Wilmington, Delaware, United States, Oct. 26, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - A market valuation of US$ 1 billion was projected for aerogels in 2022. Between 2023 and 2031, the market is anticipated to expand at a CAGR of 13.6%. By 2031, the aerogels market is expected to reach US$ 3.2 billion.
Manufacturers can tailor aerogels to meet specific requirements. Aerogel companies may also seek growth through diversification into new sectors and markets. A number of economic factors can influence the aerogels market, including manufacturing capabilities and raw material costs. A change in these factors could positively impact the market.
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Regulations regarding certain chemicals or materials may influence aerogel market dynamics. Environmental concerns and sustainable manufacturing practices can also shape the industry's development. Due to their low density and remarkable insulating properties, NASA and other space agencies have used aerogels for many years. For space exploration and satellite applications, aerogels were expected to continue to be in high demand.
Key Findings of Market Report
- Increasing industrialization and expansion of the oil and gas sector are driving market growth for aerogels.
- Silica aerogels are expected to hold a dominant position on the global market over the forecast period.
- Electric vehicle (EV) battery insulation and rapidly evolving battery technologies are expected to drive a significant.
- Technological advancement and increased research and development activities to drive the market.
- A growing demand for energy-efficient and sustainable materials will drive demand for aerogels.
Aerogels Market Drivers
- An aerogel is used to clean up oil spills and other environmental contaminants. With environmental concerns and regulations on the rise, aerogels will continue to be in high demand as a cleanup solution. Materials science and nanotechnology research and development continue to uncover new uses for aerogels. As a result, the market is expanding.
- Aerogels are becoming more accessible to a wide range of applications due to advances in production methods and cost-reduction efforts. With the decrease in production costs, aerogels become more feasible in a wide range of industries. As sustainability has taken center stage, aerogels have become increasingly popular as a material with low environmental impact. Companies were looking for ways to recycle aerogels and make them from renewable resources.
- Various innovative applications have been developed for aerogels, including lightweight composite materials for the aerospace and automotive industries, tissue engineering, and drug delivery. Aerogels with enhanced properties at the nanoscale are becoming increasingly popular with advancements in nanotechnology. Performance are improved, and new applications are created.
Global Market for Aerogels Regional Outlook
- Aerogels are expected to be the fastest-growing market in North America. As insulation materials, aerogels play an important role in oil, gas, and construction industries.
- North American companies are seeking energy-efficient solutions, which could spur the use of aerogels in these fields. Aerogels could be adopted as lightweight, energy-efficient materials that help reduce carbon emissions as a result of the growing emphasis on sustainability and environmental regulations in North America.
- Aerogels are expected to dominate the market in the Asia Pacific region. Asian countries are adopting stringent energy efficiency and greenhouse gas emission standards due to an increased focus on sustainability and environmental conservation.
- As a result, aerogels can be used in industry and construction to meet these standards, reducing energy consumption and emissions. Urbanization and economic growth are driving infrastructure development in Asia-Pacific. For areas with extreme temperatures, aerogels are used to improve the insulation value of concrete and plaster.
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Key Players in the Aerogels Industry
Several small to medium-sized aerogel manufacturers compete with one another and with large enterprises across the global market, according to the global aerogel market research analysis. As a result of significant investments in research and development, a number of companies have been able to adopt and develop next-generation technologies successfully.
Leading market players are implementing innovative strategies to stay ahead of the aerogels market trends. Product portfolio expansion and mergers and acquisitions are some of the major strategies employed by the company.
Key Players in Aerogels Include
- Aspen Aerogels, Inc.
- Cabot Corporation
- Aerogel Technologies, LLC
- Active Aerogels, LDA
- BASF SE
- JIOS Aerogel Corporation
- Nano Technology Co., Ltd.
- Dow, Inc.
- Enersens
- Guangdong Alison Hi-Tech
- Armacell
- Svenska Aerogel
- Others
Key Developments in the Global Aerogels Market
- On February 10, 2023, Svenska Aerogel announced it had completed one-third of the Quartzene optimization project. Svenska Aerogel and one of the world’s leading manufacturers of quartzene in mid-2022 entered into a collaboration agreement.
- In May 2023, Boston-headquartered Cabot Corporation announced the launch of three Entera airgel products to aid in the development of lithium-ion battery thermal barriers for electric vehicles (EVs).
Market Segmentation for Aerogels Market
- Type
- Silica Aerogels
- Metal Aerogels
- Carbon Aerogels
- Others
- Form
- Monolith
- Powder
- Film
- Others
- Application
- Battery Packs
- Optical Fibers
- Thermal & Acoustical Insulation
- Electronic Devices
- Capacitors
- Imaging Devices
- Catalysts
- Pesticides
- Others
- End-use
- Automotive
- Building & Construction
- Oil & Gas
- Electrical & Electronics
- Medical
- Agriculture
- Aerospace
- Others
Region
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East & Africa
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