- The polymer segment is projected to register the highest CAGR during the forecast period.
- The oil & gas segment will account for the major share of the market till 2027.
- North America will be the largest regional market during the forecast period.
According to recent market research “Aerogel Market by Type (Silica, Polymer, and Carbon), Form (Blanket, Panel, Particle, and Monolith), Processing (Virgin, Composites, and Additives), Application (Oil & Gas, Construction, Transportation, and Performance Coating) – Global Forecast to 2027″, Aerogel Market is estimated at $505.5 million in 2018 and is projected to reach $1.36 billion by 2027
Superior thermal resistance coupled with the thinner and lighter nature of aerogel is expected to drive the aerogel market during the forecast period. Aerogels have a thermal efficiency which is 2–4 times higher than that of conventional insulation materials such as glass filled foams, fibers, and metals. In addition, water- repellent/waterproof characteristic makes aerogel ideal for external insulation in various applications.
The polymer segment is projected to register the highest CAGR during the forecast period
The aerogel market is segmented on the basis of typeinto silica, polymer, carbon, and others (metal, metal oxides, metal chalcogenides, and quantum dots). The polymer segment of the aerogel market is projected to register the highest CAGR during the forecast period. Polymer aerogels are mechanically stronger than silica aerogels and hence are highly demanded by end-use industries.
The oil & gas segment to account for the major share of the market till 2027
The oil & gas segment is estimated to be the largest application of aerogel. This dominance is projected to continue till 2027. The rising demand for advanced insulation materials in the oil & gas application is fueling the growth of the aerogel market.
North America to be the largest market during the forecast period
The aerogel market is broadly segmented into five regions, namely, APAC, North America, Europe, the Middle East & Africa, and South America. North America is the largest market, followed by APAC. The growing use of aerogel materials in the automotive, marine, and aerospace applications in North America is expected to drive the aerogel market in the region during the forecast period.
Some of the key players in the aerogel market include Aspen Aerogels (US), Cabot Corporation (US), Aerogel Technologies (US), Nano High-Tech (China), Guangdong Alison Hi-Tech (China), Active Aerogels (Portugal), Enersens (France), Jios Aerogel (South Korea), BASF (Germany), and Svenska Aerogel (Sweden).