The global aerogel market is expected to reach USD 1.92 billion by 2022, according to a new report by Grand View Research, Inc. Growing demand for high thermal resistance products is expected to drive demand for aerogel over the next few years. In addition, lightweight and compressed size of the material makes it a favorable option for thermal insulation.
Building & construction is anticipated to witness highest growth at a CAGR of 38.6% over the forecast period. Increasing number of infrastructure projects, particularly in Asia Pacific, is expected to drive demand for lightweight materials. Rising awareness regarding the benefits of the product is expected to augment its use in these end-uses over the forecast period.
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Further key findings from the repot suggest:
· Market for silica-based aerogel was estimated at USD 307.5 million in 2014. It provides several advantages such as resistance for high temperatures -140°Cto 20°C. Mars exploration projects, ‘Spirit’ and ‘Opportunity’ by NASA made use of silica aerogels, which were successful at extreme temperature on Mars.
· Hydrophobic silica aerogels exhibit excellent water absorption properties. In addition, these materials also absorb other substances that repel water such as oil. Owing to this, specially-functionalized silica aerogel powder and blankets are being used in oil-spill cleanups, which will also be commercially in few days.
· Growing demand for aerogel silica owing to its light diffusion, superior thermal insulation and high surface area, in architectural applications, is expected to propel growth of the overall industry. Moreover, increasing focus on infrastructure development is expected to bolster growth.
· North America accounted for 57.2% of the global market in 2014 and is expected to witness moderate growth over the forecast period owing to limited growth of the end-use industries. Development of cheaper materials such as polymers are expected to drive the demand for polymer based aerogel in building & construction industry, especially in Asia Pacific.
· Europe is expected to witness a substantial growth at a CAGR of 32.9% from 2015 to 2022.The European Union has set a target to achieve 20% reduction in energy by 2020. This target is a part of policy set under Energy Efficiency Directive (EED).Aerogel, particularly silica-based, exhibit properties similar to naturally available silicates, thus, they are eco-friendly in nature.
· Key industry players include Aspen Aerogels Inc., Cabot Corporation, Aerogel Technologies LLC, BASF SE, and Dow Corning Corporation. These companies are focusing on R&D activities to develop new products and enhance their aerogel portfolio.
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Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, the company offers market intelligence studies ensuring relevant and fact-based research across a range of industries including technology, chemicals, materials, healthcare and energy.
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