Aerogel Market Size
| Study Period | 2024 - 2029 |
| Market Size (2024) | USD 541.77 Million |
| Market Size (2029) | USD 907.58 Million |
| CAGR (2024 - 2029) | 10.87 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | North America |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Aerogel Market Analysis
The Aerogel Market size is estimated at USD 541.77 million in 2024, and is expected to reach USD 907.58 million by 2029, growing at a CAGR of 10.87% during the forecast period (2024-2029).
The COVID-19 pandemic had a notable impact on the global aerogel market. Initially, demand declined due to disruptions in the construction and manufacturing sectors, which are key consumers of aerogel for insulation purposes. However, the market is expected to recover as construction activities resume, and there is an increased focus on energy-efficient building materials post-pandemic, which is driving demand for aerogel insulation.
- In the medium term, major factors driving the market studied are the rapidly growing construction industry and a rise in adoption due to their reusability and recyclability.
- On the flip side, the high cost of production is expected to hinder the market.
- A lighter and thinner substitute for conventional insulation is one of the major opportunities for industry growth.
- North America dominates the market globally due to the technological advancements in the region.
Aerogel Market Trends
Surging Application in the Oil and Gas Industry
- In the oil and gas industry, the development of cleaner and more durable aerogel blankets improves insulation for deep-sea pipe-in-pipe oil and gas pipelines by lowering installation costs, making pipelines more resistant to compression, reducing the amount of steel used in pipeline construction, and increasing oil and gas flow and security.
- Oil and gas are important parts of the energy market, and as the world's main fuel source, they have a big impact on the world economy. They make fuel for cars, planes, ships, and other industrial engines so that people and goods can move around.
- According to the US Energy Information Administration, global crude oil production in 2023 increased by 1.76% and was valued at 101.749 million barrels per day.
- By 2045, India is expected to need 11 million barrels of oil per day, which is double what it needs now. Moreover, various companies are investing in expanding exploration facilities across the country. For instance, in May 2022, ONGC announced plans to invest USD 4 billion in FY 2022 and FY 2025 to increase its exploration efforts in India.
- Saudi Arabia has the second-largest oil reserves in the world. According to the Energy Institute, Saudi Arabia's oil production amounted to around 12.14 million barrels per day in 2022, an increase of about 10.8% compared to 2021.
- Moreover, in 2023, according to the US Energy Information Administration, the US crude oil production (about 21.5% of global output) increased by 7.94% and was valued at 21.91 million barrels per day.
- Thus, due to the above-mentioned point, the oil and gas industry is likely to grow significantly, which, in turn, is expected to enhance the demand for the market studied.
United States to Dominate the North American Region
- The United States is expected to continue to be the leading country in North America.
- The growing stringent environmental norms by the United States government, growing awareness of eco-friendly products, and extensive research on product and process development to manufacture aerogel are the key factors helping the United States remain in the top position in the market studied. Aerogel is highly used in thermal and acoustic insulation.
- The US Department of Energy (DOE) is investing in innovative insulation materials that save energy and money in the industrial sector.
- Furthermore, with the rapidly growing building and construction sector and oil and gas industries, among others, the market studied in the United States is expected to increase rapidly over the forecast period.
- The United States has one of the world's largest construction industries. As of January 2023, construction spending in the country was valued at USD 1.82 trillion.
- According to the US Census Bureau, the annual value for construction in the United States accounted for USD 1,978.7 billion in 2023, which is an increase of about 7.03 compared to 2022.
- Also, the aerogel can be shaped into monoliths or thin films that can be used for thermal and acoustic insulation, thin-film coatings, vibration reduction, or anywhere structural foam is currently used in vehicles.
- The United States is the second-largest automotive manufacturer after China. It had a production of 10.06 million vehicles in 2022, an increase of about 10% from the previous year. In the past five years, the country has witnessed robust growth in automobile production.
- Owing to all these factors, the North American region is expected to influence the market during the forecast period.
