The modern-day document posted via Report Ocean, titled “Aerogel Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023 to 2031,” affords a complete evaluation of the industry, which includes insights on the market trends. The file additionally consists of competitor and regional analysis, and present-day developments in the market. This document can serve as a fantastic information for investors, researchers, consultants, advertising strategists and all these who are planning to foray into the market in any form.
The global aerogel market was valued at $221.8 million in 2013 and it is estimated to reach $1,896.6 million by 2020, growing at a CAGR of 36.4% during the forecast period (from 2014 – 2020). Invention of Aerogel is a result of combined research and development in material science and technology. Aerogel is derived by replacement of the liquid component of the gel with a gas. It is mesoporous solid foam; composed of an interconnected nanostructure network that exhibits minimum 50% porosity. Though being solid, it is an extremely porous material and is lightweight. Its low thermal conductivity feature makes it a perfect material to be used as building insulator.
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Moreover, aerogel sponge can be recycled after being used in oil spills application, which signifies its eco-friendly and cost effectiveness. These features create options for its usage in many verticals such as oil & gas, aerospace, healthcare, electronics, building insulation, and such others. With ongoing advancements in innovation of the materials and discovery of new application areas, market is expected to build more strength with time.
High production cost is the primary restraining factor for this market, as the burden eventually slides towards the consumers. Moreover, the industries such as petroleum, construction, power generation, etc. are vulnerable to cross-boundary economic conditions and hence, the dependent markets such as aerogel face sales side pressure in adverse economic conditions. On the other hand, the global aerogel market has numerous opportunities in future. Due to its thermal protective performance, aerogel could be embedded in firefighter’s protective gears. Moreover, due to its high heat resistance coupled with extremely lightweight, it could be used as apparels in the cold regions. Besides these, by having high surface area, carbon aerogel could be used for hydrogen and electrical energy storage.
Aerogel Raw Material Market Analysis
Based on raw materials, the market is segmented into silicon, carbon, aluminum and other aerogel. In 2013, silica aerogel was the largest revenue-generating segment and this segment would experience substantial market growth in the coming years. Silica aerogel has a wide range of application that contributes to its market growth and they are building insulation, acoustic insulation, oil & gas, automotive thermal insulation, chemical, cryogenics, health care, and so on. Other aerogel is the fastest growing segment with a CAGR of 52.0% during the forecast period, largely due to smaller base
Aerogel Form Market Analysis
Blankets, particles, blocks and panels are the major forms in which aerogel is currently being used. In 2013, blanket constituted the largest segment in the aerogel market and is expected to experience substantial growth in coming years. Panels segment is the fastest growing with a CAGR of 41.0% during the forecast period. Due to its lower thermal conductivity, aerogel panels are used in a wide range of applications such as skylights, sloped sunrooms, conservatories, greenhouses, curtain and interior walls, walkways and canopies. In addition to that, the recently launched polyurethane aerogel insulating panel is very thin and has an easy production process. This factor is triggering the growth of aerogel panels segment.
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Aerogel Application Market Analysis
Aerogel have a number of applications such as building insulation, oil & gas, aerospace, automotive thermal management, health care, chemical, electronics, thermal & acoustic insulation, and such others. In 2013, building insulation application generated the largest revenue and this market would experience substantial market growth in coming years. Acoustic insulation application is the fastest growing application segment at a CAGR of 46.3% during the forecast period. The high porosity of aerogel dampens the sound velocity within it, resulting in high sound absorption capacity. This characteristic of aerogel promotes its use as an acoustic solution.
Geography Market Analysis
Within geography markets, segmented into North America, Europe, Asia Pacific, and Latin America, Middle East and Africa (LAMEA), North America was the largest revenue-generating region market. European region is the fastest growing geographical segment with a CAGR of 38.4% during the forecast period. European governments’ green initiatives are pushing the market growth by catalyzing the need of building and industrial insulators.
