The aerogel market is estimated at USD 453.0 million in 2023 and is projected to reach USD 785.4 million by 2031, at a CAGR of 11.6%. The growth of the aerogel market is primarily attributed to its superior thermal resistance than conventional insulation materials. In addition, its thinner and lighter nature coupled with being an environmentally friendly material is expected to further fuel the demand for aerogel. However, factors such as its high manufacturing cost and poor mechanical strength are expected to restraint its demand during the forecast period.
“Polymer aerogel expected to be the fastest-growing segment”
The polymer aerogel market is projected to register the highest CAGR between 2017 and 2022. Higher demand for polymer aerogels is due to their higher mechanical strength than silica aerogels. Additionally, the strong thermal resistance of polymer aerogels is expected to drive the market during the forecast period.
“Composites to be the fastest-growing processing segment”
By processing, the composites segment is projected to be the fastest-growing segment in the aerogel market. High growth in this segment is mainly driven by the increased focus on R&D and demand from various applications including performance coating and day-lighting & LVHS.
“APAC projected to be fastest-growing market during the forecast period”
By region, the aerogel market in APAC is projected to register the highest CAGR between 2017 and 2022. This high growth is expected to be driven by the emerging players in the region and increasing demand from the construction, automotive, and aerospace applications.
Breakdown of profiles of primary interviews for the report
• By Company Type – Tier 1–37%, Tier 2–50%, and Tier 3–13%
• By Designation – C Level–50%, Director Level–31%, and Others–19%
• By Region – North America–28%, Europe–22%, APAC–17%, Middle East & Africa–28%, and South America–5%
Some of the key companies profiled in this report are Aspen Aerogels (US), Cabot Corporation (US), Aerogel Technologies (US), Nano High-Tech (China), Guangdong Alison Hi-Tech (China), Active Aerogels (Portugal), Enersens (France), Jios Aerogel (South Korea), BASF (Germany), and Svenska Aerogel (Sweden).
The aerogel market has been segmented on the basis of type, form, processing, application, and region. On the basis of type, the market has been subsegmented into silica, polymer, carbon, and others (metal, metal oxides, metal chalcogenides, carbides, and quantum dots). Based on form, the market has been subsegmented into blanket, particle, panel, and monolith. Based on processing, the market has been sub segmented into virgin (as manufactured), composites, and additives. Based on application, the maket has been segmented into oil & gas, construction, transportation (automotive, aerospace, and marine), performance coating, day-lighting and LVHS, and others (pharmaceuticals, industrial & cryogenics, military & defense, consumer appliances, personal care & cosmetics, clothing & outdoor gears, and research activities). The market has also been segmented on the basis of regions into APAC, Europe, North America, the Middle East & Africa, and South America.