Aerogel Market Size

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.