Aerogel Industry Overview
The aerogel market is fragmented in nature. Some of the major players include (not in any particular order) BASF SE, Cabot Corporation, Svenska Aerogel, Aspen Aerogels Inc., and Green Earth Aerogel Technologies (GEAT).
Aerogel Market Leaders
BASF SE
Cabot Corporation
Svenska Aerogel
Aspen Aerogels Inc.
Green Earth Aerogel Technologies (GEAT)
*Disclaimer: Major Players sorted in no particular order
Aerogel Market News
- November 2023: JIOS Aerogel (JIOS) opened a new advanced manufacturing plant in Pioneer, Singapore, to manufacture aerogel-based technology to enhance the safety and performance of electric vehicle (EV) batteries.
- March 2023: Fibenol and Aerogel-it have collaborated to design a bio-aerogel based on lignin produced by Fibenol directly from biomass.
- February 2023: Svenska Aerogel signed a collaboration agreement with a world-leading producer within the process industry to optimize the use of quartzene in the customer's product. Svenska Aerogel committed to supplying 30 tons of quartzene per year during the pilot phase.
Aerogel Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumptions
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Drivers
4.1.1 Rise in Adoption Due to their Reusability and Recyclability
4.1.2 Rapidly Growing Demand from the Construction Industry
4.1.3 Other Drivers
4.2 Restraints
4.2.1 High Cost of Production
4.2.2 Other Restraints
4.3 Industry Value Chain Analysis
4.4 Porter's Five Forces Analysis
4.4.1 Bargaining Power of Suppliers
4.4.2 Bargaining Power of Consumers
4.4.3 Threat of New Entrants
4.4.4 Threat of Substitute Products and Services
4.4.5 Degree of Competition
5. MARKET SEGMENTATION (Market Size in Value)
5.1 Type
5.1.1 Silica
5.1.2 Carbon
5.1.3 Alumina
5.1.4 Other Types (Organic, Metal Oxide Aerogels, Metal Aerogels, etc)
5.2 Form
5.2.1 Blanket
5.2.2 Particles
5.2.3 Blocks
5.2.4 Panels
5.3 End-user Industry
5.3.1 Oil and Gas
5.3.2 Construction
5.3.3 Automotive
5.3.4 Marine
5.3.5 Aerospace
5.3.6 Other End-user Industries (Food, Biomedical, Astronautics, and Chemical)
5.4 Geography
5.4.1 Asia-Pacific
5.4.1.1 China
5.4.1.2 India
5.4.1.3 Japan
5.4.1.4 South Korea
5.4.1.5 Malaysia
5.4.1.6 Thailand
5.4.1.7 Indonesia
5.4.1.8 Vietnam
5.4.1.9 Rest of Asia-Pacific
5.4.2 North America
5.4.2.1 United States
5.4.2.2 Canada
5.4.2.3 Mexico
5.4.3 Europe
5.4.3.1 Germany
5.4.3.2 United Kingdom
5.4.3.3 Italy
5.4.3.4 France
5.4.3.5 Spain
5.4.3.6 NORDIC
5.4.3.7 Turkey
5.4.3.8 Russia
5.4.3.9 Rest of Europe
5.4.4 South America
5.4.4.1 Brazil
5.4.4.2 Argentina
5.4.4.3 Colombia
5.4.4.4 Rest of South America
5.4.5 Middle East & Africa
5.4.5.1 Saudi Arabia
5.4.5.2 South Africa
5.4.5.3 Nigeria
5.4.5.4 Qatar
5.4.5.5 Egypt
5.4.5.6 United Arab Emirates
5.4.5.7 Rest of Middle East & Africa
6. COMPETITIVE LANDSCAPE
6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
6.2 Market Share (%)**/Ranking Analysis
6.3 Strategies Adopted by Leading Players
6.4 Company Profiles
6.4.1 Active Aerogels
6.4.2 Aerogel Technologies, LLC
6.4.3 Aspen Aerogels Inc.
6.4.4 BASF SE
6.4.5 Cabot Corporation
6.4.6 ENERSENS
6.4.7 Green Earth Aerogel Technologies (GEAT)
6.4.8 Guangdong Alison Technology Co., Ltd.
6.4.9 Jios Aerogel
6.4.10 Nano High-Tech Co. Ltd.
6.4.11 Svenska Aerogel
6.4.12 TAASI Corporation
6.4.13 Thermablok Aerogels Ltd.
6.4.14 ZheJiang Surnano Aerogel Co. Ltd.
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
7.1 Lighter and Thinner Substitute for Conventional Insulations
7.2 Other Opportunities
Aerogel Industry Segmentation
Aerogel is a synthetic, porous, ultralight material made from gel. The liquid part of the gel is replaced with gas without the gel structure falling apart too much. The result is a solid with extremely low thermal conductivity and extremely low density.
