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Aerogel Market size was over USD 1.13 billion in 2023 and is likely to reach USD 7.87 billion by the end of 2036, witnessing around 16.1% CAGR during the forecast period i.e., between 2024-2036. In the year 2024, the industry size of aerogel is assessed at USD 1.28 billion.
The growth of the market can be primarily attributed to the rising demand for aerogels by end-users, namely oil & gas, marine & aerospace, and construction industries. Owing to the properties such as low heat conductance and chemical inertness, aerogels are heavily used for insulation purposes. Additionally, these are thinner and lighter alternatives to other insulation materials such as rock wool and polyurethane foam. Aerogels are also able to provide higher resistance as compared to glasses and plastic foam, which is also contributing to a rise in demand for these minerals. However, COVID-19 pandemic led to a decline in the global production of aerogels in 2020 as a result of lockdown, disruption in the supply-chain process and restriction on industrial operations. According to United Nations Industrial Development Organization (UNIDO), the industrial production across 62 countries in the world declined by 2.5% from March 2020 to June 2020.
Growth Drivers
Increasing Demand for Aerogels from Oil & Gas Industry
Thinness and Lightweight of Aerogels than Other Insulating materials
Challenges
High Production Cost of Aerogels
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2023 |
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Forecast Year |
2024–2036 |
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CAGR |
16.1% |
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Base Year Market Size (2023) |
USD 1.13 billion |
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Forecast Year Market Size (2036) |
USD 7.87 billion |
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Regional Scope
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The market is segmented by type into silica, polymer, carbon, and others, out of which, the silica segment is anticipated to hold the largest share in the aerogel market in the year 2021 on account of low cost, high insulating characteristics and ample availability of silica aerogels. Along with these, considerable transparency and low thermal conductivity of these aerogels are also evaluated to boost the growth of this segment. Furthermore, based on application, the aerospace section occupies the largest revenue share which can be accounted to the extensive use of aerogels in space travel. In addition to this, the oil & gas segment is estimated to grow with a robust CAGR over the forecast period as this industry depends strongly on appropriate pipeline insulation provided by aerogels.
Our in-depth analysis of the global market includes the following segments:
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Type |
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Application |
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Form |
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Process |
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On the basis of regional analysis, the global aerogel market is segmented into five major zones including North America, Europe, Asia Pacific, Latin America and the Middle East & Africa. The market in North America is expected to witness noteworthy growth over the forecast period on the back of rising demand for aerogels from aerospace, marine and automotive industries. Technological advancements, extensive usage and growing emphasis on using eco-friendly substitutes also play a crucial role in the progress of the market in this region. Europe holds the position of second-largest shareholder accredited to the rising usage of aerogels in construction industry in the region. On the other hand, Asia Pacific is expected to be the most profitable market in the forecast period owing to the presence of increased production and usage of aerogels in many countries, especially in China and Japan. The market in the Middle East is also assessed to show a modest growth resulting from the presence of strong ongoing oil and gas related industrial activities in gulf nations. It was reported in 2018 that more than one fourth of the World’s total oil was produced in the Middle Eastern countries.
Author Credits: Rajrani Baghel
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