Press Release Description
Aerogel Market to Thrive Amidst Increasing Demand for Energy-Efficient & Sustainable Materials
The Global Aerogel Market is projected to grow at a CAGR of around 11.3% during the forecast period of 2024-30, cites MarkNtel Advisors in the recent research report. The market is increasing due to the burgeoning demand for green & sustainable practices. The growing need for energy conservation & sustainable solutions has created the demand for aerogels. The surging advancements in aerogel manufacturing techniques, such as improved drying methods & scalable production processes, supplemented the demand for aerogels. Government policies & incentives are likely to enhance industry growth in the forthcoming years.
Moreover, the rising awareness of energy conservation & stringent regulations to reduce energy consumption boosts the need for aerogels. In addition, with the rising focus on minimizing carbon emissions & developing energy-efficient buildings, the requirement for aerogel is consequently ascending in the building and construction industry for insulation of walls, roofs, and windows to enhance overall efficiency. Also, the development of technologies for the production of gels that have 3D nonporous structures further drives the applications of aerogels.
Besides, the expansion of the end-user industries like automotive, aerospace, electronics, etc., are presumed to propel the market in the forthcoming years, further states the research report, “Global Aerogel Market Analysis, 2024.”
Global Aerogel Market Segmentation Analysis
Silica to be the Most Preferred Product Type
Based on the product, the market is further bifurcated into Silica, Polymer, Carbon, and Others. Among them, Silica holds a significant share of the Global Aerogel Market due to the increasing use of sensors, laser experiments, imaging devices, thermal insulation, and waste management. The ongoing R&D in aerogels results in the rise of manufacturing techniques, cost reduction, and product enhancement, thus increasing the Aerogel Market growth. The rapid development of Sol-gel techniques is used to prepare amorphous solids or glasses bolstering the silica gel.
Furthermore, the growing adoption of silica aerogel blankets as a thermal runway mitigation solution also upscale the market expansion. In addition, the properties of aerogels, such as their lightweight nature, low cost, and high porosity, along with their versatility & compatibility in industries, including aerospace, automotive, oil & gas, electronics, etc., contributed to enhancing the Global Aerogel Market share in the forecast period.
North America is Expected to Hold Substantial Market Share
North America holds a considerable share of the Global Aerogel Market due to the availability of various end-user companies & their strong market position, well-distributed network, and established customer relationships. The presence of companies like Dow Inc., BASF SE, Aspen Aerogel, Inc., etc., are some of the key players that focus on the R&D of aerogels and raise the demand for the market in the region. Aerogels are good alternatives for thermal insulation while being cost-effective would likely uplift its demand.
In addition, governments across the region are focusing on encouraging sustainable construction & energy-efficient solutions, taking further steps to develop aerogels. Also, the rising penetration of electric vehicles in the US & Canada is supplementing the demand for aerogels for EV battery production. Therefore, with the growing EV production & demand, the need for aerogel would continue to surge in the region, enhancing the North America Aerogel Market size.
With strategic initiatives, such as mergers, collaborations, and acquisitions, the leading market players, including A. Enersens, Dow Inc., Nano Technology Co., Ltd., JIOS Aerogel Corporation, BASF SE, Active Aerogels, LDA, Aerogel Technologies, LLC, Cabot Corporation, Aspen Aerogels, Inc., Svenska Aerogel AB, Thermablok Aerogels Limited, and Guangdong Alison Hi-Tech Co., Ltd., and others, are looking forward to strengthening their market position.
Key Questions Answered in the Research Report
- What are the industry’s overall statistics or estimates (Overview, Size- By Value, Forecast Numbers, Segmentation, Shares)?
- What are the trends influencing the current scenario of the Global Aerogel Market?
- What key factors would propel and impede the industry across the region?
- How has the industry been evolving in terms of geography & product adoption?
- How has the competition been shaping across various region?
- How has the buying behavior, customer inclination, and expectations from product manufacturers been evolving during 2019-30?
- Who are the key competitors, and what strategic partnerships or ventures are they coming up with to stay afloat during the projected time frame?
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