Aerogel Companies | Forecast by 2033

02 Sep 2024

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Table of Content

1. Aerogel Market Growth, Trends and Report Highlights 2. Market Overview 3. Growth Factors 4. Aerogel Market Top Companies 5. Regional Insights 6. Market Potential and Growth Opportunity 7. Aerogel Market Highlights 8. Aerogel Market News

Aerogel Market Growth, Trends and Report Highlights

The global aerogel market surpassed USD 1.24 billion in 2023 and is predicted to attain around USD 5.62 billion by 2033, growing at a CAGR of 1.24% during the forecast period. The increasing demand for futuristic materials for thermal insulation in industries and applications is driving the growth of the market.

Market Overview

The aerogel is the thinnest, lightest, and strongest component or material. It is extremely porous and has the lowest density-like properties. It is the lightest solid material that ever existed; it is made by integrating the polymer with solvent to form a gel, removing liquid from the gel, and replacing it with air. The aerogel is derived from the different components by the use of several technologies. The increasing adoption of aerogel from different industrial applications is driving the demand for aerogel. The continuous research on the development of new types of aerogel is contributing to the growth of the aerogel market.

Growth Factors

• The rise in the end-use industries such as constructions and buildings, chemicals, pharmaceutical, healthcare, automotive, and others are driving the demand for the high thermal insulation materials for enhancing performance, safety, and productivity that drives the growth of the aerogel market.
• The rising evaluation of the bio-based aerogel instead of fossil based due to the rising concern towards environmental impacts and the increasing demand for the sustainable solutions are accelerating the growth of the market.
• The increasing technological advancements including supercritical drying, Nano composting, and sol-gel processing and the rising research and development activities in the further development and launch of the aerogel products are driving the growth of the aerogel market.

The rising adoption of electronic vehicles is driving the demand for the aerogel market

The increasing automotive industry and the evaluation of electronic vehicles due to the rising concern over the environmental impacts of the higher emission of carbon from fossil-fueled vehicles are driving the consumption of electric vehicles by the global population. The rising adoption of electric vehicles compared to the internal combustion engine for enhanced performance and efficiency. Aerogel is an effective solution for battery-powered electric vehicles. Meanwhile, it is considered the safety medium for the power battery.

The aerogel has increased thermal conductivity, water resistance, and great fire resistance. Aerogel acquires small space and creates no environmental pollution. The aerogel is responsible for ensuring the consistent temperature of the battery, which is moderate in temperature and not too low; the low temperature affects the power trams and performance of the battery electric vehicle.

However, there are some limitations associated with the aerogel market. Lower mechanical strength, high cost of material, fragile texture, environmental impacts from the production of aerogel and fire safety of the aerogel products are some of the restraining factors of the aerogel market.

Aerogel Market Top Companies

• BASF SE
• JIOS Aerogel Corporation
• Nano Technology Co., Ltd.
• Dow, Inc.
• Aspen Aerogels, Inc.
• Cabot Corporation
• Aerogel Technologies, LLC
• Active Aerogels, LDA
• Enersens

Recent Innovation by BASF SE

Recent Innovation by JIOS Aerogel Corporation

Regional Insights

North America dominated the aerogel market with the largest share in 2023. The growth of the market is owing to the rising presence of the major industrial and manufacturing leaders, which are driving the demand for efficient thermal insulation material, and the adoption of the future technologies and materials used in the industrial sector are driving the growth of the market. The region is the early adopter of the technologies and materials that are accelerating the growth of the aerogel market across the region.

• In the U.S., the $24.9 billion insulating material production business directly employs over 40,000 workers from 45 states. In addition, 73,000 employees in the supply chain sector are related to the manufacture of insulation. Over $2.4 billion in local and state government income, as well as $3.3 billion in federal tax revenue, have come from the integrated economic activity in the United States, which is bolstered by the manufacture of insulating materials.

Market Potential and Growth Opportunity

The advancement in aerogel products and their use in different sector

The rising advancement in aerogel material and its potential use in a number of end-use industries are driving the potential opportunity in the market’s growth. Aerogel, with its smoke-like texture and enhanced insulated properties, holds significant capabilities in the transformation and performance of industries such as construction and aerospace. Additionally, the evaluation of bio-based aerogel due to the rising concern regarding the environment and the further use of bio-based aerogel in the automotive and construction sectors are driving the growth opportunity in the aerogel market.

Aerogel Market Highlights

Aerogel Market News

• In January 2023, Aerogel Core Ltd, a University of Bath spin-out Company, launched the revolutionary generation materials for the automotive and aerospace industries. The company specializes in manufacturing ultra-light ‘aerogels’ that are used to make heat-shielding and soundproof materials for the automotive and aerospace industries.
• In May 2023, Cabot Corporation launched the new ENTERA™ aerogel particles portfolio. It is the thermal insulation additive manufactured to enable the making of ultra-thin thermal barriers for electric vehicle (EV) lithium-ion batteries.
• In September 2023, Salarcore launched the standalone materials technology brand that uses the thermal properties of NASA-licensed Aerogel, the lowest thermally conductive solid that can use insulation for a number of applications such as packaging for cold weather apparel, structures, and footwear.

Market Segmentation

By Product

• Silica
• Polymers
• Carbon
• Others

By Technology

• Supercritical Drying
• Others

By Form

• Blanket
• Particle
• Panel
• Monolith

By End-Use

• Oil & Gas
• Building & Construction
• Automotive, Aerospace & Marine
• Performance Coatings
• Others

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