|Study Period:||2016 - 2026|
|Fastest Growing Market:||Asia Pacific|
|Largest Market:||North America|
Need a report that reflects how COVID-19 has impacted this market and its growth?
The global aerogel market is projected to register a CAGR of over 10% during the forecast period (2021-2026).
Oil and gas is one of the major end-user industries of aerogels. Due to COVID-19, the oil and gas industry is negatively affected as the demand and price of crude oil fell down. Global level lockdowns, international travel bans, and less transportation reduced the consumption of oil, and thus, the demand for fuel decreased. This resulted in less consumption of aerogel in the oil and gas industry. Additionally, many other major industries, such as construction and automotive that use aerogel, are also impacted by the pandemic. According to OICA, global production of vehicles in Q3 2020 is around 50 million, a significant decrease compared to the production in the third quarter of 2019, which is around 65 million. Due to all these factors, the aerogel market is negatively impacted by COVID-19. However, the situation is anticipated to recover in 2020, which is expected to drive the demand for aerogel in the above-mentioned sectors.
- In the medium term, major factors driving the market studied are a lighter and thinner alternative to conventional insulations, 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.
- North America dominated the market globally due to the technological advancement in the region, followed by Asia Pacific.
Scope of the Report
Aerogel is a synthetic, porous, gel-derived ultralight material in which the liquid component of the gel is replaced by a gas without significant collapse of the gel structure. 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. 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. The report also covers the market size and forecasts for the aerogel market in 15 countries across major regions. For each segment, the market sizing and forecasts have been done based on revenue (USD million).
|By End-user Industry|
|Oil and Gas|
|Other End-user Industries|
Key Market Trends
Silica Type to Dominate the Market
- Silica aerogel is one of the most common types of aerogel, and the most extensively used one. Currently, silica aerogel is commercially obtained using silica gel, or by using a modified Stober process.
- Upon exposure to an open environment, the silica content in silica aerogel solidifies into the three-dimensional structure and makes up about 3% of the volume. The remaining 97% of the volume is completely composed of air in extremely small nanopores. Hence, due to the presence of only 3% of solid content, conduction through the silica aerogel is extremely low. Silica aerogels also have a high optical transmission of about 99% and a low refractive index of about 1.05.
- Silica aerogel has low density, low thermal conductivity, low sound speed, low refractive index, and high transparency, which makes it suitable to be used for supercapacitors, water deionizers, sensors for gas detection, pollution filters, dielectric integrated circuits, absorbents, catalysis, matching layers for acoustical transducers, sound insulation, kinetic energy absorbers, sound insulation, impact protection, nuclear particle detectors, and many more.
- The use of silica aerogel is gaining significant attention from the aerospace industry in recent years, due to its exceptional insulation properties and lightweight nature. According to Aerospace Industries Association, the aerospace and defense industry posted strong annual growth with combined industry revenue amounting to USD 909 billion in 2019, a 6.7% increase from 2018 industry output.
- In the oil and gas industry, it is widely used in insulation packs for oil and gas subsea pipelines. In the construction industry, its application can be found in architectural panels, glass units, and tensile roofing systems, among other applications.
- Hence, with the increasing adoption of silica aerogel by various end-user industries, the demand for silica aerogel is estimated to rapidly increase over the forecast period.
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United States to dominate the North America Region
- The United States is expected to continue being the leading country in North America.
- Growing stringent environmental norms by the US government, growing awareness on 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. Thermal and acoustic insulation is the major application where the aerogel is highly used.
- The United States Department of Energy (DOE) is investing in innovative insulation material that saves energy and money for the industrial sector.
- Furthermore, with the rapidly growing building and construction, oil and gas industries, among others, the market studied in the United States is expected to rapidly increase over the forecast period.
- The United states has one of the world’s largest construction industries, and it recorded an annual revenue of USD 1,306 billion in 2019 (a decline of 0.1%, when compared to 2018). The construction industry value has been on a constantly rising path between 2014 and 2018, despite witnessing a slight contraction in 2019. According to the US Census Bureau, the total residential housing units authorized by building permits in March were at a seasonally adjusted annual rate of 1,353,000 representing 5% growth over March 2019 rate of 1,288,000.
