The Aerogel Market is forecasted to grow at a high rate owing rising product demand from several end-use industries
The Global Aerogel Market was estimated at USD 940.4 Mn in 2020 and is expected to grow with CAGR of 16.7 % during the forecast period.
The aerogel market is majorly growing owing to the rising demand for aerogel from several end-use industries. For instance, in aerospace industries, aerogel is employed for manufacturing spacesuits and wetsuits. In building & construction industries it is used as a wall insulator and superlight concrete. Apart from this, the product acts as an important component in manufacturing vehicles, spacecraft, fire suits owing to its thermal insulation properties. Moreover, the increasing levels of investments in research and development (R&D) activities are also expected to augment the aerogel growth. Additionally, continuous efforts by key market players for introducing a new and innovative product, such as polymer-based aerogels that have improved flexibility and strength is pegged to garner significant product demand over the forecast period.
Moreover, growing governmental concern to curb pollution and to reduce the dependency on conventional fuel usage is projected to offer significant growth opportunities in the aerogel industry. Owing to these rising concerns, many developing and developed nations have set up governing bodies to regulate fuel consumption and carbon emissions by vehicles. For instance, the U.S. government has set up governing body “The Corporate Average Fuel Economy (CAFE)” which is responsible for keeping a check on the average fuel economy of new vehicles sold and has mandated that all passenger vehicles should achieve an average mileage of 54.5 miles per gallon by 2025. The aerogels containing graphene can be used in high-performance composite materials for energy storage applications in new generation vehicles such as electric vehicles. In addition, durable aerogel insulation can be incorporated into doorframes, hoods, and roofs of these vehicles in half the space as compared to conventional foam materials. This further leads to increased energy savings with superior passive in-cabin climate control. Therefore, the rising demand for EVs across the globe is expected to boost the aerogel market growth. All these aforementioned factors are contributing to majorly driving the industry growth.
Global Aerogel Market by Region Outlook (Revenue, USD Million, 2021-2027)
Based on region, the Asia-Pacific region is expected to grow with the highest CAGR in the aerogel market during the forecast period. Rising investments in several infrastructure projects in emerging economies such as India, Thailand, Oman, UAE, Malaysia is expected to surge the regional aerogel industry growth. In addition, China has the largest share in the building market across the world, accounting for up to 20% of all construction investment globally. The country plans to spend approximately USD 13 trillion on constructing buildings by 2030, which is expected to drive the market demand. Additionally, favourable government policies implemented for the growing automotive industry in this region are also expected the surge the product demand. Policies such as “Made in China 2025”, “Make in India” and the “Automobile Industry Mid and Long-Term Development Plan” are helping in fuelling automotive sector growth and in turn, proliferating the aerogel industry growth across the region.
The Global Aerogel Industry Segmentation:
Global Aerogel Market by End-Use Industry Outlook (Revenue, USD Million, 2021-2027)
Global Aerogel Market by Technology Outlook (Revenue, USD Million, 2021-2027)
Global Aerogel Market by Product Outlook (Revenue, USD Million, 2021-2027)
Global Aerogel Market by Form Outlook (Revenue, USD Million, 2021-2027)
Key Findings:
Company Profiles and Competitive Intelligence
The key players operating in the aerogel market are:
Recent News:
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