Aerogel Market Size
Study Period | 2019 - 2029 |
Base Year For Estimation | 2023 |
CAGR | > 10.00 % |
Fastest Growing Market | Asia-Pacific |
Largest Market | North America |
Market Concentration | Low |
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
During the time frame of the forecast, the aerogel market is expected to grow at a CAGR of over 10%.
Due to COVID-19, the oil and gas industry was negatively affected as the demand and price of crude oil fell. 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. However, the situation is improving, which is expected to drive the demand for aerogel.
- 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 dominated 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.
- Global oil production will amount to 89.9 million barrels per day in 2021, according to BP.
- 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 to expand exploration facilities across the country. For instance, in May 2022, ONGC announced plans to invest USD 4 billion from FY22-25 to increase its exploration efforts in India.
- Saudi Arabia has the second-largest proven oil reserves in the world. Saudi Arabia's oil production amounted to some 10.95 million barrels per day in 2021, down from 11.04 in the previous year, according to BP.
- Moreover, in 2021, according to Enerdata, the United States crude oil production (17% of global output) increased by 1.3%. Additionally, Russia became the world's second-largest crude oil producer, surpassing Saudi Arabia's output by around 1.5%.
- Japan's economy, trade, and industry ministry (Meti) sees LPG use in 2026-2027 rising to 13.1 million tons, an increase of 4.3 percent from the 2021-2022 demand estimate of 12.6 million tons.
- Since more and more industries are using silica aerogel, it is expected that the demand for silica aerogel will grow quickly over the next few years.
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 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. Thermal and acoustic insulation is the major application where aerogel is highly used.
- The United States Department of Energy (DOE) is investing in innovative insulation materials that save 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. As of January 2023, construction spending in the country was valued at USD 1.82 trillion.
- According to the US Census Bureau, the new home construction output in the United States private sector reached nearly USD 900 billion in 2022. Privately owned housing units authorized by building permits were at a seasonally adjusted annual rate of 1,339 thousand units in January 2023. This is 0.1 percent above the revised December rate of 1,337 thousand units.
- Also, the aerogel can be shaped into monoliths or thin films that can be used for thermal and acoustic insulation, thin-film coatings, reducing vibrations, or anywhere structural foam is used in vehicles right now.
- The United States is the second-largest automotive manufacturer, after China, and it had a production of 9.17 million vehicles in 2021, an increase of 4% from the previous year. In the past five years, the country has witnessed robust growth in automobile production.
- In January 2023, the United States' new vehicle sales of 1,066 thousand units represented a decrease of 17.2% from December 2022 and an increase of 5.8% from one year ago.
- Owing to all these factors, the North American region is expected to dominate the market during the forecast period.
Aerogel Industry Overview
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 (not in any particular order).
Aerogel Market Leaders
BASF SE
Cabot Corporation
Svenska Aerogel AB
Aspen Aerogels Inc.
Green Earth Aerogel Technologies (GEAT)
*Disclaimer: Major Players sorted in no particular order
Aerogel Market News
- 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 commited to supplying 30 tons of Quartzene per year during the pilot phase.
- January 2022: Cabot Corporation announced that its highly insulating silica aerogel was used in the renovation of the Mathildenhöhe, an artists' colony in Darmstadt, Germany, which was recently named to the UNESCO World Heritage list.
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
4.2 Restraints
4.2.1 High Cost of Production
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 (Market Size in Value)
5.1 By Type
5.1.1 Silica
5.1.2 Carbon
5.1.3 Alumina
5.1.4 Other Types
5.2 By Form
5.2.1 Blanket
5.2.2 Particles
5.2.3 Blocks
5.2.4 Panels
5.3 By 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
5.4 By 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 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 Rest of Europe
5.4.4 South America
5.4.4.1 Brazil
5.4.4.2 Argentina
5.4.4.3 Rest of South America
5.4.5 Middle-East and Africa
5.4.5.1 Saudi Arabia
5.4.5.2 South Africa
5.4.5.3 Rest of Middle-East and Africa
6. COMPETITIVE LANDSCAPE
6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
6.2 Market Share (%) Analysis **/Market 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
6.4.7 ENERSENS
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.
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
7.1 Lighter and Thinner Substitute for Conventional Insulations
Aerogel Industry Segmentation
Aerogel is a synthetic, porous, ultralight material made from gel. The liquid part of the gel is replaced with a 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. 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 on the basis of revenue (USD million).
By Type | |
Silica | |
Carbon | |
Alumina | |
Other Types |
By Form | |
Blanket | |
Particles | |
Blocks | |
Panels |
By End-user Industry | |
Oil and Gas | |
Construction | |
Automotive | |
Marine | |
Aerospace | |
Other End-user Industries |
By Geography | |||||||
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Aerogel Market Research FAQs
What is the current Aerogel Market size?
The Aerogel Market is projected to register a CAGR of greater than 10% during the forecast period (2024-2029)
Who are the key players in Aerogel Market?
BASF SE, Cabot Corporation, Svenska Aerogel AB, 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?
The report covers the Aerogel Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Aerogel Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Aerogel Industry Report
Statistics for the 2024 Aerogel market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Aerogel analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.