The aerogel market is segmented by type, form, end-user industry, and geography. By type, the market is segmented into silica, carbon, alumina, and other types (organic, metal oxide aerogels, metal aerogels, etc). By form, the market is segmented into blankets, particles, blocks, and panels. By end-user industry, the market is segmented into oil and gas, construction, automotive, marine, aerospace, and other end-user industries (food, biomedical, astronautics, and chemical). The report also covers the market size and forecasts for the aerogel market in 27 countries across major regions. For each segment, the market size and forecasts were made on the basis of value (USD).
| Type | |
| Silica | |
| Carbon | |
| Alumina | |
| Other Types (Organic, Metal Oxide Aerogels, Metal Aerogels, etc) |
| Form | |
| Blanket | |
| Particles | |
| Blocks | |
| Panels |
| End-user Industry | |
| Oil and Gas | |
| Construction | |
| Automotive | |
| Marine | |
| Aerospace | |
| Other End-user Industries (Food, Biomedical, Astronautics, and Chemical) |
| Geography | |||||||||||
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Aerogel Market Research FAQs
How big is the Aerogel Market?
The Aerogel Market size is expected to reach USD 541.77 million in 2024 and grow at a CAGR of 10.87% to reach USD 907.58 million by 2029.
What is the current Aerogel Market size?
In 2024, the Aerogel Market size is expected to reach USD 541.77 million.
Who are the key players in Aerogel Market?
BASF SE, Cabot Corporation, Svenska Aerogel, Aspen Aerogels Inc. and Green Earth Aerogel Technologies (GEAT) are the major companies operating in the Aerogel Market.
Which is the fastest growing region in Aerogel Market?
Asia-Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Aerogel Market?
In 2024, the North America accounts for the largest market share in Aerogel Market.
What years does this Aerogel Market cover, and what was the market size in 2023?
In 2023, the Aerogel Market size was estimated at USD 482.88 million. The report covers the Aerogel Market historical market size for years: . The report also forecasts the Aerogel Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
What are the key trends shaping the Aerogel Market, particularly in the oil and gas industry?
The key trends shaping the Aerogel Market, particularly in the oil and gas industry are a) Growing trend towards the development of cleaner and more durable aerogel blankets for insulation purposes in pipelines and exploration facilities b) Increasing investments in exploration and production activities
Aerogel Industry Report
The global aerogel market is witnessing remarkable growth, driven by its widespread applications in industries such as oil & gas, construction, transportation, and performance coatings. Celebrated for their superior thermal resistance, lightweight nature, and exceptional insulating properties, aerogels, produced by leading manufacturers, serve as an ideal alternative to traditional insulation materials. The market's growth is segmented by type, with silica aerogels at the forefront due to their low thermal conductivity and high optical transparency. Aerogel blankets, a favored product, offer superior insulating properties and versatility. The market, further categorized by processing, sees virgin aerogels as the most common, due to their commercial availability. North America stands as the largest market, driven by technological advancements and strong demand in the oil & gas sector. Despite challenges like high manufacturing costs, the aerogel market is poised for significant growth, leveraging its potential as a substitute for conventional insulation materials. For detailed aerogel market share, size, revenue growth rate, and a forecast outlook, Mordor Intelligence™ Industry Reports provide an in-depth analysis, including a free report PDF download for a comprehensive industry overview.
