Aerogel Market

Updated on : November 25, 2024

Aerogel Market

The global aerogel market is valued at USD 0.9 billion in 2024 and is projected to reach USD 1.6 billion by 2029, growing at 12.8% cagr from 2024 to 2029. One of the major reasons that are driving the aerogel market are the mounting demand for high quality aerogels and new energy efficiency regulations. Also, technological advancements in the aerogels such as nano composting, supercritical drying, and sol-gel process are pushing the market. Among them, the supercritical drying technology can economically scaled up to large scale. For instance, Aspen Aerogel, and other key players are using the same technology to manufacture aerogel materials to support the rising demand from end use industries such as oil & gas and transportation. Due to these reasons, the consumption of aerogels has grown significantly.

Aerogel Market Forecast & Trends

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Aerogel Market Dynamics

Driver: Mounting technological advancements in aerogels

Advancements in aerogel manufacturing technological developments are driving the aerogel market. Advancements in aerogels have enabled the ideal attributes of aerogels, making them cost-effective and scalable and versatile in their applications. Also, enhanced techniques in manufacturing increased consistency and quality, opening wider accessibility to aerogels for general applications across industries such as construction, aerospace, electronics, and healthcare. In addition, new formulations and composited aerogels have been researched in order to enhance functionality and allow for tailored solutions to enable specific performance in any particular application. As technology continues to improve, aerogels will continue to play ever more integral roles in advancing the cause for improved energy efficiency, sustainability, and performance across a variety of sectors, which in turn fuels growth in the aerogel market.

Restraints: Low mechanical strength

The low mechanical strength of aerogels is a considerable restraint in the aerogel market. As aerogels are notable in lightweight and thermal insulation, their mechanical strength is low. This can inhibit their usage in construction and petrochemical applications, where strength and durability are necessary, also transportation sectors requiring materials able of resisting mechanical stress. Even though advancements in strengthening techniques such as strengthening with polymers and nanoparticles, delivering these mechanical constraints remains a key challenge.

Opportunities: mounted demand for sustainable solutions

The rising demand for sustainable solutions is generating significant opportunities in the aerogel market. Aerogels are identified for their superior thermal insulation properties and low weight, which provides energy efficiency and reduces environmental impacts around several industries. Also, as the regulations strengthen and consciousness of climate change raises, the focus on accepting eco-environmentally friendly materials like aerogels in construction, automotive, and aerospace sectors is intensified. It improves energy efficiency in buildings, decreases fuel consumption in automobiles, and increases performance in aerospace functions. This trend sites aerogels as paramount solutions in reaching sustainable development goal line globally.

Challenges: low cost alternatives

The accessibility of low-cost alternatives is a substantial challenge for the aerogels. Although aerogels provides extraordinary thermal insulation, thin and lightweight properties. Their manufacturing costs stay reasonably high related to usual insulation materials like wool. This cost difference can prevent possible customers, mainly in industries where cost are otmost important. Moreover, the competition from cheap alternatives complicate the acceptance of aerogel materials even with their better performance, for example such as wool, fiberglass,  and foam. Aerogel producers and scientists are continuously discovering ways to reduce manufacturing costs and enhance cost-efficacy to remain competitive.

Aerogel Market Ecosystem

Prominent companies in this market include well-established, financially stable manufacturers of aerogels. These companies have been in business for a while and have a broad range of products, cutting-edge technologies, and robust international sales and marketing networks. Prominent companies in this market 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), Aerogel Technologies, LLC (US), Enersens (France), aerogel-it GmbH (Germany), and among others.

Based on type, polymer segment projected to register the highest CAGR in aerogel market, in terms of value, during forecast period.

The polymer type of aerogels is projected to be the fastest growing segment in the aerogel market due to their versality and prospects. The advantages of polymer aerogels are also they are flexible, durable, and easy to process compared to the traditional silica aerogels. These materials are preferred all the more in the industries where application specific solutions are desired which include packaging, coatings, and biomedical applications where performance standards are important. due to recent developments in the chemistry involved in the production of polymers as well as the technology used in the manufacturing process this Technological development has also lead to the scalability of polymers thus increasing it’s usage. Moreover, the probability of new application development in sectors such as aerospace, automotive as well as electronics that seek lightweight and higher durability materials for manufacture precipitates the development of polymer aerogels in the market.

Based on application, transportation is projected to register the highest CAGR in aerogel market, in terms of value, during forecast period.

The growth of transportation application in the aerogel market is attributed to the rising applications for aerogels in automotive and aerospace. These aerogels are widely used in electric vehicle (EV) batteries for insulation due to their lightweight and superior thermal properties to increase lifespan and enhance battery performance. This is crucial as the global EV market expanding which further projected to drive demand for efficient thermal management solutions.

North America was the largest and projected to be the fastest-growing region, in terms of value, during the forecast period in the aerogel market.

The North America region leads the global aerogel market due to the presence of major players in end-use industries such as oil & gas, power generation, construction, transportation and others. North America is the fastest growing region in the market because of its strong focus on energy efficiency and strict building regulations in oil & gas and construction industry. The transportation sector including aerospace and automotive also uses aerogels for their lightweight and thermal insulation properties. These properties increases performance within transportation applications for instance battery insulation. These factors emphasis North America's crucial market share in the growing aerogel market.

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Aerogel Market Players

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, these are the key manufacturers that secured major market share in the last few years.

Aerogel Market Report Scope

This report categorizes the global aerogel market based on material type, application, and region.

On the basis of type, the aerogel market has been segmented as follows:

• Silica
• Polymer
• Carbon
• Others

On the basis of Form, the aerogel market has been segmented as follows:

• Blanket
• Panel
• Powder
• Monolith

On the basis of Processing, the aerogel market has been segmented as follows:

• As Manufactured (Virgin)
• Composites
• Additives

On the basis of application, the aerogel market has been segmented as follows:

• Energy Industrial
• Transportation
• Architecture & Construction
• Others

On the basis of region, the aerogel market has been segmented as follows:

• Asia Pacific
• Europe
• North America
• Middle East & Arica
• South America

Recent Developments

• In June 2023, Aspen Aerogels, Inc. has opened a new cutting-edge engineering and rapid prototyping facility in Marlborough, Massachusetts.
• In May 2023, Cabot Corporation has introduced a ultra-thin thermal barriers ENTERA products (ENTERA EV5200, ENTERA EV5400 and ENTERA EV5800) for Lithium-ION Batteries.
• In May 2022, Armacell International S.A. acquired the Knauf Ceiling Solutions manufacturing site in Münster, Germany.
• In September 2023, Beerenberg AS entered into a distribution agreement with aerogel-it GmbH to introduce Oryza Aerogel insulation products to the European market.
• In March 2023,  Enersens scaled up the production capacity of its SKOGAR products after it became the winner of the EIC Accelerator program.

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