Aerogel Market Research - 2032
The global aerogel market size was valued at $1.3 billion in 2022, and is projected to reach $7.5 billion by 2032, growing at a CAGR of 19.4% from 2023 to 2032. The growing demand for thermal insulation is one of the primary drivers for the increasing adoption of aerogels across various industries. Aerogels are considered highly efficient thermal insulators due to their unique porous structure, which significantly reduces heat transfer.
Introduction
Aerogel is a synthetic, porous ultralight material derived from a gel, in which the liquid component has been replaced with a gas without significant collapse of the gel structure. Aerogels are composed of a variety of substances, but the most common type is made from silica, though other compositions include carbon, alumina, and organic polymers. Aerogels are distinguished by their nanostructure, which consists of a network of microscopic pores, giving the material its incredibly low density and remarkable properties.
Aerogel is a unique and highly advanced material characterized by its extreme lightness and low density, which gives it the nickname "frozen smoke" or "solid air." Formed from a gel in which the liquid component has been replaced with gas, aerogel retains the solid structure of the gel but becomes incredibly porous, with up to 99.8% of its volume composed of air. This structure makes it one of the lightest known solid materials, with densities ranging from 0.0011 to 0.5 g/cm³, depending on its composition and preparation method. The term "aerogel" refers to a family of materials that can be made from various substances, including silica, carbon, alumina, and polymers. Silica aerogels are the most common and widely used due to their stability and versatility.
One of the most significant applications of aerogel is in thermal insulation. Aerogel has extremely low thermal conductivity due to its unique structure, thus making it an excellent thermal insulator. Silica aerogel, in particular, is widely used in this context. Aerogels are about two to three times more effective than traditional insulation materials such as fiberglass or foam, which has made them highly desirable in industries requiring superior insulation performance.
Key Takeaways
- The global aerogel market has been analyzed in terms of value ($billion) and volume (kiloton). The analysis in the report is provided on the basis of application, end-use industry, 4 major regions, and more than 15 countries.
- The global aerogel market report includes a detailed study covering underlying factors influencing the industry opportunities and trends. The key players in the aerogel market are Active Aerogels, Aerogel Technologies, LLC., Armacell, Aspen Aerogels, Inc., BASF SE, Cabot Corporation, Dow, Guangdong Alison Hi-Tech Co., Ltd., Svenska Aerogel AB and Thermablok Aerogels Limited.
- The report facilitates strategy planning and industry dynamics to enhance decision-making for existing market players and new entrants entering the alternators industry.
- Countries such as China, the U.S., India, Germany, and Brazil hold a significant share in the global aerogel market.
Market Dynamics
Increase in demand for aerogel in the oil and gas industry is expected to drive the growth of the aerogel market during the forecast period. Aerogel blankets are used in the oil & gas industry to enhance insulation for deep-sea pipe-in-pipe oil & gas pipelines. They can be quickly and easily installed, resulting in cost savings for fabricators & installers and delivering numerous benefits such as longer cool-down times, consistent life-of-field U-values, lower capital costs, and reduced risk. Aerogels are highly durable and resistant to harsh environmental conditions, including moisture, corrosion, and chemical exposure, which are common in oil and gas operations. This durability ensures that the insulation remains effective over longer periods, reducing the need for frequent maintenance or replacement. By providing reliable insulation, aerogels not only protect pipelines from thermal damage but also enhance the overall safety of operations. Reduced maintenance downtime and fewer repairs translate into higher productivity and cost savings, making aerogel a valuable material in the oil & gas sector. According to the U.S. Energy Information Administration, global crude oil production rose to 101.75 million barrels per day in 2023, up from 99.99 million barrels per day in 2022, marking a notable increase. By 2045, India's oil demand is expected to surge to 11 million barrels per day, thus doubling its current consumption. In response, various companies are intensifying exploration efforts within the country. As an example, in May 2022, ONGC revealed its plan to invest $4 billion between FY 2022 and FY 2025 to enhance its exploration activities across India.
However, the high cost of production is predicted to hinder the aerogel market growth. Expensive production has been a prime limitation for the aerogel market. The complex heating process and supercritical drying process increase the cost of production. A silica aerogel measuring 2.5 cm x 2.5 cm x 1.0 cm costs up to $50, whereas the same amount of extruded polystyrene foam board costs in the range of $7. Hence, in most industries, the practice of conventional insulation technologies is still preferred, which hampers the growth of the market. However, to overcome the impact of this restraint, the cost of production is expected to fall over the period, which is likely to further motivate stakeholders to start adopting aerogel for various purposes.
Segments Overview
The aerogel market is segmented into form, type, end-use industry, and region. On the basis of form, the market is categorized into blanket, particle, panel, and monolith. On the basis of type, the market is divided into silica, polymers, carbon, and others. Depending on the end-use industry, the market is classified into building and construction, oil and gas, automotive, aerospace, performance coatings, and others. Region-wise, the market is studied across North America, Europe, Asia-Pacific, and LAMEA.
By form, particle is the fastest growing segment in the global aerogel market in terms of revenue in 2022. Aerogel particles are used in the development of aerogel-based insulative coating used in reducing heat dissipation of steam pipes, boilers, and injection molding systems. The particles may be ultrafine or fine depending on the desired smoothness of the surface. The porous structure of aerogel particles can be used to filter liquids and gases. They are often used in air filters, water treatment systems, and other filtration applications. Aerogel particles can be used as a component in energy storage systems, such as batteries and supercapacitors, due to their high surface area and ability to store energy.
