Aerogel Market Size, Share & Trends Report

Aerogel Market Size, Share & Trends Analysis Report By Product (Silica, Polymers), By End-use (Performance Coatings, Oil & Gas), By Form (Blanket, Panel), By Technology, By Region, And Segment Forecasts, 2023 - 2030

  • Report ID: 978-1-68038-792-6
  • Number of Pages: 121
  • Format: Electronic (PDF)

Research Methodology

A three-pronged approach was followed for deducing the aerogel market estimates and forecasts. The process has three steps: information procurement, analysis, and validation. The whole process is cyclical, and steps repeat until the estimates are validated. The three steps are explained in detail below:

Information procurement: Information procurement is one of the most extensive and important stages in our research process, and quality data is critical for accurate analysis. We followed a multi-channel data collection process for aerogel market to gather the most reliable and current information possible.

  • We buy access to paid databases such as Hoover’s and Factiva for company financials, industry information, white papers, industry journals, SME journals, and more.
  • We tap into Grand View’s proprietary database of data points and insights from active and archived monitoring and reporting.
  • We conduct primary research with industry experts through questionnaires and one-on-one phone interviews.
  • We pull from reliable secondary sources such as white papers and government statistics, published by organizations like WHO, NGOs, World Bank, etc., Key Opinion Leaders (KoL) publications, company filings, investor documents, and more.
  • We purchase and review investor analyst reports, broker reports, academic commentary, government quotes, and wealth management publications for insightful third-party perspectives.

Analysis: We mine the data collected to establish baselines for forecasting, identify trends and opportunities, gain insight into consumer demographics and drivers, and so much more. We utilized different methods of aerogel market data depending on the type of information we’re trying to uncover in our research.

  • Market Research Efforts: Bottom-up Approach for estimating and forecasting demand size and opportunity, top-down Approach for new product forecasting and penetration, and combined approach of both Bottom-up and Top-down for full coverage analysis.

  • Value-Chain-Based Sizing & Forecasting: Supply-side estimates for understanding potential revenue through competitive benchmarking, forecasting, and penetration modeling.

  • Demand-side estimates for identifying parent and ancillary markets, segment modeling, and heuristic forecasting.

  • Qualitative Functional Deployment (QFD) Modelling for market share assessment.

Market formulation and validation: We mine the data collected to establish baselines for forecasting, identify trends and opportunities, gain insight into consumer demographics and drivers, and so much more. We utilize different methods of data analysis depending on the type of information we’re trying to uncover in our research.

  • Market Formulation: This step involves the finalization of market numbers. This step on an internal level is designed to manage outputs from the Data Analysis step.

  • Data Normalization: The final market estimates and forecasts are then aligned and sent to industry experts, in-panel quality control managers for validation.

  • This step also entails the finalization of the report scope and data representation pattern.

  • Validation: The process entails multiple levels of validation. All these steps run in parallel, and the study is forwarded for publishing only if all three levels render validated results.

Aerogel Market Categorization:

The aerogel market was categorized into five segments, namely product (Silica, Polymers, Carbon), technology (Supercritical Drying), form (Blanket, Particle, Panel, Monolith), end-use (Oil & Gas, Building & Construction, Automotive, Aerospace & Marine, Performance Coatings), and region (North America, Europe, Asia Pacific, Central & South America, and Middle East & Africa).

Segment Market Methodology:

The aerogel market was segmented into product, technology, form, end-use, and regions. The demand at a segment level was deduced using a funnel method. Concepts like the TAM, SAM, SOM, etc., were put into practice to understand the demand. We at GVR deploy three methods to deduce market estimates and determine forecasts. These methods are explained below:

Market research approaches: Bottom-up

  • Demand estimation of each product across countries/regions summed up to from the total market.

  • Variable analysis for demand forecast.

  • Demand estimation via analyzing paid database, and company financials either via annual reports or paid database.

  • Primary interviews for data revalidation and insight collection.

Market research approaches: Top-down

  • Used extensively for new product forecasting or analyzing penetration levels.

  • Tool used invoice product flow and penetration models Use of regression multi-variant analysis for forecasting Involves extensive use of paid and public databases.

