Aerogel Market Size, Share Global Analysis Report, 2022 – 2028

Industry Insights

[200+ Pages Report] According to Facts and Factors, the global aerogel market size was worth around USD 702.9 million in 2021 and is predicted to grow to around USD 1190 million by 2028 with a compound annual growth rate (CAGR) of roughly 10.78% between 2022 and 2028. The report analyzes the global aerogel market drivers, restraints/challenges, and the effect they have on the demands during the projection period. In addition, the report explores emerging opportunities in the aerogel market.

Market Overview

Aerogels are artificially created porous solid materials with a density of less than 10 milligrams per centimeter cube (mg/cm3), the classic trait of an ultralight material. It is derived from gels by replacing the liquid with gas without any significant impact on the physical structure of the gel. At the end of the process of creating aerogel, a solid with extremely low density is created. These synthetically crested products can be manufactured from various chemical compounds, for instance, silica-based aerogels may feel like expanded polystyrene when touched, while the ones created from other compounds may feel more rigid. To extract the liquid component, when creating aerogels, processes like freeze-drying or supercritical drying are used. Freeze-drying, also called cryodesiccation or lyophilization, is a dehydration process involving low temperatures, where the compound is first frozen, followed by the removal of ice via sublimation but only after lowering the pressure. Supercritical drying, also referred to as critical point drying involves the removal of liquid with extreme precision and in a controlled environment. The first ever aerogel produced was created from silica gels, the porous and amorphous form of silicon dioxide. However, in the later years, with increased research, aerogels were created using alumina, and tin dioxide.

Key Insights

• As per the analysis shared by our research analyst, the global aerogel market is estimated to grow annually at a CAGR of around 10.78% over the forecast period (2022-2028).
•  In terms of revenue, the aerogel film meat market size was valued at around USD 702.9 million in 2021 and is projected to reach USD 1190 million, by 2028. Due to a variety of driving factors, the market is predicted to rise at a significant rate.
• Based on end user segmentation, oil & gas was predicted to show maximum market share in the year 2021
• Based on product segmentation, silica was the leading revenue-generating product in 2021.
• On the basis of region, North America was the leading revenue generator in 2021

Covid-19 Impact

The global market cap was severely impacted during the peak of the pandemic which was majorly driven due to slow demand from the oil & gas sector as well as the motive industry, the largest consumer of the products. The increased rate of revenue decline could also be attributed to the disruption in the supply chain and issues originating in delivering the already manufactured products.

Growth Drivers

• High demand in the oil & gas industry to propel market growth

The global aerogel market is anticipated to grow owing to the high demand for the world’s lightest solid in the oil & gas industry, which is also one of the most revenue-generating sectors showcasing signs of the excellent growth trend in the coming years. Many oil & gas giants are now investing in deploying aerogel blankets for pipelines installed in the deep sea, especially for the pipe-in-pine oil and gas sub-segment. Aerogel helps improve the insulation while also adding a reduction in installation expenses. The material is one of the most in-demand products in the global market worth USD 619.9 billion as of 2022 since it allows oil & gas companies to minimize the use of steel used in pipe construction, making the pipe more compression resistant, which subsequently increases the assurance of effective oil & gas flow.

Restraints

• Complex nature of aerogel manufacturing to restrict the market growth

The global market size may restrict growth owing to the complexities involved in manufacturing accurate aerogel. For instance, the largest aerogel panel that can currently be used is a 90 cm X 90 cm panel, and only with the help of advanced tools. The most commonly found specification is 30 cm X 30cm, and special orders have to be placed for higher specifications. This is because even though aerogel is an extremely strong solid, it is also brittle, which means it cannot hold high tension.

Opportunities

• Rising application in healthcare to provide growth opportunities

The global aerogel market cap may benefit from the rising trend of developing aerogel to be used as healthcare equipment, more specifically as a hemorrhage-controlling device. Scholars are researching injecting the material into a bleeding wound, post which it will expand and apply controlled pressure on the wound making it stop bleeding further. As per the New England Journal of Medicine, more than 1.9 million die of hemorrhage in a year.

Challenges

• High cost of material to challenge the market expansion

Given the number of resources involved to create aerogels, and needing special orders to manufacture aerogels of a higher specification, the price of the material is extremely high. In an ideal situation, aerogels would be the most preferred form of material in the oil & gas and construction industry, the high cost of aerogels restrains players to invest in it since it impacts the overall cost of the product while at the same being difficult to procure.

Segmentation Analysis

• The global aerogel market is segmented based on end user, product, form, and region.

Based on end-user, the global market is segmented into oil & gas, automotive, marine, aerospace, building & construction, and others. The oil & gas industry led the segmental growth with a revenue share of over 63.9%.

Based on product, the global market segments are polymers, carbon, silica, and others. The global market was led by silica-based aerogels in 2020 with a market share of 67.1%.

Based on form, the global market is divided into particle, blanket, monolith, and panel, with the blanket segment leading the global market. The particle segment may grow at a CAGR of 16.65% during the projection period.

Recent Developments:

• In July 2019, research scholars at the National Aeronautics and Space Administration (NASA), proposed that aerogels could be used to build human colonies on the planet MARS, a much-anticipated subject of discussion and growth for humankind. To prove the efficiency of the product, scientists created a 2-3cm layer of aerogel, exposing it to a lamp recreating the Martian sunlight properties.
• In February 2020, Armacell, industrial foam, and flexible insulation material manufacturer and provider, launched a new generation of aerogel blankets. The recently launched product ArmaGel HT has a thickness range of 5, 10, 15, and 20 millimeters, and is aimed at applications requiring high-temperature. It is made in South Korea on the already existing line of Armacell’s facility in Cheonan while being claimed as the number one insulation material as of current times.

Report Scope

Regional Analysis

• North America to lead market revenue during the forecast period

The global aerogel market is projected to register the maximum market share in North America, which dominated in 2021 as well, contributing over 46.1% of the total revenue. The regional growth can be attributed to the growing eclectic vehicle market. There is ongoing research on using aerogels to help curb fires in EV cars. The high technological and advanced economy of the United States is expected to help growth in such research and development activities. As the demand for EVs grows, more companies are expected to invest higher in upgrading the already advanced systems and providing solutions to the existing problems. In 2020, the US EV market was valued at USD 24 billion and it may grow up to more than USD 120 billion in the next five years. Players in the aerogel market are expected to grab this opportunity and gain benefits from the same.

Competitive Analysis

• Armacell
• Nano Technology Co. Ltd.
• BASF SE
• Enersens
• Cabot Corp.
• Dow Inc.

 The global aerogel market is segmented as follows:

By End User

• Oil & Gas
• Automotive
• Marine
• Aerospace
• Building & Construction
• Others

By Product

• Polymers
• Carbon
• Silica
• Others

By Form

• Particle
• Blanket
• Monolith
• Panel

By Regional Segment Analysis

• North America
  • The U.S.
  • Canada
  • Mexico
• Europe
  • France
  • The UK
  • Spain
  • Germany
  • Italy
  • Nordic Countries
    • Denmark
    • Sweden
    • Norway
  • Benelux Union
    • Belgium
    • The Netherlands
    • Luxembourg
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • Australia
  • South Korea
  • Southeast Asia
    • Indonesia
    • Thailand
    • Malaysia
    • Singapore
    • Rest of Southeast Asia
  • Rest of Asia Pacific
• The Middle East & Africa
  • Saudi Arabia
  • UAE
  • Egypt
  • South Africa
  • Rest of the Middle East & Africa
• Latin America
  • Brazil
  • Argentina
  • Rest of Latin America