The global aerogel market size is expected to reach USD 3.29 billion by 2025, according to a new report by Grand View Research, Inc., exhibiting a 22.6% CAGR during the forecast period. The market is majorly driven by growing demand from various end-use industries such as oil and gas, building and construction, automotive, aerospace and marine, and performance coatings. Robust expansion of the building and construction industry will positively impact demand for aerogel over the forecast period as the number of residential and commercial construction projects rises across the globe.
North America was the largest regional market in 2016 in terms of revenue, driven by robust growth in various end-use industries, especially in the U.S. Furthermore, a positive outlook of the oil and gas industry is expected to boost demand over the next few years. Aerogel offers several advantages such as low installation costs and improved pipeline compression resistance.
The market is fragmented in nature and is marked by the presence of several global as well as regional players. Key players include Aspen Aerogels Inc.; Cabot Corporation; Aerogel Technologies LLC; BASF SE; and Dow Corning Corporation. The vendor landscape is characterized by new product launches as manufacturers are investing in R&D activities to increase their market presence across geographies.
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Further key findings from the report suggest:
By product, the silica-based aerogel segment was valued at USD 394.67 million in 2016. Silica is the most commonly used aerogel and is widely used for insulation purposes in various industries such as oil and gas, construction, and automotive
Blanket emerged as the largest form segment in 2016, accounting for 70.3% of the global revenue. Monolith, particle, and panel together made up for the rest of the global revenue
On the basis of end use, the building and construction sector is slated to hold the largest market share by 2025 in terms of revenue. Space heating consumes most of the energy in homes and efforts are being taken to increase the usage of aerogel for insulation
By technology, supercritical drying was estimated to be the largest segment in 2016, accounting for 78.1% of the global revenue
Europe was the second-largest market, driven by projects such as AerSUS (run by a group of companies and research institutions to develop new aerogel applications and products for the aerospace industry). Such initiatives are expected to result in the further expansion of the aerogel market in Europe
The global aerogel market is highly competitive with a handful of key players such as Aspen Aerogels and Cabot Corporation holding a majority share of the market. These players have a stronghold in R&D, better intellectual properties, established and well-recognized products, and brands, thereby making it difficult for new players to compete in the market.
Grand View Research has segmented the global aerogel market on the basis of product, form, end use, technology, and region:
Aerogel Product Outlook (Revenue, USD Million, 2014 - 2025)
Aerogel Form Outlook (Revenue, USD Million, 2014 - 2025)
Aerogel End-use Outlook (Revenue, USD Million, 2014 - 2025)
Oil & Gas
Building & Construction
Automotive, Aerospace & Marine
Aerogel Technology Outlook (Revenue, USD Million, 2014 - 2025)
Aerogel Regional Outlook (Revenue, USD Million, 2014 - 2025)
Central & South America
Middle East & Africa
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