  • Primary interviews and vendor-based primary research for variable impact analysis.

Market research approaches: Combined

  • This is the most common method. We apply concepts from both the top-down and bottom-up approaches to arrive at a viable conclusion.

Regional Market Methodology:

The aerogel market was analyzed at a regional level. The globe was divided into North America, Europe, Asia Pacific, Central & South America, and Middle East & Africa, keeping in focus variables like consumption patterns, export-import regulations, consumer expectations, etc. These regions were further divided into six countries, namely, the U.S.; Germany; the UK; China; Japan; and Brazil.

All three above-mentioned market research methodologies were applied to arrive at regional-level conclusions. The regions were then summed up to form the global market.

Aerogel market companies & financials:

The aerogel market was analyzed via companies operating in the sector. Analyzing these companies and cross-referencing them to the demand equation helped us validate our assumptions and conclusions. Key market players analyzed include:

  • Aspen Aerogels, Inc. - Aspen Aerogels, Inc. is a publicly traded business that is listed on the New York Stock Exchange (NYSE) and trades under the ticker ASPN. The U.S. headquarters of the firm are in Northborough, Massachusetts, where it was established in 2001. High-performance aerogel insulation is designed, developed, and produced by the Aerogel Technology Company. It is mainly utilized in energy infrastructure, which includes end-use markets like petrochemical, natural gas, and LNG production and storage, oil refining, onshore and offshore oil production, power generation, building materials for wall systems, military, commercial aircraft, trains, buses, appliances, apparel, footwear, outdoor gear, and others. Additionally, the business has created a range of aerogel thermal barriers to address the issue of thermal runaway in lithium-ion batteries used in electric cars. It also engages in aerogel technology research and development, which is funded by grants from several US government agencies as well as other organizations. The firm services the building materials, electric car, and energy industries and has over 260 patents globally.

  • Cabot Corporation - The Cabot Corporation was founded in 1882 and has its main office in Boston, Massachusetts in the United States. The corporation is listed as public and is traded on the New York Stock Exchange (NYSE) with the ticker code CBT. The three reportable categories of the company's business are purification solutions, performance chemicals, and reinforcing materials. The company's main offerings include fumed metal oxides, activated carbons, rubber and specialty grade carbon blacks, specialty compounds, inkjet, colorants, and aerogel. The company's reinforcing materials division produces rubber black products used in industrial and tire applications. Formulated solutions and performance additives are the two companies that make up the operational division of performance chemicals. The company's specialized grades of carbon black, fumed metal oxides, and aerogel product lines are combined in its performance additives business, while its specialty compounds and inkjet product lines are combined in its formulated solutions business. The firm produces, develops, and markets materials with performance for use in infrastructure, electronics, buildings, automobiles, and energy transmission and storage under the performance chemicals sector.

  • Aerogel Technologies, LLC - The corporate headquarters and production facilities of Aerogel Technologies, LLC are located in Boston, Massachusetts, in the United States. The business was founded in 2004. It produces and sells monolith aerogels and mechanically robust aerogel materials. It creates silica, carbon, polymer, and metal aerogels for a variety of scientific and engineering applications and provides varied shape control and compositional customization. The company's airloys are made with Stelmakh technology, which can be used to create a variety of forms such as molded 3D shapes, flexible thin films, huge machinable panels, and unique requirements for a range of industries, including academics, government, and industry. The business creates aerogel monoliths on demand with unique sizes, forms, compositions, features, and integration.

  • Active Aerogels, LDA - The company Active Aerogels, LDA was founded in 2012 and has its main office in Coimbra, Portugal. The privately held firm creates and produces nanostructured materials for the adsorption of pollutants and thermal insulation for a variety of end-use sectors, including water treatment, oil and gas, aerospace, and housing. The firm manufactures its materials using a variety of methods, including freeze drying and super-critical drying. With the assistance of an internal research team dedicated to the creation of aerogels, it works on publishing various papers. The company's main focus is on producing low-density, high-temperature conductivity aerogels. The firm provides solutions to meet special criteria such as composition, hydrophobicity, flexibility for aerogel applications, and extremely demanding thermal requirements.

