Albany, NY -- (SBWire) -- 10/05/2018 --Global Aerogels Market: Key Trends
The global aerogels market is likely to be driven by the increasing need for aerogels from end-use industries such as oil and gas and construction. Owing to their light weight, low heat conduction and high insulating properties, aerogels are being considered as a potential material for applications across various industries such as transportation and electronics industry. The increasing need for aerogels from construction sector due to their superior insulation feature is likely to drive the global aerogels market.
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The increasing demand for aerogels from the oil and gas and petrochemical industry is a major factor driving the global aerogels industry. However, the mounting cost of production of aerogels and the slow commercialization process in developing regions are likely to impede the market's trajectory.
Against the backdrop of all of these factors, the global aerogels market is estimated to expand at a CAGR of 18.7% from 2014 to 2023, rising from US$353.6 mn in 2015 to touch a valuation of US$1,093.2 mn by 2023.
North America to Report Highest Consumption of Aerogels
Due to the high demand for aerogels from end-use industries in North America, the consumption of aerogels is expected to increase substantially in the upcoming years in the region. Based on volume, North America accounted for a share of 56.5% in the global market in 2014. The rapidly growing construction and transportation sectors in North America are anticipated to help the region maintain a lead in the global aerogels market. As construction companies in the U.S. and Canada are preferring the use of aerogels to benefit from their better insulating properties, the demand for aerogels in North America is expected to rise in the coming years.
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Europe is expected to emerge as the second-largest region in terms of aerogel consumption. The increasing demand for aerogels from the oil and gas industry in Europe is anticipated to fuel demand for aerogels in Europe. Asia-Pacific is expected to be the most lucrative market in the coming years owing to the increasing commercialization of aerogels in the region.
Aerogels Market Present Scenario, Size and the Growth Prospects with Forecast 2023