Aerogel known as "frozen smoke" is a synthetic material obtained by replacing gas components with liquid components in gels. Aerogel is formed by replacing the liquid component of the gel with air or a gas. Aerogel accounts for about 99.8% by volume of air, with very low density, high thermal resistance and impact damping properties. Aerogel can be recycled and reused, increasing its use in a variety of industries.
Global Aerogel Market: Market Dynamics
Aerogel materials are an ideal replacement for insulation materials and are cheaper and more readily available than other insulation materials, driving the need for such materials in a variety of end-user applications and industries. Growing globalization and urbanization have led to the development of infrastructure in both developed and developing countries, which is another key factor driving the growth of the global airgel market. The demand for aerogels silica is increasing due to its light diffusion, thermal insulation and high surface area performance in architectural applications, which contributes to the growth of the global Aerogel market. In addition, material advancements and innovations, improved product efficiency awareness and the use of aerogels in new applications are expected to contribute to the global airgel market growth over the forecast period.
A major and growing trend in the market is the increased awareness of global warming and the increasing need to apply more environmentally friendly and efficient insulation and sheeting in the construction sector, especially in developing countries. In addition, Aerogel is used as a thickener and chemical absorber to remove chemical leaks. New applications, strong innovation and technological advances in developing countries, the development of more robust endurance aerogels and the growing demand in the transportation industry are expected to create high potential revenue opportunities for players in the global Aerogel market .
Global Aerogel Market: Market Forecast
It is predicted that the global Aerogel market will grow steadily at a CAGR of 31.8% during the forecast period.
Global Aerogel Market: Classification Analysis
Market reports are divided by application, type and region. Applications include oil and gas, construction, automotive and aerospace, healthcare, high performance coatings, chemicals, electronics and others. Categories include silica, carbon, alumina and others. Areas covered in the analysis include North America, Europe, Asia Pacific, Latin America, the Middle East and Africa.
- By Application: The construction sector is forecast to grow at a CAGR of more than 33.7%, making the building segment the highest revenue share in the application area.
- By form: Aerogel blanket expected annual compound annual growth rate of 32.3%, so in the form of products in the blanket accounted for the highest share of revenue.
- By type: Carbon materials are projected to grow at a CAGR of more than 32.8%, thus accounting for the highest share of revenue for all categories.
- By Process: Prefabrication is expected to grow at a CAGR of more than 32.4%, thus accounting for the highest share of revenue in the process area.
- By Region: The European market accounts for the highest revenue share of the global Aerogel market in 2016 and the CAGR of 2017-2022 is expected to exceed 32.7%.