The global aerogel insulation market is estimated to witness a strong growth rate of more than 11% during the forecast period 2023-2028. Aerogel is generally regarded as one of the best insulation solid materials and is utilized to improve the thermal performance of energy-saving materials and sustainable products for buildings, on- and off-shore industrial infrastructure, and consumer products, as well as acting as a high-performance additive to coatings and personal care offerings.
Shifting consumer preference toward green building materials, high-cost effectiveness, and technological advancements are some of the key drivers expected to lift the demand for the aerogel insulation market across the globe. However, the complex heating and supercritical drying process lead to the high cost of production and this is one of the major challenges faced by the global aerogel insulation market.
Building & construction industry plays a crucial role in the overall growth of the market
Based on the end user segment, the building & construction industry is anticipated to dominate the global aerogel insulation market in the forthcoming years followed by performance coating. The sector will grow due to an increase in the implementation of green building programs in various countries across the globe. Increased consumer expenditure on sustainable building solutions for optimal energy conservation would boost business growth prospects.
Moreover, on the basis of product type, Silicon is dominating the market because of its low density, low dielectric constant, and superior heat resistance of materials have enabled widespread application, which will increase product penetration in the industry. Furthermore, expanding applications of recycled silica aerogel in the construction sector, as well as increased utilization in the electronics industry, will drive the market forward. However, organic & carbon is anticipated to witness significant growth during the forecast period.
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North America to spearhead the global aerogel insulation market, driven by growing demand for low-density solid insulation material
North America is dominating the global aerogel insulation market owing to growing demand in several sectors including marine, oil & gas, and automotive. Additionally, the rising demand for low-density solid materials will uplift the industry landscape in the upcoming years. Furthermore, the surging requirement for eco-friendly environment chemicals in the manufacturing of several products results in the growing demand for aerogel insulation.
The Asia Pacific is estimated to witness strong growth during the forecast period. Pivotal growth factors driving the regional demand for aerogel insulation is rising investment in several infrastructure projects across economies like China, India, and Malaysia, among others. Furthermore, rapid urbanization and industrial development in a number of economies, including Singapore, the Philippines, and Indonesia, will further boost the regional demand for aerogel insulation. MEA is expected to grow at a significant rate, the oil & gas segment is the leading contributor to revenue in the aerogel market due to the rising demand for advanced insulation materials across various industries.
Market Structure and Competitive Landscape
Some of the prominent players that contribute significantly to the global aerogel insulation market growth include, Aerogel Technologies LLC, Aspen Aerogels Inc., BASF SE, Cabot Corporation Ltd., Dow Inc., JIOS Aerogel Pte Ltd., Svenska Aerogel Holding AB, Thermablok Aerogels Ltd., TAASI, Green Earth Aerogel Technologies Ltd., Enersens SAS, Armacell International SA, and Active Aerogels among others. These players adopt various strategies in order to reinforce their market share and gain a competitive edge over other competitors in the market. Partnerships and collaborations, and product launches are some of the strategies followed by industry players. Some of the key developments in the global aerogel insulation market include,
- In August 2020, Armacell launched a dual temperature and cryogenic aerogel insulation blanket which does not shrink in cryogenic temperature, and its hydrophobicity and flexibility can provide protection against corrosion.
- In April 2019, BASF and Aspen Aerogels entered into a partnership by signing an addendum to their exclusive supply agreement. The new product SLENTEX was developed for unique applications in the building and construction sector.
Key Market Segmentation
RationalStat has segmented the global aerogel insulation market on the basis of product type, form, processing, application, and region.
- By Product Type
- Organic and Carbon
- Metal Oxide
- Others (Nanotubes and Metal Aerogels)
- By Form
- Others (Block)
- By Processing
- By Application
- Building & Construction
- Performance Coating
- Oil & Gas
- Aerospace & Defense
- Healthcare, Pharmaceutical & Medical Devices
- Beauty and Cosmetics
- Others (Electronics, Marine etc.)
- By Region
- North America
- Latin America
- Rest of Latin America
- Western Europe
- Rest of Western Europe
- Eastern Europe
- Rest of Eastern Europe
- Asia Pacific
- South Korea
- ASEAN (Indonesia, Vietnam, Malaysia, etc.)
- Rest of Asia Pacific
- Middle East & Africa
- South Africa
- Rest of the Middle East & Africa
- North America
RationalStat has developed a state-of-the-art research methodology to crunch numbers and provide the best possible real-time insights to clients. We combine a varied range of industry experience, data analytics, and experts’ viewpoint to create a research methodology for market sizing and forecasting.
RationalStat combines a mix of secondary sources as well as primary research to assess the market size and develop a forecast. Key steps involved in accurately deriving the market numbers are:
- Defining the problem by understanding the type of market and data required by the client.
- Data gathering and collection through relevant paid databases, publicly available sources, company reports, annual reports, surveys, and interviews.
- Formulating a hypothesis to create market numbers, forecast, influencing factors, and their relevance.
- Evaluating and analyzing the data by referring to data sources utilized and leveraged.
- Validating, interpreting, and finalizing the data by combining the details gathered from primary and secondary sources with the help of experienced analysts.
- Annual reports, company filings, investor presentations, product catalogs and company documents
- Industry and market-related documents available in the public domain
- Paid database including Bloomberg, Factiva, S&P Capital IQ, FactSet, Refinitiv Eikon, ICIS, EUWID, Thomson Reuters, among others
- Whitepapers, research papers, and industry blogs.
Why Buy this Report?
The report is intended for aerogel insulation manufacturers and suppliers, construction companies, government organizations, the healthcare industry, educational organizations, regulatory agencies, and market research firms, among others. The report provides an in-depth analysis of market size, consumption pattern, ongoing market trends and challenges, and future market opportunities. The report will serve as a source for a 360-degree analysis of the market thoroughly delivering insights to clients to find the right answers to their business questions.
Frequently Asked Questions (FAQs)
The global aerogel insulation market is expected to grow at a CAGR of approximately 11% during the forecast period 2022-2028.
North America holds a prominent share of the market.
The global market for aerogel insulation was US$ 1.5 Billion in 2021.
The booming building & construction industry is expected to drive the growth of the global aerogel insulation market.
Major companies operating in the global aerogel insulation market are Aerogel Technologies LLC, Aspen Aerogels Inc., BASF SE, Cabot Corporation Ltd., Dow Inc., JIOS Aerogel Pte Ltd., Svenska Aerogel Holding AB, Thermablok Aerogels Ltd., TAASI, Green Earth Aerogel Technologies Ltd., Enersens SAS, Armacell International SA, and Active Aerogels among others.