Aerogel Market Expected to Reach $7.5 Billion by 2032—Allied Market Research

According to a new report published by Allied Market Research, titled, “Aerogel Market," The aerogel market was valued at $1.3 billion in 2022, and is estimated to reach $7.5 billion by 2032, growing at a CAGR of 19.4% from 2023 to 2032.

Aerogels are the gels that constitute a microporous solid in which the dispersed phase is gas. Aerogels have unique properties such as very light weight, high porosity, heat resistant, low bulk density, very high specific surface area, low refractive index, and low dielectric constant.

Aerogels have a wide range of applications due to their unique properties. They are excellent insulators, with thermal conductivity that is much lower than that of traditional insulation materials. They are also highly absorbent, making them useful in applications such as oil spill cleanup.

Aerogels are also used in aerospace applications, where their lightweight and insulating properties make them ideal for use in spacecraft and spacesuits. They are also used in electronics, where their low dielectric constant makes them useful in high-frequency applications.

In recent years, aerogels are being widely used in the building & construction industry. Aerogel insulation products are incredibly flexible. They come in different forms, including aerogel sheets, aerogel concrete, and aerogel blankets. They can be applied to surfaces such as roof, floors, and walls, thereby lowering the complexity in the management of inventory. Aerogel insulation on the exterior walls controls heat from escaping into the external environment. Aerogel blankets can be utilized for insulating the interior and exterior walls.

For the purpose of analysis, the aerogel market scope covers segmentation based on form, type, end use industry, and region. The report provides information on various forms, including blanket, particle, panel, and monolith. Furthermore, the major types covered in the study include silica, polymers, carbon, and others. Moreover, it outlines the details of the end use industry such as building & construction, oil & gas, automotive, aerospace, performance coatings, and others. In addition, it analyzes the current market trends across different regions such as North America, Europe, Asia-Pacific, and LAMEA.

The growth drivers, restraints, and opportunities are explained in the report to better understand the market dynamics. This report further highlights the key areas of investment. In addition, it includes Porter’s five forces analysis to understand the competitive scenario of the industry and the role of each stakeholder. Value chain analysis for this industry, which includes R&D, components manufacturers, assembly, programming & testing, marketing & sales, customers, and post-sales services is explained.

The report features the strategies adopted by key market players to maintain their foothold in the market. Furthermore, it highlights the competitive landscape of the key players to increase their market share and sustain the intense competition in the industry.

High durability and protection from fire drives the market growth of aerogel market during the forecast period. The aerogel blanket form possesses enhanced compression resistance, tensile strength, and vibration resiliency. Thus, aerogel blankets can be used to insulate transport steel pipes for use in harsh environments, where installation of aerogel solutions is simpler, quicker, and cost-efficient.

In addition, it saves on labor requirements and related expenses. Some types of silica aerogel, such as Pyrogel XT-F by Aspen Aerogel, provide enhanced fire resistance in applications such as energy infrastructure. Moreover, polymer-based aerogels are light, durable, and extremely effective at insulating and preventing heat transfer. Although typical silica aerogel is brittle, aerogels are reinforced with fiber to increase strength and durability.

Increase in demand for aerogel-based apparel find the lucrative opportunity to the market. Aerogel has the capability of insulating clothes in extremely cold conditions. It is used as a super insulating clothing with less weight than traditional thermal garments. It is also widely used in manufacturing tents and sleeping bags, as well as nano-textiles. Many apparel manufacturers have emerged in the last few years that incorporate aerogel materials in their product line, such as space suits, shoes, and jackets. The incorporation of aerogel materials in apparel is likely to grow during the forecast period.

In addition, the report covers profiles of key industry participants such as 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. In July 2022, Svenska Aerogel AB signed an agreement with a world-leading producer in the process industry to optimize the use of Quartzene. The customer will be able to meet all its future quartzene needs through the execution of this agreement leading to the expansion of the aerogel market.

Key findings of the study

• By form, the blanket segment was the highest revenue contributor, which accounted for more than half of the revenue to the market.
• As per type, the silica segment was the highest revenue contributor to the market.
• Depending on end use industry, the oil and gas segment was the highest revenue contributor to the market with a CAGR of 19.1%.
• Region wise, North America dominated the global aerogel market in 2022.