By type, carbon is the fastest growing segment in the global aerogel market in terms of revenue in 2022. Carbon aerogel is the second most popular type of aerogel, which is highly porous, light in weight, and good electric conductors. It is used in electronics applications for electrode formation and supercapacitors, and its solid part consists of small carbon molecules, nanometers in size, covalently bonded together. It is black in color and similar to activated charcoal.
Based on end-use industry, the oil & gas segment garnered the highest revenue and is expected to experience a substantial growth in the near future. Aerogel insulators are used in the oil & gas industry to protect pipes from unprocessed oil materials. Vendors such as Cabot Technologies, Aspen Aerogel, and Aerogel Technologies offer their products for the industry. Aerogel functions between -200 to +1,600 degree Celsius, reducing the risk of equipment failure and extending the lifespan of pipelines. According to the U.S. Energy Information Administration, U.S. crude oil production reached 12.9 million barrels per day (b/d) in 2023, reflecting an 8.5% increase from 2022's output of 11.9 million b/d. The growth is primarily driven by rising production in the Permian Basin and the Gulf of Mexico. As oil production expands, the need for fully operational refineries and a reliable transport network becomes critical, which is expected to boost the aerogel market.
Region-wise, North America emerged as the leading revenue contributor in the aerogel market, driven by the material's lightweight and highly porous nature. Its exceptional insulating properties have garnered considerable attention across the region.
In the U.S. and Canada, aerogels are primarily used in applications requiring thermal insulation, such as in the construction and energy sectors. Building insulation is a major area where aerogels are employed, particularly in high-performance green buildings seeking energy efficiency.
Competitive Analysis
The major players operating in the global aerogel market include Active Aerogels, Aerogel Technologies, LLC., Armacell, Aspen Aerogels, Inc., BASF SE, Cabot Corporation, Dow, Guangdong Alison Hi-Tech Co., Ltd., Svenska Aerogel AB, and Thermablok Aerogels Limited.
Historic Trends of Aerogel Market
⦁ In the 1931s, aerogel was first invented by American scientist Samuel Kistler. He created the material by replacing the liquid component of a gel with a gas, resulting in a substance with extremely low density and remarkable insulating properties. This invention was part of his research about the properties of gels.
⦁ In the 1970s, NASA began using aerogels in space missions. They were employed in the insulation of spacecraft and in the collection of cosmic dust particles, due to their low density and ability to trap particles without causing damage.
⦁ In the 1990s, advances in sol-gel processing and supercritical drying techniques led to improved aerogel properties. Researchers developed methods to make aerogels more durable and functional for a variety of applications.
⦁ In the 2000s, the commercialization of aerogels marked a significant expansion in their applications. Companies such as Aspen Aerogels and Cabot Corporation began producing aerogel-based insulation panels. These panels offer exceptional thermal insulation with minimal thickness, making them perfect for space-constrained applications such as retrofitting older buildings and enhancing the energy efficiency of high-performance structures.
Key Benefits For Stakeholders
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the aerogel market analysis from 2022 to 2032 to identify the prevailing market opportunities.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the aerogel market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as global aerogel market trends, key players, market segments, application areas, and market growth strategies.
Aerogel Market Report Highlights
| Aspects | Details |
 Market Size By 2032 | USD 7.5 billion |
 Growth Rate | CAGR of 19.4% |
 Forecast period | 2022 - 2032 |
 Report Pages | 350 |
 By Form |
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 By Type |
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 By End Use Industry |
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 By Region |
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 Key Market Players | Aspen Aerogels, Inc., BASF SE, Thermablok Aerogels Limited, Armacell, Svenska Aerogel AB, Dow, Aerogel Technologies, LLC., Cabot Corporation, Active Aerogels, Guangdong Alison Hi-Tech Co., Ltd. |
Analyst Review
According to the insights of the CXOs of the leading companies, the global aerogel market is expected to witness significant growth during the forecast period, owing to rise in adoption of aerogel on account of its lightweight and reusability. However, the major restraint of the market is its high cost of production. Conversely, surge in demand for aerogel products in various applications is anticipated to offer remunerative opportunities for market expansion during the forecast period.
The CXOs further added that many aerogel producers have developed their unique procedures to produce aerogel that is being commercialized through collaborations with end-use industries. This factor significantly contributes toward the growth of the global aerogel market.
Furthermore, increase in consumer acceptance of aerogel as an insulating material instead of the conventional products in the developing countries of Asia-Pacific and LAMEA is projected to fuel the market growth in the near future. Moreover, the commercialization of aerogel in its potential applications such as apparel, energy storage, oil spill cleaning, and space suit insulation significantly drives the market growth.
The global aerogel market was valued at $1.3 billion in 2022, and is projected to reach $7.5 billion by 2032.
Region-wise the market is studied across North America, Europe, Asia-Pacific, and LAMEA.
North America largest regional market for Aerogel.
Oil and gas is the leading end-use industry of Aerogel Market.
Growing demand from oil & gas industry and superior thermal resistance of aerogel are the riving factor of Aerogel Market.
Effective substitution of fiber glass, foam, and cellulose and demand for of lightweight & protective equipment are the upcoming trends of Aerogel Market in the world.
Active Aerogels, Aerogel Technologies, LLC., Armacell, Aspen Aerogels, Inc., BASF SE, Cabot Corporation, Dow, Guangdong Alison Hi-Tech Co., Ltd., Svenska Aerogel AB and Thermablok Aerogels Limited are the top companies to hold the market share in Aerogel.
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