- According to the Federal National Mortgage Association (Fannie Mae), residential houses construction jumped by 10% across 2020, with 1 million new homes expected to hit the market by the end of 2021. Even though the US construction sector has been declining in 2020, the industry is expected to start recover, thereby, increasing the demand for market during the forecast period.
- Moreover, the aerogel can be formed into monoliths or thin films for use in acoustic and thermal insulation, thin-film coatings, vibration damping, or anywhere structural foam is currently used in vehicles.
- The United States is the second-largest automotive manufacturer, after China, and it had a production of 10.9 million vehicles in 2019, however with about 3.7% decline. In the past five years, the country witnessed a robust growth in automobile production.
- After it registered a growth rate of 3.8% in 2015, the growth slowed down in the next consecutive years, due to excess inventory and low demand for passenger cars.
- In 2020, however, the industry witnessed further setback in automotive production as COVID-19 affected operations in the country. With this, the usage of aerogel in the automotive industry witnessed a slower growth in demand during the year.
- Owing to all these factors North America region is expected to dominate the market during the forecast period.
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The aerogel market is fragmented in nature. Some of the major players include BASF SE, Cabot Corporation, Green Earth Aerogel Technologies, Svenska Aerogel AB, and Aspen Aerogels Inc., among others.
- In September 2020, Svenska Aerogel announced that French manufacturer La Celtique has pioneering cooperation with Svenska Aerogel and distributor, Novcoat, developed a new insulating roof coating with Quartzene and is approaching the market.
- In March 2019, the Aspen Aerogels and BASF SE announced the expansion of their strategic partnership with the signing of an addendum to the exclusive supply agreement.
Table of Contents
1.1 Study Assumptions
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1.1 Lighter and Thinner Alternative to Conventional Insulations
4.1.2 Rise in Adoption Due to their Reusability and Recyclability
4.1.3 Rapidly Growing Demand from the Construction Industry
4.2.1 High Cost of Production
4.2.2 Impact of the COVID-19 Pandemic
4.3 Industry Value Chain Analysis
4.4 Industry Attractiveness - 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 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION
5.1 By Type
5.1.4 Other Types
5.2 By Form
5.3 By End-user Industry
5.3.1 Oil and Gas
5.3.6 Other End-user Industries
5.4 By Geography
5.4.1 Asia Pacific
220.127.116.11 South Korea
18.104.22.168 Rest of Asia Pacific
5.4.2 North America
22.214.171.124 United States
126.96.36.199 United Kingdom
188.8.131.52 Rest of Europe
5.4.4 South America
184.108.40.206 Rest of South America
5.4.5 Middle-East and Africa
220.127.116.11 Saudi Arabia
18.104.22.168 South Africa
22.214.171.124 Rest of Middle-East and Africa
6. COMPETITIVE LANDSCAPE
*List Not Exhaustive
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 Airglass UK
6.4.4 Aspen Aerogels Inc.
6.4.5 BASF SE
6.4.6 Cabot Corporation
6.4.8 Green Earth Aerogel Technologies (GEAT)
6.4.9 Guangdong Alison Hi-Tech Co. Ltd
6.4.10 JIOS Aerogel Corporation
6.4.11 Nano High-Tech Co. Ltd
6.4.12 Svenska Aerogel AB
6.4.13 TAASI Corporation
6.4.14 Thermablok Aerogels Ltd
6.4.15 ZheJiang Surnano Aerogel Co. Ltd
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
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Frequently Asked Questions
What is the study period of this market?
The Aerogel Market market is studied from 2016 - 2026.
What is the growth rate of Aerogel Market?
The Aerogel Market is growing at a CAGR of >10% over the next 5 years.
Which region has highest growth rate in Aerogel Market?
Asia Pacific is growing at the highest CAGR over 2021- 2026.
Which region has largest share in Aerogel Market?
North America holds highest share in 2020.
Who are the key players in Aerogel Market?
BASF SE, Cabot Corporation, Svenska Aerogel AB, Green Earth Aerogel Technologies, Aspen Aerogels Inc. are the major companies operating in Aerogel Market.