Aerogel Market Size, Share, Growth Analysis, By Product(Silica, polymers), By Technology(supercritical drying and others), By End-Use(oil & gas, building & construction) - Industry Forecast 2024-2031

Aerogel Market size was valued at USD 1.18 billion in 2022 and is poised to grow from USD 1.37 billion in 2023 to USD 4.52 billion by 2031, at a CAGR of 16.1% during the forecast period (2024-2031).

The Aerogel Market features a highly competitive landscape with several key players vying for market share. Some of the prominent companies operating in the market focus on strategies such as product development, collaborations, partnerships, and mergers and acquisitions to strengthen their market position. The market players are investing in research and development activities to enhance the properties of aerogel materials and explore new applications across various industries. Additionally, they are expanding their production capacities to meet the growing demand for aerogel products globally. The competitive rivalry is driven by factors such as technological advancements, cost-effectiveness, environmental sustainability, and the ability to provide customized solutions to meet specific customer requirements. With the increasing adoption of aerogel materials in industries such as oil and gas, construction, automotive, and aerospace, the competition among market players is expected to intensify further in the foreseeable future. 'Aspen Aerogels Inc. (US)', 'Cabot Corporation (US)', 'Aerogel Technologies LLC (US)', 'Guangdong Alison Hi-Tech Co., Ltd. (China)', 'Nano High-Tech Co., Ltd. (China)', 'Svenska Aerogel AB (Sweden)', 'Active Aerogels (Portugal)', 'Jios Aerogel Corporation (Taiwan)', 'Enersens SAS (France)', 'Green Earth Aerogel Technologies (Singapore)', 'Insulgel High-Tech SRL (Italy)', 'BASF SE (Germany)', 'Dow Corning Corporation (US)', 'Surnano Aerogel Co., Ltd. (China)', 'Thermablok, Inc. (US)', 'Thermoguard (UK)', 'Ocellus Tech (India)', 'Maeropore Technologies Ltd. (UK)', 'Airglass AB (Sweden)', 'Aerogel Insulation LLC (US)'

Aerogels have excellent thermal insulation properties, making them highly desirable for applications in the construction and building industry. The growing emphasis on energy efficiency and sustainable construction practices is driving the demand for aerogel-based insulation materials. For example, aerogel blankets or panels are used in insulation systems for walls, roofs, and pipelines, providing superior thermal performance and reducing energy consumption.

Advancements in Nanotechnology and Material Science: Ongoing advancements in nanotechnology and material science are enabling the development of improved aerogel formulations with enhanced properties. Researchers are exploring methods to modify aerogels by incorporating nanoparticles or functionalizing their surfaces to achieve specific characteristics such as increased strength, better moisture resistance, and improved acoustic performance. These advancements open up new opportunities and expand the potential applications of aerogels.

In 2022, North America emerged as the dominant region in the aerogel market. This growth can be attributed to increasing demand from various end-use industries such as aerospace, building & construction, automotive, and oil & gas. These industries in North America are driving the demand for aerogel applications due to their superior insulation properties and low thermal conductivity.