Competitive Analysis
The strategies followed by key players in this market present a clear understanding about their intensity and concentration in specific business segment. Strategic analysis of the companies reveals that most of them are concentrating on product launch followed by collaboration and agreement for their business expansion, to diversify their products, and to explore new areas of applications. The agreements among the companies are focused to enhance their operations and services. Most of the agreements are related to market expansion and development of product for insulation application. Collaboration and joint venture were among other strategies adopted by market payers for the expansion of their business. These strategies resulted in the advancement of the technology and diversification of the products in the untapped areas.
High-Level Analysis
The Porter’s five-force analysis measures the competitive scenario of the aerogel market. The bargaining power of supplier is evaluated to be moderate to high as there are few suppliers present in the market. Though aerogel is turned out to be a better-insulation solution compared to conventional material, manufacturers have to increase the product price to meet their production cost, which is still at the higher side. Therefore, the high cost results high threat of substitutes. Top investment pocket analysis evaluated building insulation as the most promising sector for investments in future. This market possesses huge growth potential; however, cash flow in this sector at present is comparatively low. Although the market is dominated by the conventional insulation solutions, aerogel manufacturers are expected to have increasing share with the segment during the forecast period.
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KEY BENEFITS
The report provides in-depth analysis of the current market scenario and offers expected future trends that would assist stakeholders in taking strategic and actionable decisions
Quantitative analysis of the current market and estimations through 2013-2020
Analysis of the market factors in various geographic regions helps understand business opportunities
Identification of key investment pockets for various applications, services and geographies
Identification of key players and their business performance analysis based on strategies followed by them
Identification of key application segments based on future potential and growth prospects
Top factors that are expected to affect the growth of the market along with impact analysis of every such factor
Analysis and evaluation of market trends to provide deep-dive intelligence into every market segment
Competitive analysis to effectively plan and execute business plan
Micro level analysis based on application, service and geography
COVID-19 Impact
In 2019, the COVID-19 epidemic swept the globe. It brought everything to a halt. It had an impact on the entire world economy. Moreover, a great number of people have also perished. In total, 5,091,465 fatalities and 252,297,094 cases of COVID-19 have been reported worldwide. A majority of the nations on earth were affected by the pandemic. The pandemic brought some kind of loss in the majority of industries. The epidemic caused a slowdown in the chemical industry as well. According to Statista, the business generated over US$ 3.94 trillion in worldwide sales in 2019. An all-time high of US$5.4 trillion in revenue was produced by the sector in 2014.
The level of rivalry among well-known international corporations has been determined by studying a number of key industries, as well as market competition, market share, current developments in the sector, novel product launches, alliances, mergers, and acquisitions by key corporations.
Aerogel market
KEY MARKET SEGMENTS
MARKET BY RAW MATERIALS
Silica
Carbon
Alumina
Others
MARKET BY FORM
Blankets
Particles
Blocks
Panels
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MARKET BY APPLICATION
Building insulation
Oil & gas industry
Aerospace
Automotive thermal management
Chemicals
Electronics
Acoustic Insulation
Health care
Other applications
MARKET BY GEOGRAPHY
North America
Asia Pacific
Europe
Latin America and Africa
Middle East
Table of Content:
- Report Overview
- Global Growth Trends
- Competition Landscape by Key Players
- Data Segments
- North America Market Analysis
- Europe Market Analysis
- Asia-Pacific Market Analysis
- Latin America Market Analysis
- Middle East & Africa Market Analysis
- Key Players Profiles Market Analysis
- Analysts Viewpoints/Conclusions
- Appendix
In this report, the key questions answered:
- How has the adoption of Market impacted COVID-19?
- What are the key market tips in key areas?
- Which utilized sciences are most impacting the anticipated global enterprise?
- Who are the major global game enthusiasts in modern times dominating the Market?
- How do AI clients turn out to be conscious of technological knowledge in strolling theatres?
- What are the vital corporation fashions determined via way of the foremost market players?
- What are the key factors that will have an effect on the expand of Market globally?
- How foremost game enthusiasts in the Global corporation environment are incorporating key
- What is the present day income contribution of distinct product kinds in the market and what are the predicted changes?
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