Aerogel Market To Reach USD 2.97 Billion By 2026 | Reports And Data
NEW YORK, Oct. 22, 2019 /PRNewswire/ -- Growing demand from various end-use sectors such as oil and gas, building and construction, Transportation, and performance coatings, Growing need to reduce energy costs, Commercialization of acoustic and thermal applications across end-use industries, and rising demand for light-weight and thinner replacements for insulation materials are key factors contributing to high CAGR of Aerogel Market during forecast period.
According to the current analysis of Reports and Data, the global Aerogel Market was valued at USD 692.1 Million in 2018 and is expected to reach USD 2.97 Billion by the year 2026, at a CAGR of 19.7 %. The study covers Aerogel - the lowest density solid materials ever produced. Aerogel is a solid ultralight material of extremely low density, created by removing the liquid component from a conventional gel. Aerogel is not any particular substance but is geometry that a substance can take on a similar way to that of sculpture which is made out of clay, plastic, etc.
They can be a wide variety of substances. Rising demand from End-Use industries like Oil and Gas, Construction, Automotive, Aerospace, Marine, Performance coating, Day-lighting & LVHS is a significant factor behind the growth of the Aerogel market. Some other key factors propelling market growth in the industry are Superior thermal resistance and lighter nature of Aerogel substance, also Recyclability and water-repellant properties of Aerogel material. Although there are various advantages of Aerogel material, it comes with certain disadvantages, which hinders the growth of the Aerogel market. Higher costs of production, adverse economic conditions in the industry, and volatility in the raw materials are major restraining factors, are the major hindrance for market growth during 2019-2026.
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By modifying various processes of Aerogel preparation, many properties of aerogel can be adjusted. Bulk Density is one of the features were precursor gel is adjusted by making more or less concentration of it. Similarly, the thermal conductivity of aerogel can be adjusted, which is related to density. The unique composition gives aerogel a ghostly appearance; it is also referred to as 'frozen smoke.'
Aerogel has super-insulating air pockets like structure which entirely counteract the three methods of heat transfer, i.e., convection, conduction, and radiation. Aerogel is pretty fragile in nature. Inorganic Aerogel in low density is friable and can bent when poked, cleaving with an irregular fracture. Depending on their density, aerogels can hold an applied load of up to 2,000 times their weight and sometimes more. As aerogels are low in density, it requires less force to achieve a pressure concentration equivalent to 2,000 times the material's weight at a given point.
Inorganic aerogels are more fragile than Organic polymer aerogels. Organic polymer aerogels are more like green potting foam in consistency in that they are squishing irreversibly. From organic aerogels carbon aerogel are derived which have the consistency of activated charcoal and are very much not firm, steady or fixed.
Further key findings from the report suggest
- Aerogel Market is growing at a CAGR of 8% in Europe, followed by North America and the Asia Pacific, with 20 % and 19.2% CAGR, respectively. Thinner substitute for insulation material and increasing demand for light-weight across the globe is the key factor behind the market growth during forecast period across all regions.
- As of 2018, Blankets, segment by form, is the dominating Aerogel which holds 49.8% of the global market. North America regional market is the chief revenue-generating source for this product segment, followed by Asia-Pacific and Europe regions.
- Segment by form Panel was valued at USD 160.8 million in 2018 and is expected to reach USD 671.12 million by 2026, growing at 19.4% CAGR.
- By application type, the Oil and Gas segment had the highest market share of 35.1% in the year 2018. Also, it is expected to dominate the Aerogel market in the forecast period 2018-2026. Oil and Gas segment is growing at a CAGR of 20.5%.
- Day-lighting & LVHS market segment is expected to grow at 19.6% CAGR during the forecast period 2019-2026. Accounting to the surge in the use of daylighting in developed countries, which is boosting the Aerogel market growth in the respective countries.
- The construction segment had a market share of 22.5% in 2018, and it is anticipated to propel at a CAGR of 19.4% by the end of the year 2026 and to reach a value of around 648.95 million USD by the end of 2026.
- Asia Pacific is anticipated to account for 28.6% of the global Aerogel Market and is growing at the highest CAGR of 19.2%. Developing nations like China and India are more likely to witness the high growth of the Aerogel market.
- Associated high processing costs related to Aerogel, the volatility of raw materials, and adverse conditions in the market are likely to hinder the market growth during the forecast period.
- Key participants include Aspen Aerogel Inc., Aerogel Technologies, Cabot Corporation, American Aerogel Corporation, Nano High-Tech, Svenska Aerogel AB, BASF SE, Dow Corning Corporation, Airglass AB, JIOS Aerogel and Enersens.
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Segments covered in the report:
For this report, Reports and Data have segmented the Aerogel Market based on type, by form type, by process type, application, and region:
By Form (Revenue, USD Million; Volume in Kilo Ton 2016?2026)
- Blanket
- Particle
- Monolith
- Panel
- Others
By Application (Revenue, USD Million; Volume in Kilo Ton 2016?2026)
- Oil & gas
- Construction
- Transportation
- Performance coating
- Day-lighting & LVHS
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Regional Outlook (Revenue in USD Million; Volume in Kilo Ton 2016?2026)
- North America
- U.S.
- Canada
- Europe
- Germany
- France
- UK
- Spain
- Italy
- Rest of the Europe
- Asia Pacific
- China
- India
- Japan
- Rest of Asia-Pacific
- Middle East & Africa
- Latin America
- Brazil
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