In terms of value, the aerogel market is estimated to grow from USD 0.9 billion in 2024 to USD 1.6 billion by 2029, at a CAGR of 12.8%. Aerogel market have grown as the mounting technological innovations and advancemnts, rising superior thermal insulation of aerogels and growing energy efficiency regulations. These factors drive the aergoel market.
The market is projected to grow because of growing demand for high quality aerogels, mounting technological advancements and innovations regarding aerogels and growing energy efficiency regulations. They offer exceptional thermal insulation, reducing energy consumption in oil & gas industries and enhancing efficiency in aerospace and automotive applications due to their lightweight yet robust structure. Aerogels also excel in acoustic insulation, dampening sound effectively, and they remain stable at high temperatures, making them suitable for extreme environments.
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The key players profiled in the report include Aspen Aerogels, Inc. (US), Cabot Corporation (US), Armacell International S.A. (Luxembourg), Nano Tech Co., Ltd. (China), Zhejiang UGOO Technology Co., Ltd. (China), Guangdong Alison Technology Co., Ltd. (China), Beerenberg AS (Norway), Aerogel Technologies, LLC (US), Enersens (France), IBIH Advanced Materials Co., Ltd. (China), aerogel-it GmbH (Germany), and among others. The aerogel market has witnessed insignificant growth in the past few years; mounting demand from energy industrial and transportation applications to drive the growth of this market. Market players are introducing new technologies, acquisitions, collaborations and features to acquire larger market shares.
Aspen Aerogel, Inc. is one of the world’s prominent provider of inventive aerogels. It designs, develops, and manufactures high performance aerogels. The company operates in more than 50 countries around the world with its qualified distributors and has strong presence in European, North American, and Asia Pacific region. It is also developing the applications for their aerogel technology in high-potential marketssuch as battery materials market. Moreover, To expand its business, the company is improving its long-term financial position, expanding its existing and complementary product lines. In June 2023, Aspen Aerogels, Inc. opened new rapid prototyping facility in Marlborough, Massachusetts.
Cabot Corporation is a global specialty chemical company and manufacturers various materials and products including aerogels. The company has a strong global presence in more than 20 countries in Europe, North America, and Asia Pacific region. It offers a extensive range of products such as fumed metal oxides, engineered elastomer composites, reinforcing carbons, battery materials, inkjet colorants, masterbatches and conductive compounds, specialty carbons, and aerogel. It has aerogel manufacturing plant situated in Frankfurt, Germany. In May 2023, Cabot Corporation has introduced new ultra-thin thermal barriers ENTERA Products for Lithium-ION Batteries.
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Polymer segment type are projected to register the highest CAGR, in terms of value, of the global aerogel market during the forecast period.
The Polymers aerogel market is set to grow notably during the forecast period. This impressive growth is attributed to a winning combination of properties. These aerogels have flexibility, strength, and ease to process and therefore they can be used for packing, coatings and also in biomedical areas where strength and tailor-made products are important. Nanoparticles incorporated with polymers and improvements of the polymer chemistry and the manufacturing processes are mapped to improve the polymers to improve on now and its applicability. Also, their versatility for new trend applications like energy storage and environmental protection matches with the increasing trend of green materials and making polymer aerogels potential to grow over the next years.
Particle segment type of form is projected to register the highest CAGR, in terms of value, of the global aerogel market during the forecast period.
Based on the form aerogels, the particle form of aerogel to have a higher growth rate due to numerous applications and its flexibility. These particle form aerogels provide a large surface area to volume ratio and can be rather integrate into different product and processes including insulation, catalysis, coatings and composite. The versatility and efficiency of manufacturing have also upgraded owing to the developments in the manufacturing technologies which further led to the higher demand in the variety of sectors. With these advantages, particle is positioned to be second largest type in the aerogel market, driving growth and improvements in aerogel efficiency.
As manufactured (Virgin) is projected to be the largest processing type of aerogel market, in terms of value, during the forecast period.
By processing, the aerogel market is segmented into As manufactured (virgin), composites, and additives. From them, virgin aerogels are accounted for the largest processing type in the aerogel market. This is due to their purity and high performance characteristics. Being manufactured directly from the gel precursor without any additives or modifications, virgin aerogels retain their intrinsic properties such as exceptional thermal insulation, lightweight structure, and high surface area. This purity makes them ideal for critical applications in industries such as construction, aerospace, and electronics, where reliability and consistency are paramount. Thus their versatility and superior performance in diverse environments contribute to their dominance as the preferred choice in the aerogel market.
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Energy Industrial is estimated to be the largest application of aerogel market, in terms of value, during the forecast period.
Energy industrial is the largest application in the aerogel market because of its importance in driving improvement of efficiency and decrease of cost in various industries including oil refinary, petrochemical, power generation, offshore & onshore, and natural gas & LNG. Aerogel is essential to ensure that equipments, pipelines, and tanks are devoid of tremendous heat losses and hence make operations more reliable. With rising challenges from the environmental regulatory bodies to promote energy saving and low emission aerogel plays a significant role ensuring that these industries meet at the same time use energy efficiently. In addition, the increase in the usage of renewable energy requirements has led to the high demand for aerogels in energy storage and supply, which has placed aerogels at the core of the market.
Asia Pacific is estimated to be the second-largest market for the aerogel market, in terms of value, during the forecast period.
Asia Pacific secures the second-largest position in the aerogel market, by following Asia Pacific. This strength come from a well-established aerogel industry in the China, readily embracing advancements like blanket, panel and monolith aerogels. Furthermore, Asia Pacific rapid industrialization, urbanization, and growing demand for energy-efficient solutions are driving the the aerogel market. Moreover, Aerogels are increasingly utilized in construction for their superior thermal insulation properties, aiding in energy savings and sustainability efforts.
