New York, Feb. 21, 2024 (GLOBE NEWSWIRE) -- The aerogel market, valued at USD 2.50 billion in 2023, is poised for substantial growth, projected to reach USD 17.1 billion by 2033, with a robust 21.8% CAGR.
The surge in demand from high-end-use sectors such as automobiles, construction, aerospace, and electronics drives this growth. Aerogel, a synthetic porous material with 99.8% air composition, finds diverse applications due to its low heat conductivity and density. In the automobile industry, it transforms vehicle design, enhancing efficacy and performance. With applications in thermal and acoustic insulation, aerogels contribute to the evolving landscape of electric vehicles.
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Toyota Motor leads US auto sales, with Detroit automakers reporting a 14.1% increase in new vehicle sales to over 2.6 million units in 2023. Aerogels play a vital role in various industries, providing thermal interface materials in electronics, eco-friendly solutions in healthcare, and applications in agriculture, soundproofing, and food packaging. The aerospace sector's increasing demand for aerogels across diverse industries foretells significant market expansion in the coming years.
Key Takeaways
- Silica aerogel is the product type dominant segment due to its exceptional properties such as low thermal conductivity, high surface area, and low density, making it an ideal material for insulation and other applications.
- Oil and gas lead the application type market segment due to their widespread use as insulation materials in pipelines and refineries.
- Blanket aerogel holds a strong position in the form market segment due to its inherent properties of aerogels with flexibility and ease of use.
- Virgin processed aerogel dominates the processing type market segment as it can be directly synthesized and used without any post-processing or alterations.
- North America dominates the global aerogel market, claiming a 44.80% share.
Driving Factors
Rise in Aerospace and defense applications increases the demand
Aerospace and defense industries is gaining popularity due to their lightweight nature and ability to withstand extreme temperatures. Moreover, companies like Aerogel Core Ltd are leveraging aerogels' unique properties for soundproofing and heat shielding in aerospace and automotive applications. The versatility and durability of aerogels in these demanding environments underscore their growing importance and widespread adoption in the aerospace and defense sectors.
New manufacturing innovations propels the aerogel market
Aerogel manufacturing technologies are advancing like rapid supercritical extraction, have enhanced production efficiency and cost-effectiveness. Furthermore, researchers at Linköping University's development of a cellulose-based conducting aerogel opens new possibilities for its use in medical imaging, communication, space exploration, and security technologies. These manufacturing innovations not only reduce production costs but also broaden aerogels' application spectrum, contributing significantly to market growth.
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Restraining Factors
High Production Costs Limit Aerogel Market
The manufacturing process of aerogels is intricate, requiring specialized chemicals and techniques, leading to elevated expenses. For example, silica aerogel blankets are reported to be over ten times costlier than traditional insulation materials per square foot. Furthermore, aerogel production typically occurs on smaller scales than conventional insulation materials, resulting in higher per-unit costs. The estimated production cost of $7.2 per square meter for a 3 cm thick silica aerogel sheet exemplifies this financial barrier, thereby limiting aerogels' widespread adoption and market growth.
Growth Opportunities
Next-Generation Batteries with Aerogel Technology Drive the Market Growth
Aerogels creates the next-generation batteries for electric vehicles (EVs) and electronics is another area ripe for growth. Incorporating aerogels as separators in lithium-ion batteries can significantly improve safety, lifespan, and fast-charging capabilities. Companies like Amprius are leveraging aerogel technology in EV batteries, indicating the potential of this application. As the demand for more efficient and safer batteries increases, especially in the burgeoning EV market, aerogels are likely to play a crucial role, thus contributing to the market's expansion.
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| Report Attribute | Details |
| Market Value (2023) | USD 2.50 Billion |
| Market Size (2033) | USD 17.1 Billion |
| CAGR (from 2024 to 2033) | 21.8% from 2024 to 2033 |
| North America Region Revenue Share | 44.80% |
| Historic Period | 2016 to 2023 |
| Base Year | 2023 |
| Forecast Year | 2024 to 2033 |
Regional Analysis
North America dominates the global aerogel market, claiming a 44.80% share, propelled by key players like Aspen Aerogels and a technologically advanced landscape. The region's emphasis on energy-efficient materials and sustainable practices contributes to its leadership. In the U.S., NASA's use of aerogel in space missions exemplifies its unique properties, fostering growth in thermal insulation, oil and gas, and automotive applications. Europe focuses on innovation and environmental regulations, with Germany and the UK leading in aerogel technology. Asia-Pacific, especially China and India, shows potential with a growing industrial sector, offering opportunities for aerogel adoption in construction and industry, driven by sustainable development goals.