  • BASF SE - The headquarters of BASF SE are in Mannheim, Germany, where it was founded in 1865. The corporation is listed on the stock markets of Zurich, New York (BF), London (BFA), Frankfurt (BAS), and New York (BF). Six divisions comprise the company: chemicals (petrochemicals, intermediates), materials (performance materials, monomers), industrial solutions (dispersions & pigments, performance chemicals), surface technologies (catalysts, coatings), nutrition & care (care chemicals, nutrition & health), and agricultural solutions. The company operates through 75 strategic business units and 11 divisions. A variety of basic and specialty chemicals is offered by the chemicals division, which caters to the demands of both internal and external clients. These substances are used as raw ingredients to make dispersions, paints, coatings, polymers, insulation, and personal hygiene products. Polyurethanes, thermoplastics, and foam specialties for the consumer goods, transportation, and construction sectors are included in the materials category along with industrial uses. It also provides inorganic basic materials, polyamides, and isocyanates to a range of sectors, including construction, automotive, and plastics.

  • JIOS Aerogel Corporation - Established in 2013, JIOS Aerogel Corporation has its headquarters located in Chungcheongnam-do, Korea. The firm manufactures aerogel materials for improved energy efficiency and sound attenuation for use in a variety of commercial and industrial applications, including consumer clothing, building & construction, oil & gas, and automotive. It creates fine-grade aerogel powder using its own process. The firm offers the following goods and services: silica aerogel, coatings, hydrophobic coating, fire-resistant coating, insulation, sound attenuation, aerogel blankets, and industrial additives. JIOS AeroVa powers the roVa product line, which includes consumer-accessible items like flexible insulation tape that is appropriate for daily use, as well as secondary products like insulation padding for protective clothes and durable coatings and insulation for the construction industry. The corporation has a significant presence in Asia Pacific and distributes its products all over the world. The corporation has a distribution facility in Seoul, Korea, and an R&D center in Singapore to conduct diverse research and development endeavors.

  • Nano Technology Co., Ltd. - The corporate headquarters of Nano Technology Co., Ltd. are in Shaoxing City, Zhejiang Province, China, where it was established in 2004. The business provides silica aerogel and its composites for safe-to-touch surfaces, industrial infrastructure, energy-efficient buildings, and other applications. A high-precision thermal conductivity tester, a material mechanics testing machine, a high-temperature thermal conductivity tester, a gas chromatograph, a thermal analyzer, and further thermal insulation equipment are all available in the company's R&D department. The company offers a range of products such as silicon dioxide aerogel, aerogel blankets, aerogel detachable covers, aerogel profiles, powders and coatings, aerogel fabric, and fire-prevention insulating mats. It provides OEM services, equipment, cryogenic insulation field, building insulation, pipeline insulation, rail transit vehicle insulation, city heating system insulation, and aerogel insulation blankets for oil exploration and refining.The firm holds 28 innovation patents, six utility model patents, a quality management system certificate, an environment management certificate, a safety management certificate, and Zhejiang Province's high-tech product certification.

  • Dow, Inc. - Founded in August 2018, Dow, Inc. has its headquarters in Michigan, USA. It is a publicly traded business that trades on the New York Stock Exchange (NYSE) with the ticker name DOW. Six companies, grouped under three reportable segments-packaging & speciality plastics, performance materials & coatings, and industrial intermediates & infrastructure-perform the company's worldwide activities. Hydrocarbons & Energy and Packaging & Specialty Plastics are two interconnected worldwide companies that make up the packaging & specialty plastics category. The main products include ethylene, propylene, benzene, butadiene, octene, coproducts of aromatics, electricity, steam, other utilities, copolymers, elastomers, ethylene copolymer resins, acrylics, bio-based plasticizers, and ethylene-vinyl acetate polyethylene. This section is the company's greatest revenue-earning segment, with USD 18.30 billion in 2020. Two customer-focused worldwide companies, Polyurethanes & Construction Chemicals and Industrial Solutions, which create significant intermediate chemicals that are helpful in manufacturing processes, are part of the Industrial Intermediates & Infrastructure division.

