Aerogel is a synthetic substance obtained by replacing the liquid component with gas in the gel. Aerogel has an extremely low density, high thermal resistance, and impact damping properties.
Global Aerogel Dynamics:
Increasing globalization and urbanization has led to new investments in infrastructure development activities where aerogels panels and insulations are used, thus driving the growth of the global aerogel market over the forecast period. Major players in the market are focusing on the development of eco-friendly aerogels, which in turn is expected to propel the growth of the global aerogel market.
Aerogel has high thermal resistance as compared to conventional insulation material which in turn creates demand for aerogel in the construction industry.
However, high capital production costs and low production volumes of aerogel are major factors limiting the growth of the global aerogel market over the forecast period. In addition, poor mechanical properties of aerogel such as hardness, compression, tension, and shear tests are expected to hamper market growth over the forecast period.
Newer applications such as apparels, agriculture, and power generation adopted aerogel, can create various opportunities for players in the aerogel market over the forecast period.
Market analysis by Form:
On the basis of form, the market is segmented based on blanket, panels, particles, and block. The blanket segment contributes to a major market share and is expected to register CAGR of over 31%, owing to its use as thermal insulations in factories and industrial settings.
Market analysis by region:
Players in the market are strengthening their product portfolio, strategically expanding the market either through acquisitions or by signing agreements and continuous developing advanced products in order to gain a competitive advantage.
The Americas market is expected to dominate the global aerogel market, by accounting for the largest revenue contribution of over US$ 260 million in 2017, as compared to that of markets in other regions.
Europe accounted for the second largest revenue share contribution to the global aerogel market.
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