Valley Cottage, NY -- (SBWIRE) -- 03/28/2018 -- The global aerogel market is on the rise due to increased applications of aerogel in industries such as oil & gas, marine, automotive, and aerospace. Aerogel is an extremely low density solid material, mainly composed of air, and is manufactured using conventional gel. Global aerogel market consists of material exhibiting numerous properties, making it suitable for the applications in aforementioned industries. These properties include thermal & acoustic damping, low density, high degree of porosity and other desired properties in various applications industries. In addition to the abundant uses of aerogel in industrial applications, one of the key reasons for increasing global aerogel market is due to the fact that the material is being witnessed as a good replacement for thermal insulation materials, since it is providing cost competitiveness to other high performance thermal insulating materials.

Aerogel Market: Drivers & Restraints

The increasing demand of aerogels by the end users such as oil & gas, automotive, marine & aerospace , etc. are driving the global aerogel market. Growing globalization leading to an increase in investments, new establishments for construction and properties of aerogel such as high insulation, being cheap and abundant availability of the raw material are some of the factors driving the growth of global aerogel market. High production cost is the major challenging factor for the growth of global aerogel market.

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Aerogel Market: Segmentation

In terms of application industry, the global aerogel market is segmented into key applications:

Oil & gas
Marine & aerospace
Performance coatings
LVHS
Day-lighting
Automotive
Construction

Within these applications, the oil & gas industry accounts for a leading share in the global aerogel market. Among other applications, wherein significant growth is likely to be witnessed is automotive and construction applications, wherein thermal insulation properties of aerogel material are being exploited.

On the basis of product types, the global aerogel market is can be segmented into:

Silica
Polymer
Carbon

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These different types of aerogel are being utilized in the global marketplace, wherein polymer type of aerogel is expected to witness the highest growth in coming years. In terms of market share, the global aerogel market has been dominated by silica type aerogel, which is likely to continue its dominance through the forecast period as well.

On the basis of forms, the global aerogel market has been segmented into:

Monolith
Blanket
Article
Panel form

The global aerogel market is dominated by blanket form of aerogel, which is widely used for thermal insulation applications across the industries. The global aerogel market is expected to witness the tremendous growth in particle form of aerogel, which is expected to contribute towards the growth in demand for aerogel in global aerogel market during the forecast period.

On the basis of processing segment, the global aerogel market has also been segmented into:

Virgin processed
Fabricated

In terms of processing, within the global aerogel market, virgin aerogel is witnessed to be the dominating processing segment. This is due to the fact that virgin aerogel is free from composites and additives, which enables its applications in research & development activities. Further virgin aerogel is accompanied with high commercial availability in the global aerogel market.

Aerogel Market: Region-wise Outlook

The global aerogel market has witnessed increased growth in North American region, which accounts for a leading share in the global aerogel market. Followed by North America, Asia-Pacific excluding Japan (APEJ) region accounts for the second leading regions in terms of aerogel consumption across the globe, which is due to high amount of consumption in China. However, the European market is likely to be the leading region, in terms of annual growth, in years to come.

Aerogel Market: Key Players

The global aerogel market is dominated by major players such as Cabot Corporation, Aerogel Technologies LLC, Aspen Aerogels, Inc. and BASF SE, to name a few.