Market Size of Europe Aerogel Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2019 - 2022 |
| CAGR | > 6.00 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Europe Aerogel Market Analysis
The European aerogel market is projected to register a CAGR of over 6% during the forecast period.
The market growth is majorly attributed to increasing demand from the oil and gas industry. Due to COVID-19, the oil and gas industry was negatively affected, and oil prices plunged. Lockdowns, international travel bans, and less transportation reduced the consumption of oil, and thus, the demand for aerogel decreased. In 2022, the growth of the oil and gas industry reached pre-pandemic levels. With this, the aerogel market recovered from the pandemic and is growing at a significant rate during the forecast period.
- Over the short term, the adoption of lighter and thinner alternatives to conventional insulations due to their reusability and recyclability properties is expected to stimulate market growth.
- However, the high cost of production is expected to hinder the regional market growth.
- Nevertheless, increasing demand for aerogels from aerospace and electric vehicle supercapacitors industries will act as a growth opportunity for the market.
