The global Aerogel Market size is expected to reach USD 2.52 billion by 2028, registering a CAGR of 15.1% over the forecast period, according to a new report by Grand View Research, Inc. Some of the prominent players in this industry are Cabot Corp., BASF SE, Nano Technology Co., Ltd., Dow, Inc. and Enersens. Growing product usage for insulation applications in various industries, such as automotive, aerospace & defense, building & construction, oil & gas, and other industries, is expected to drive the market.
Aerogels provide innovative and eco-friendly solutions for light-diffusing and high-performance insulation in architectural daylighting applications. Cabot Corp. provides LUMIRA aerogel, water-repelling particles produced through a subcritical drying process that exhibits a broader scope of applications including subsea pipe insulation and daylighting.
Various agencies like NASA are further researching on the aerogel material to broaden its application scope in exploring potential applications of thin polymer aerogels in cryogenics or spacesuits. In addition, the market is expected to witness additional research for novel applications, such as hydrogen storage media and supercapacitors.
Related Press Release@ Aerogel Market Report
Aerogel Market Report Highlights
- The silica aerogel segment accounted for the largest revenue share in 2020 owing to a wide range of applications in transparent window systems, protection systems, heat storage devices, and paint thickening agents
- The aerogel blanket product segment dominated the global market and is expected to witness a notable CAGR over the forecast period as these materials offer superior properties in construction and industrial insulation
- The oil & gas end-use segment dominated the market in 2020 and is expected to witness a notable CAGR over the forecast period
- North America was the leading regional market in 2020 owing to the high concentration of aerogel manufacturers in the region
- Industry participants are collaborating with the major organizations including World Wide Fund for Nature, to influence the overall industry and contribute to global energy savings and reduction of CO2 emissions