The global aerogel market is generated revenue of $222.3 million in 2013 and is expected to grow at CAGR of 35% during 2015-2021. The aerogel is segmented on the basis of type, form, processing, application and geography. By Type, it is further segmented in carbon, polymer, alumina and silica. Forms are further segmented into blanket, particle, monolith and panel, on the basis of application the aerogel is sub segmented into oil & gas, construction, automotive, marine, and aerospace market. Construction and automotive markets are expected to be the fastest growing streams among all the application. The increasing demand for the aerogel insulators from the world wide construction application and automotive application is boosting the growth of global aerogel market. The aerogel market is dominated by some of the major key players such as AMERICAN AEROGEL CORPORATION, ASPEN AEROGEL, BASF SE, DOW CORNING CORPORATION, and JIOS AEROGEL with almost 50% globally.
In aerogel the major forms are panels, blankets, blocks, particles which are in use. In 2013, blanket is the largest segment which is expected to grow in next 10 years. Panel segment is showing a positive growth with a CAGR of 40% for the forecasted period. Aerogel panels have lower thermal conductivity due to this the panels are used in various applications domain such as green house, sloped rooms, skylights, curtain, conservatories walkways and canopies.
The aerogel market is majorly driven by the rising demand of aerogel insulators in various applications. The aerogel market is driven by increasing number of application domain, durable and fire protective insulator and thinner & lighter alternative of conventional insulator. The key features has increased the scope and application of aerogel in various applications which is effecting the growth of aerogel market globally. However the aerogel is having the higher cost as compared to alternative insulators which is major factor which is hampering the growth of aerogel market. The global aerogel market has a lot of opportunities because of its thermal resistance, these could be used in aerogel in firefighter’s protective gears. However, high heat resistance and extremely light weight enable the use of aerogel in apparels in cold regions.
North America dominates the aerogel market with the largest share followed by Europe and APAC. Europe is the fastest growing for the aerogel market which is estimated to grow with a CAGR of 40% during the forecasted period. The green initiative taken by European government is the driving factor for the building and industrial aerogel insulators.
The report segmented aerogel market on the basis of types, forms, processing, applications and region. The USP of our report is the deep country level analysis of each and every region. The methodology for analysis is based on critical examination of various parameters such as driving factor of aerogel market such as increasing application domains, durability and various opportunities available in the market such as increasing use in safety and protective equipment’s. The data is collected through primary and secondary research. The report provides detailed analysis of key market players and their strategies.