What Has Been the Progress and Growth of the Aerogel Market in Recent Years?
The aerogel market has seen considerable growth due to a variety of factors.
• In the previous years, the aerogel market has witnessed a noticeable surge in size. The market, which is projected to be valued at $1.48 billion in 2024, is set to catapult to a whopping $1.75 billion by 2025, registering a compound annual growth rate (CAGR) of 18.7%.
This growth during the historic period was majorly driven by enhancements in the aerospace industry, initiatives for energy efficiency, an increasing demand in the oil and gas sector, applications in the medical and healthcare fields, as well as an expansion in the consumer goods and electronics sector.
What Can Be Expected from the Aerogel Market?
The aerogel market is expected to maintain its strong growth trajectory in upcoming years.
• The size of the aerogel market is projected to experience a swift expansion in the coming years, reaching a worth of $3.17 billion in 2029 with a CAGR of 15.9%.
The projected growth in this timeframe can be credited to its acceptance in the oil and gas industry, advancements in material science, applications in environmental clean-up, medical and healthcare usage, and automotive lightweighting. The anticipated key trends during this forecast period encompass heightened emphasis on sustainability, advancements in production technologies, incorporation in energy storage systems, the introduction of transparent aerogels, and healthcare innovations.
What Are The Core Factors Supporting Growth In The Aerogel Market?
Anticipated expansion in the construction realm is set to catalyze the aerogel market's growth in the forthcoming years. The broad spectrum of responsibilities within the construction industry encompasses the establishment and upkeep of construction zones, infrastructure, and an array of other physical structures. This industry involves a slew of operations such as strategizing project outlines, design, financial planning, and its ultimate execution. Aerogels, owing to their superior low heat conductance capacity and heightened porosity, serve as formidable lightweight insulation constituents in the construction domain. These properties contribute to enhancing the architectural insulation and energy efficiency. To emphasize, the Office for National Statistics, a British non-ministerial organization tasked with the collection and dissemination of national, regional, and local economic, demographic, and social data, stated in November 2023 that there was an upsurge of £18.16 billion ($19.89 billion) in total new construction work in 2022, marking an increment of 16.8% and 13.1% in private and public new construction, respectively. Hence, the escalating demand in the construction industry corroborates the propulsion of the aerogel market.
How Is The Aerogel Market segmented?
The aerogel market covered in this report is segmented –
1) By Type: Silica, Polymers, Carbon, Other Types
2) By Form: Blanket, Particle, Panel, Monolith
3) By End-Use: Oil And Gas, Building And Construction, Automotive, Aerospace And Marine, Performance Coatings, Other End-Users
Subsegments:
1) By Silica: Open-Cell Silica Aerogels, Closed-Cell Silica Aerogels
2) By Polymers: Polyimide Aerogels, Epoxy Aerogels
3) By Carbon: Carbon Aerogels, Graphene Aerogels
4) By Other Types: Metal Oxide Aerogels, Hybrid Aerogels
Pre-Book The Aerogel Global Market Report 2025 Report For Swift Delivery And Comprehensive Insights:
What New Trends Are Influencing The Aerogel Market?
Primary players in the aerogel market, like Cabot Corporation, are focusing on innovation by producing products such as aerogel particles to be used in thermal barriers for lithium-ion batteries. Aerogels are unique materials created by replacing the liquid in a gel with gas, yielding an extremely low-density solid with exceptional thermal insulation capabilities. In May 2023, Cabot Corporation, a US-based specialty chemicals manufacturer, unveiled their ENTERA aerogel particle series. These particles act as thermal insulation additives, paving the way for ultra-thin heat barriers in electric vehicle (EV) lithium-ion batteries. The ENTERA series is made up of three unique aerogel materials, which can be combined to form different types of thermal barriers such as blankets, cushions, sheets, films, foams, and coatings. The ENTERA aerogel portfolio by Cabot includes ENTERA EV5200 aerogel, ENTERA EV5400 aerogel, and ENTERA EV5800 aerogel in a variety of sizes from microns to millimeters. These aerogel particles are up to 20 times lighter than typical insulation additives used in thermal barriers and consist of over 90% air.
Who Are the Key Players In The Aerogel Market?
Major companies operating in the aerogel market report are:
• BASF SE
• The Dow Chemical Company
• Evonik Industries AG
• Cabot Corporation
• Alkegen
• Armacell International S.A
• Aspen Aerogels Inc.
• Nano High-Tech Co. Ltd.
• Aerosafe Global
• Blueshift Materials Inc.
• Solarcore
• Svenska Aerogel Holding AB
• ENERSENS
• Green Earth Aerogel Technologies
• TAASI Corporation
• Guangdong Alison Hi-Tech Co. Ltd.
• Aerogel Technologies LLC
• Active Aerogels
• Thermablok Aerogels Ltd.
• THERMULON LTD
What Is The Most Dominant Region In The Aerogel Market?
North America was the largest region in the aerogel market in 2024. Asia Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the aerogel market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