Segment Analysis
By product type, silica aerogel is the dominant segment due to its exceptional properties such as low thermal conductivity, high surface area, and low density, making it an ideal material for insulation and other applications. Its translucency also makes it suitable for daylighting applications. Polymer aerogels are used in lightweight structures and supercapacitors, whereas Carbon aerogels are notable for their electrical conductivity and are used in sensors and energy storage devices. However, the broad applicability and established market presence of Silica aerogel underline its dominant position.
By application industry, oil and gas lead the market segment due to their widespread use as insulation materials in pipelines and refineries. The lightweight nature of aerogels also makes them advantageous for offshore applications. In Marine & Aerospace, aerogels are used for thermal and acoustic insulation. In construction, aerogel-based translucent panels are used for daylighting solutions. However, the critical role of aerogels in improving energy efficiency in the Oil & Gas sector makes it the most significant application industry.
By form, blanket aerogel holds a strong position in the market segment due to its inherent properties of aerogels with flexibility and ease of use, making them highly suitable for a variety of insulation applications. It can be easily cut and installed in complex geometries, which is particularly beneficial in the construction and oil & gas industries. Monolith aerogels are used in specialized applications like aerospace, whereas panel-form aerogels are used in building applications.
By processing type, virgin processed aerogel dominates the market segment as it can be directly synthesized and used without any post-processing or alterations. The demand for high-performance, unaltered aerogel materials in various industries, particularly in insulation and aerospace, secures the dominance of Virgin Processed Aerogels in the market.
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Segment covered in this report
Product Type Analysis
- Silica
- Polymer
- Carbon
Application Industry Analysis
- Oil Gas
- Marine Aerospace
- Performance Coating
- LVHS
- Day-Lighting
- Automotive
- Construction
Form Analysis
- Monolith Aerogel
- Blanket Aerogel
- Article Aerogel
- Panel Form Aerogel
Processing Analysis
- Virgin Processed Aerogel
- Fabricated Aerogel
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Competitive Landscape Analysis
In the dynamic Aerogel Market, innovation and application diversity are driven by key players such as Aspen Aerogels and Cabot Corporation, renowned for their extensive range of aerogel products, notably in insulation applications. Their strategic focus centers on harnessing aerogel's distinctive properties, including low thermal conductivity and high surface area, across diverse industries like construction and aerospace. Global chemical company BASF from Germany plays a significant role, integrating aerogel technology into its portfolio, highlighting a commitment to high-performance materials innovation and the broader application of aerogel in industrial contexts.
Key Players
- Nano Tech Co. Ltd. (China)
- Cabot Corporation (US)
- JIOS Aerogel (South Korea)
- Aspen Aerogels (US)
- Enersens (France)
- Active Aerogels (Portugal)
- Armacell (Germany)
- Guangdong Alison Hi-Tech (China)
- BASF (Germany)
- Aerogel Technologies (US)
Recent Developments
- In April 2023, Aspen Aerogels created a new aerogel named Firegel(tm). It's fire-resistant compared to the older versions. Firegel(tm) is perfect for use in crucial sectors like defense and aerospace where fire resistance is essential.
- In February 2023, Svenska Aerogel signed a collaboration agreement with an internationally renowned manufacturer in the industry of process to improve the utilization of Quartzene in the product of the customer. Svenska Aerogel committed to supplying 30 tonnes of Quartzite each year throughout the phase of the pilot phase.
- In January 2022, Cabot Corporation reported that their aerogel with high-insulating properties was utilized in the renovation of the Mathildenhohe the artist's colony located in Darmstadt, Germany, which was recently added as a part of the UNESCO World Heritage list
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