The major factor that is driving the aerogel market is the increasing demand of the aerogels by the end user industries such as oil & gas, marine & aerospace, automotive, etc.
Sarasota, FL -- (SBWIRE) -- 07/25/2017 -- Global Aerogel Market: Overview
The main application areas where the aerogel is used include marine, aerospace, oil & gas, automotive, and others, thus increasing the demand of the aerogel. Aerogel is a solid material that is mainly composed of air which has extremely low density and is manufactured with the help of conventional gel. The benefits that are provided by the aerogel are increasing its demand in the end-user industries. These beneficial properties include acoustic and thermal damping, a high degree of porosity, low density, and other desired properties that are required by several industries. The aerogel is a good replacement for the thermal insulation materials and it provides cost competitiveness too, thus being used widely as it offers high performance than the other thermally insulating materials.
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Global Aerogel Market: Segmentation
The global market for aerogel is fragmented into fragmented into its applications, product type, forms, and processing agent. Based on the application, the global market is segregated into marine & aerospace, LVHS, automotive, oil & gas, performance coatings, day-lighting, and construction. Based on the product type, the market is categorized into polymer, silica, and carbon. Based on the form, the market is divided into blanket, panel form, monolith, and article. Based on the processing, the market is bifurcated into fabricated and virgin processed.
Global Aerogel Market: Growth Factors
The major factor that is driving the aerogel market is the increasing demand of the aerogels by the end user industries such as oil & gas, marine & aerospace, automotive, etc. The other factors that will contribute to the market growth are the latest establishments for construction, increasing globalization which in turn is increasing the rate of investments, and the beneficial properties of the aerogel such as being cheap, providing high insulation, and abundant accessibility of the raw material are affecting the aerogel market positively. The factor that is hampering the aerogel market growth is the increased cost of the production.
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Global Aerogel Market: Regional Analysis
The global aerogel market is regionally diversified into Latin America, the Middle East & Africa, Western Europe, Eastern Europe, North America, and Asia Pacific. There has been a significant market growth for the aerogels in the recent years which in turn has lead North America to hold the major market share in the global aerogel market. North America is followed by the Asia Pacific region due to the high consumption of the aerogel in the country of China. In terms of annual growth, the European market is holding a good position.
Global Aerogel Market: Competitive Players
The key market players that are involved in the aerogel market include Aerogel Technologies LLC, BASF SE, Cabot Corporation, Aspen Aerogels, Inc., and others.
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Global Aerogel Market: Regional Segment Analysis
The Middle East and Africa