August 2024
The global aerogel insulation market size was USD 811.24 million in 2023, calculated at USD 983.71 million in 2024 and is expected to be worth around USD 6,761.49 million by 2034. The market is slated to expand at 21.26% CAGR from 2024 to 2034.
The global aerogel insulation market size is expected to be worth USD 983.71 million in 2024 and is anticipated to reach around USD 6,761.49 million by 2034, growing at a solid CAGR of 21.26% over the forecast period 2024 to 2034. increasing adoption of sustainable and eco-friendly insulation materials across various sectors, including the expansion of EVs globally, is driving the market. Advancements in aerogel insulation production are further fuelling the global aerogel insulation market.
The aerogel insulation market is significantly growing on a global scale, driven by factors such as increasing demand for sustainable products across various sectors, including energy-efficient solutions. Aerogels are becoming popular for their excellent thermal resistance property and lightweight features. They possess the ability to provide superior insulation within minimal space, making them ideal applications for the aerospace sector, where all the activities are time-sensitive and must have robust outer structures to withstand fluctuating thermal levels in the atmosphere.
The construction sector and the oils and gas industry are the major contributors to the aerogel insulation market. They depend on aerogel for insulation in storage tanks and pipelines in extreme temperature settings. Moreover, the rapid adoption of EVs is the major factor that helps propel the market, as automobile parts must have an insulation layer to work efficiently. Despite having excellent offerings, the high initial cost associated with the development of aerogel insulation becomes a hindering factor in the market. However, as technology matures with the passing of time, such a drawback can be looked after and will be diminished.
Various aerogel products offered by key market players
Industry | Product | Features |
Construction | Pyrogel |
|
Oil and gas | Cryogel |
|
Automotive | Enova aerogel |
|
Aerospace | Space loft aerogel |
|
Apparel | Prime loft gold insulation aerogel |
|
AI Impact on the Aerogel Insulation Market
AI is significantly impacting the aerogel insulation market due to various factors, such as optimizing manufacturing processes and robust material performance with the help of AI algorithms. By using AI algorithms, the design and composition of the aerogel can be improved further by testing it under a simulation process done by an AI-based system. It aids companies in producing more efficient solutions for insulation, including excellent thermal resistance properties. By using machine learning, a vast amount of data can be analyzed, which further helps to predict the important patterns that will change the composition of aerogels. AI can predetermine the behavior of the material under certain environmental conditions.
AI-based automation can streamline manufacturing processes that minimize waste and reduce the overall cost of production. Such an approach is more appealing for industries like oil and gas, automotive, and construction as they require cost-effective yet robust solutions to operate, which are provided by aerogel-insulated materials. AI can also predict market trends based on data generated by various companies to analyze and decide on further strategies that help strengthen the company's roots in the global aerogel insulation market.
Report Coverage | Details |
Market Size by 2034 | USD 6,761.49 Million |
Market Size in 2023 | USD 811.24 Million |
Market Size in 2024 | USD 983.71 Million |
Market Growth Rate from 2024 to 2034 | CAGR of 21.26% |
Largest Market | North America |
Base Year | 2023 |
Forecast Period | 2024 to 2034 |
Segments Covered | Type, Form, End-use, and Regions |
Regions Covered | North America, Europe, Asia-Pacific, Latin America and Middle East & Africa |
Rising demand for high-performance insulation products
The major driver of the aerogel insulation market is the increasing demand for high-performance insulation products across various sectors worldwide. Aerogel offers superior thermal resistance and energy efficiency, making it an appealing material for use in industries like construction, oil and gas, aerospace, automotive, etc. The features of aerogel are that it provides a high level of insulation with minimal thickness, which in turn reduces space requirements and maintains desired thermal protection.
Another notable aspect of the increasing demand for aerogel insulation is the growing focus on energy conservation. Many private institutes and governments are striving for energy conservation solutions that further help reduce carbon emissions and mitigate risk factors. Aerogel insulation is, therefore, an ideal solution for these problems as it is lightweight in nature and eco-friendly as well. Such factors further propel the aerogel insulation market globally.
Substantial production cost
A significant drawback for the aerogel insulation market is the substantial production cost of aerogels. The process of creating aerogels is a complex and time-consuming practice. It is an energy-intensive method that results in high production costs for the aerogel. As compared to traditional insulation materials, despite technological advancement, aerogel insulation production requires a substantial amount.
Green building initiatives
A significant opportunity that the aerogel insulation market holds is the rising trend for green building initiatives across the globe. Governments worldwide and many organizations are implementing stringent regulations to save the environment and balance it with energy efficiency standards. Aerogel offers an excellent solution to achieve this owing to its superior thermal insulation property and eco-friendly features. Aerogels help mitigate energy consumption in constructions and buildings and, therefore, contribute to the lowering of carbon emissions and achieving a goal for sustainability.
A city named Masdar, UAE, is a well-planned city focusing on sustainability and uses innovative technologies such as solar power and energy-efficient materials like aerogels to mitigate carbon emissions. This city aims to be a totally carbon-neutral city with the help of renewable energy sources.
Moreover, the growing trend of retrofitting the existing buildings creates an excellent opportunity for the aerogel insulation market. Older buildings are prime targets for retrofitting programs so that they become sustainable and energy efficient as well.
The silica segment dominated the global aerogel insulation market in 2023. The growth of this segment is attributed to the properties they hold, such as specific surface areas, increased porosity with low density, and, prominently, heat insulation. Due to their efficient chemical properties, silica aerogels have gained traction from various sectors as they possess a potential application in diverse technological areas.
The carbon segment is expected to witness significant growth in the aerogel insulation market in the forecasted years. The growth of the segment is due to the increasing applications of carbon aerogels in extensive storage applications. Carbon aerogel showcases properties like mass-specific surface area and high electrical conductivity compatible with the surroundings, making them promising materials to use in catalysis, distillations, and diverse energy storage applications.
The blanket segment held the largest share of the aerogel insulation market in 2023. The growth of this segment is attributed to factors like low dusting/powdering, high breathability, and water repellence. Blanket aerogels are generally used to protect buildings and their outer structure from extreme changes in weather, as they offer excellent thermal insulation.
The particle segment is expected to witness the fastest growth in the aerogel insulation market in the forecasted years. Particle aerogel provides excellent chemical and physical properties, which is more efficient than blanket aerogels. In addition, particle aerogel has a potential application in diverse sectors like defense, transport interiors, building construction, and electronics.
The oil & gas segment dominated the global aerogel insulation market. Aerogel insulation is a boon for the oil and gas industry due to its excellent properties like hydrophobicity, high mechanical strength, and high-quality thermal insulation. Deep-see pipes need to be handled carefully in terms of cleaning and reusing them efficiently. Here, aerogel insulation blankets are used to improve the performance and stability of these oil and gas pipes, which helps reduce overall production costs.
The building & construction segment is expected to witness rapid growth in the aerogel insulation market in the forecasted years. In the construction sector, aerogels possess various potential applications to preserve and maintain property for a longer period. They can be used as boards, renders, and blankets to maintain the reversibility and authenticity of the construction heritage.
Segments Covered in the Report
By Type
By Form
By End-use
By Geography
No cookie-cutter, only authentic analysis – take the 1st step to become a Precedence Research client
August 2024
August 2024
September 2023
May 2024