SATTE NJ, USA, February 27, 2023 /EINPresswire.com/ — InsightAce Analytic Pvt. Ltd. announces the release of a market assessment report on the “Global Aerogel Market Size, Share & Trends Analysis Report By Product Silica, Ploymer, Carbon, and Others (Metal, Metal Oxide, Metal Chalcogenides), Form (Blanket, Panel, Particle, and Monolith),By Processing (Virgin, Composites, Additives), By Application (Oil & Gas, Construction, Transportation (Automobile, Marine, Aerospace), Performance Coating, Day-Lighting & LVHS, Pharmaceuticals, Industrial & Cryogenics, and Others.)- Market Outlook and Industry Analysis 2031″
The global aerogel market is estimated to reach over USD 1955.26 million by 2031, exhibiting a CAGR of 11.13% during the forecast period.
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Aerogels are a kind of ultra-low synthetic materials made from gels in which the gas component of the gel is substituted for the liquid component by the process of supercritical drying. It is made up of a network of linked nanostructures that is at least 50% porous. Despite being sturdy, it is incredibly light and has little thermal conductivity, which makes it the perfect insulating material. The development of the building and oil & gas sectors is fueling the aerogel market’s expansion. This is explained by the fact that aerogel coatings are employed as insulators in the oil and gas sector. Volumes of raw oil ingredients are transported through pipes by the oil and gas sector, specifically the petroleum industry. Furthermore, aerogel’s low density and low heat conductivity make it a preferred material for thermal protection. Due of this protective performance, it is included in footwear and clothes, including jackets and protective gear worn by firefighters. A large part of the expansion of the global market is also contributed by the development of the aerospace and automotive industries. However, the expensive cost of producing aerogel is anticipated to impede industry expansion. The pricey aerogel manufacturing technique is a significant barrier to the market’s expansion.
List of Prominent Players in the Aerogel Market:
• Aspen Aerogels, Inc.
• Cabot Corporation
• Aerogel Technologies, LLC
• Guangdong Alison Hi-Tech Co., Ltd
• Active Aerogels
• Enersens
• JIOS Aerogel Corporation
• Armacell
• Svenska Aerogel AB
• Green Earth Aerogel Technologies
• Armacell
• Nano Technology Co. Ltd.
• BASF SE
• Dow Inc.
Market Dynamics:
Drivers-
Due to rising demand in the building and construction industry, as well as the marine and aerospace industries, the global aerogel market is anticipated to expand. The development of windows for buildings with aerogel sandwiched between two sheets of glass is becoming increasingly popular. These windows have superior insulating qualities and are lighter than conventional three-layer windows. For instance, there are currently more than one million buildings of all kinds in New York City, which is located in the United States. The growth of high-rise structures as a result of the increasing industrialization and commercialization of areas is anticipated to support the expansion of the construction market.
Challenges:
The expensive cost of production is one of the main factors preventing the aerogel business from expanding. The high cost of silica aerogels results from several factors, including the high cost of raw materials (particularly alkoxide-based precursor materials), complicated process methods (solvent exchange stages, lengthy reaction times constrained by diffusion), and the installation of relatively small production capacities of businesses. Aerogel materials necessitate extensive research and development, which drives up the cost of the process.
Regional Trends:
The Asia Pacific aerogel market is expected to register a major market share in revenue and is projected to grow at a high CAGR shortly due to increased R&D on these materials and investment by well-known companies. The market is also expanding due to its application in various industries, such as pharmaceuticals, transportation, and vehicles. The increasing use of insulation materials in the marine, aircraft, defense, and electrical & electronics industries in nations like Japan, China, and India, as well as the easy accessibility of raw materials and affordable labor rates, are additional significant factors driving revenue growth in the Asia Pacific market. Besides, the North American region had a substantial market share since most of the countries in the region have well-established industrial industries. Due to improved insulating properties, low thermal conductivity, and reduced thickness, their applications in the oil and gas industry have been steadily expanding, driving market expansion.
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Recent Developments:
• In April 2022, the newest unique technology from Alkegen, AlkeGel by Alkegen, was unveiled. The following extensible material, AlkeGel, was created for industrial temperature control applications, including protecting against fires caused by EV and battery systems. AlkeGel from Alkegen is dustier, has a higher thermal conductivity than rival insulation products, performs better thermally, and requires less insulation than those products.
• In April 2019, a novel non-combustible, thermal insulating product was produced by BASF SE and Aspen Aerogels as part of their expanded strategic partnership.
Segmentation of Aerogel Market–
By Product
• Silica
• Polymer
• Carbon
• Others
o Metal
o Metal Oxide
o Metal Chalcogenides
By Form
• Blanket
• Panel
• Particle
• Monolith
By Processing
• Virgin
• Composites
• Additives
By Application
• Oil & Gas
• Construction
• Transportation
o Automobile
o Marine
o Aerospace
• Performance Coating
• Day-Lighting & LVHS
• Pharmaceuticals
• Industrial & Cryogenics
• Others
By Region-
North America-
• The US
• Canada
• Mexico
Europe-
• Germany
• The UK
• France
• Italy
• Spain
• Rest of Europe
Asia-Pacific-
• China
• Japan
• India
• South Korea
• South East Asia
• Rest of Asia Pacific
Latin America-
• Brazil
• Argentina
• Rest of Latin America
Middle East & Africa-
• GCC Countries
• South Africa
• Rest of Middle East and Africa
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Priyanka Tilekar
Insightace Analytic Pvt. Ltd.
551 226 6109
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