Market Size of Aerogel Industry
| 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.
