Aerogel is basically mesoporous solid foam, mainly derived by substituting the liquid element of the gel with a gas. It is composed of an interrelated nano-structure system with the smallest amount of around 55% porosity; although it is solid, it is very porous as well as lightweight. Furthermore, it comprises of very low thermal conductivity, which in turn, makes it an ultimate insulation substance.
Global Aerogels Market: Growth Factors
The global aerogels market is increasing due to increased demand for the aerogel in industries, for instance, marine, oil & gas, aerospace and automotive. Aerogel is a tremendously low mass solid substance, primarily made up of air, and at the same time manufactured by utilizing conventional/traditional gel. Global aerogels market comprises of a material exhibiting several properties, which is making it apt for the applications in the abovementioned industries. These properties comprise, a high degree of porosity, low density, thermal & acoustic damping, and other required properties in a range of applications industries. Furthermore, due the abundant usage of aerogel in manufacturing applications is one of the most important reasons for growing global aerogels market. The aerogels are a good substitute for thermal insulation substances since it is giving cost effectiveness as compared to the high performance of insulating materials thus boosting the market growth.
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The Aerogel Market is segmented across five regions: Asia Pacific, North America, Europe, Latin America, and the Middle East & Africa. Among these, North America holds a major share of the market due to the growing consumption of insulation materials in oil & gas, construction, transportation, and others. The increasing demand for aerogel in oil and gas pipelines and its lower installation costs and improved compression resistance has propelled the region to witness a higher growth over the assessment period. Countries such as the U.S., Canada, and Mexico are the major players in this market.
The Asia Pacific region is growing significantly in the market due to increasing research & development activities of Aerogel product in the leading companies. It is predicted that growing investments in the end-use industries is likely to drive the market in the region during the forecast period. The growing consumption of insulation materials in aerospace, marine, defense, electrical & electronics has propelled countries such as China, Japan, and India to achieve a stunning growth in the market as they provide excellent flexibility, stability and low maintenance to the product.
The European market has also observed a remarkable growth due to the implementation of new rules and regulations proposed by the government to follow lower dense materials than steel in pipe line constructions. The market has been driven by the application of this rule in oil & gas, construction, and steel segments. It is estimated that the growing innovation and technological advancement are predicted to propel the growth in countries such as the U.K, Italy, Germany, and France during the forecast period.
The Latin American region is estimated to witness a moderate growth in the market due to high cost of production and lack of technological standardization in the region. Moreover, the Middle East & Africa is anticipated to witness a significant growth in the market due to growing demand for superior insulation materials in downstream industries.
Aerogel Market Key Segments:
The world aerogel market is segmented as:
By Raw Material
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Oil & Gas
Aspen Aerogels Inc., Cabot Corporation, Aerogel Technologies LLC, Nano High-Tech Co. Ltd., Guangdong Alison Hi-Tech Co. Ltd., Active Aerogels, BASF SE, Enersens Sas and Jios Aerogel Corporation.