The global Aerogel Marketwas valued at USD 773.07 million in 2019 and is expected to reach USD 3.31 billion by 2027, registering a CAGR of 19.7% over the forecast period
New York, NY -- (SBWIRE) -- 11/30/2020 -- Aerogel Market: An Overview
According to the current analysis of Reports and Data, the global Aerogel Market was valued at USD 773.07 million in 2019 and is expected to reach USD 3.31 billion by 2027, registering a CAGR of 19.7% over the forecast period. Aerogel is a solid, ultralight material which has extremely low density, created by removal of liquid component from conventional gel. Aerogel is not any particular substance but is a substance that can be used in a similar way as that of sculpture which is made out of clay, plastic, etc. Aerogels can be a wide variety of substances. Rising demand from end-use industries such as oil and gas, construction, automotive, aerospace, marine, performance coating, day-lighting & LVHS is a significant factor stimulating the growth of the aerogel market. Some other leading factors propelling market growth are superior thermal resistance and lightness of aerogel substance. Also, recyclability and water-repellant properties of aerogel material increase its demand. Although there are various advantages of aerogel material, it comes with certain disadvantages, which hinders the growth of the Aerogel market. Higher costs of production, adverse economic conditions in the industry, and volatility in the raw materials are major restraining factors for market growth over 2020-2027.
By modifying various processes of aerogel preparation, various properties of aerogel can be adjusted. Bulk density and thermal conductivity of aerogel can be adjusted, by controlling the concentration of the precursor gel. The unique composition gives aerogel a ghostly appearance and hence it is also referred to as 'frozen smoke.'
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Aerogel Market Dynamics
The building and construction sector is expected to be one of the key end-use segments for the aerogel market, mainly due to the recovery of several markets in developed regions. Buildings consume a large amount of energy and the drive to conserve this energy has urged the building sector to adopt aerogel. For instance, 16.6% of the all energy in the U.S. is consumed in heating and cooling of buildings. Aerogel is used for super-insulating windows, solar collector covers, skylights, and specialty windows.
Moreover, researchers are engaging in developing low-cost and finer alternatives for insulation. Since aerogel is extremely low in density, it is a better insulator. The weight of insulation material diminishes with reduction in thickness. In building and construction, thinner insulation materials offer advantages as increased floor area and additional loading capacity.
Associated high processing costs related to aerogel, the volatility of raw materials, and adverse conditions in the market are likely to hinder the market growth during the forecast period.
To identify the key trends in the industry, click on the link below: https://www.reportsanddata.com/report-detail/aerogel-market
Aerogel Market: Regional Outlook
North America is the largest market for the aerogel products owing to the region's increasing concern for the reduction of carbon emissions and rising demands in the oil and gas. North America is expected to lead the global aerogel market in the forecast timeline. The Asia Pacific follows close behind due to the high consumption of aerogel materials in China. Asia Pacific is anticipated to account for 28.6% share of the global aerogel market and is growing at the highest CAGR of 19.2%. Europe is expected to expand at a fast rate due to extensive research in the region to develop and explore new applications of the products.
Aerogel Market: Key Players
Aspen Aerogel Inc.
American Aerogel Corporation
Svenska Aerogel AB
Dow Corning Corporation
Impact of COVID-19 on Aerogel Market:
The coronavirus (COVID-19) disease, recognized as a global pandemic by the WHO, has been the trending topic of 2020. It has been drastically impacting the economy and disrupting the lives ever since it began its ravages and brought the world to a halt as precautions were taken rapidly to arrest its spread. Businesses operating in numerous industries, financial markets and supply chains were all put into disfunction. The construction industry was no exception to this chaos and as the industry came to a halt so did the aerogel market. Since most of the aerogel products are used in either new or old construction, its fate has been tied to the buildings and construction industry and a slowdown in one has dragged the other with it. But as a vaccine is expected to be launched by mid 2021, things are anticipated to go back to normal and the aerogel market is also expected to gain back its growth stimulus.
Detailed overview of the market
Evolving aerogel market dynamics
In-depth aerogel market classification
Historical, present, and anticipated aerogel market size and share in terms of volume and value
Recent aerogel market trends and advances
Strategies adopted by key players and products portfolio
Segments, sub-segments, and geographic regions exhibiting growth prospects
A neutral and global perspective on aerogel market performance
Aerogel Market: Segmentation
For this report, Reports and Data has segmented the Aerogel Market based on type, by form type, by process type, application, and region:
By Form (Revenue, USD Million; Volume in Kilo Ton 2017–2027)
By Application (Revenue, USD Million; Volume in Kilo Ton 2017–2027)
Oil & gas
Day-lighting & LVHS
Regional Outlook (Revenue in USD Million; Volume in Kilo Ton 2017–2027)
Middle East & Africa
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