  • Enersens - The headquarters of Enersens are in Bourgoin-Jallieu, France, and the company was founded in 2010. The firm is privately held and engages in the production and advancement of silica aerogel products. It aims to enhance the procedures used to make items made of silica aerogel. Six patents and exclusive manufacturing techniques are used by the firm to make its products. Its product line comprises a variety of silica aerogel items for use in many sectors, including Kwark (granules and powders) and Skogar0 (blankets). It produces granular silica aerogels, which are utilized in the development of insulating materials, offering thermal protection to clients, and conserving energy. For the purpose of conducting research and development, the firm has cooperated with ARMINES, Tecnalia, Empa material Science and Technology, Acciona, University of Stuttgart (Germany), and other organizations.

Value chain-based sizing & forecasting

Supply Side Estimates

  • Company revenue estimation via referring to annual reports, investor presentations, and Hoover’s.

  • Segment revenue determination via variable analysis and penetration modeling.

  • Competitive benchmarking to identify market leaders and their collective revenue shares.

  • Forecasting via analyzing commercialization rates, pipelines, market initiatives, distribution networks, etc.

Demand side estimates

  • Identifying parent markets and ancillary markets

  • Segment penetration analysis to obtain pertinent

  • revenue/volume

  • Heuristic forecasting with the help of subject matter experts

  • Forecasting via variable analysis

Aerogel Market Report Objectives:

  • Understanding market dynamics (in terms of drivers, restraints, & opportunities) in the countries.

  • Understanding trends & variables in the individual countries & their impact on growth and using analytical tools to provide high-level insights into the market dynamics and the associated growth pattern.

  • Understanding market estimates and forecasts (with the base year as 2022, historic information from 2018 to 2021, and forecast from 2023 to 2030). Regional estimates & forecasts for each category are available and are summed up to form the global market estimates.

Aerogel Market Report Assumptions:

  • The report provides market value for the base year 2022 and a yearly forecast till 2030 in terms of revenue/volume or both. The market for each of the segment outlooks has been provided on region & country basis for the above-mentioned forecast period.

  • The key industry dynamics, major technological trends, and application markets are evaluated to understand their impact on the demand for the forecast period. The growth rates were estimated using correlation, regression, and time-series analysis.

  • We have used the bottom-up approach for market sizing, analyzing key regional markets, dynamics, & trends for various products and end-users. The total market has been estimated by integrating the country markets.

  • All market estimates and forecasts have been validated through primary interviews with the key industry participants.

  • Inflation has not been accounted for to estimate and forecast the market.

  • Numbers may not add up due to rounding off.

  • Europe consists of EU-8, Central & Eastern Europe, along with the Commonwealth of Independent States (CIS).

  • Asia Pacific includes South Asia, East Asia, Southeast Asia, and Oceania (Australia & New Zealand).

  • Latin America includes Central American countries and the South American continent

  • Middle East includes Western Asia (as assigned by the UN Statistics Division) and the African continent.

Primary Research

GVR strives to procure the latest and unique information for reports directly from industry experts, which gives it a competitive edge. Quality is of utmost importance to us, therefore every year we focus on increasing our experts’ panel. Primary interviews are one of the critical steps in identifying recent market trends and scenarios. This process enables us to justify and validate our market estimates and forecasts to our clients. With more than 8,000 reports in our database, we have connected with some key opinion leaders across various domains, including healthcare, technology, consumer goods, and the chemical sector. Our process starts with identifying the right platform for a particular type of report, i.e., emails, LinkedIn, seminars, or telephonic conversation, as every report is unique and requires a differentiated approach.

We send out questionnaires to different experts from various regions/ countries, which is dependent on the following factors:

  • Report/Market scope: If the market study is global, we send questionnaires to industry experts across various regions, including North America, Europe, Asia Pacific, Latin America, and MEA.

  • Market Penetration: If the market is driven by technological advancements, population density, disease prevalence, or other factors, we identify experts and send out questionnaires based on region or country dominance.

The time to start receiving responses from industry experts varies based on how niche or well-penetrated the market is. Our reports include a detailed chapter on the KoL opinion section, which helps our clients understand the perspective of experts already in the market space.

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