In terms of value, the Aerogel Market is estimated to grow from USD 0.9 billion in 2024 to USD 1.6 billion by 2029, at a CAGR of 12.8%, as per the recent study by MarketsandMarkets™. The demand for aerogel in increasing due to changing energy efficiency regulations, improved quality of aerogels and mounting technological advancements and innovations in the North America, Europe and Asia Pacific region.

Based on type, the aerogel market is segmented as silica, polymer, carbon, and others. From them, silica accounted for largest market share, in terms of value, in 2023. Because of its exceptional thermal insulation properties, lightweight nature, resistance to high temperatures, porous structure, and chemical inertness.  These abilities make them highly effective in applications ranging from oil & gas, power generation, and transportation to environmental remediation. Therefore, silica-based aerogels accounted for largest share in aerogel market.

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Browse in-depth TOC on “Aerogel Market”

224 - Market Data Tables
53 – Figures
225 - Pages

List of Key Players in Aerogel Market:

1. Aspen Aerogels, Inc. (US)
2. Cabot Corporation (US),
3. Armacell International S.A. (Luxembourg)
4. Nano Tech Co., Ltd. (China)
5. Zhejiang UGOO Technology Co., Ltd. (China)
6. Guangdong Alison Technology Co., Ltd. (China)
7. Beerenberg AS (Norway)
8. Aerogel Technologies, LLC (US)
9. Enersens (France)
10. IBIH Advanced Materials Co., Ltd. (China)
11. aerogel-it GmbH (Germany)

Aspen Aerogel, Inc. is one of the world’s prominent provider of inventive aerogels. It designs, develops, and manufactures high performance aerogels. The company operates in more than 50 countries around the world with its qualified distributors  and has strong presence in  European, North American, and Asia Pacific region. It is also developing the applications for their aerogel technology in high-potential marketssuch as battery materials market. Moreover, To expand its business, the company is improving its long-term financial position, expanding its existing and complementary product lines. In June 2023, Aspen Aerogels, Inc. opened new rapid prototyping facility in Marlborough, Massachusetts.

Cabot Corporation is a global specialty chemical company and manufacturers various materials and products including aerogels. The company has a strong global presence in more than 20 countries in Europe, North America, and Asia Pacific region. It offers a extensive range of products such as fumed metal oxides, engineered elastomer composites, reinforcing carbons, battery materials, inkjet colorants, masterbatches and conductive compounds, specialty carbons, and aerogel.  It has aerogel manufacturing plant situated in Frankfurt, Germany.  In May 2023, Cabot Corporation has introduced new ultra-thin thermal barriers ENTERA Products for Lithium-ION Batteries.

Drivers, Opportunities and Challenges in Aerogel Market:

1. Drivers: Mounting technological advancements in aerogels
2. Restraint: Low mechanical strength
3. Opportunity: mounted demand for sustainable solutions 
4. Challenge: low-cost alternatives

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Key Findings of the Study:

1. Polymer segment type is projected to register the highest CAGR, in terms of value, of the global aerogel market during the forecast period.
2. Particle segment type of form is projected to register the highest CAGR, in terms of value, of the global aerogel market during the forecast period.
3. As manufactured (Virgin) is projected to be the largest processing type of aerogel market, in terms of value, during the forecast period.
4. Energy Industrial is estimated to be the largest application of aerogel market, in terms of value, during the forecast period.
5. Asia Pacific is estimated to be the second-largest market for the aerogel market, in terms of value, during the forecast period.

Based on form, the aerogel market is segmented into blanket, panel, powder, and monolith. Panel segment accounted for the second-largest share in aerogel market, in terms of value, in 2023. Because of its workability and adaptability in various applications. They offer ease of integration and installation into existing structures and makes them popular in construction for thermal insulation and energy efficiency upgrades. Furthermore, aerogel panels are favoured in various industrial applications for their superior thermal and moisture-resistant properties which contributes to their significant presence in the aerogel market.

Based on application, the aerogel market is segmented into 4 key sub-segments as energy industrial, transportation, architecture & construction, and others. The transportation sub-segment is accounted for the second largest share in terms of value, in 2023. This is mainly due to the rising applications of aerogels in automotive, EV batteries, aerospace, and railways around the world as the worlds innovations in these sectors are rising rapidly. Therefore, transportation films sub-segment is accounted for the second largest share

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Based on region, North America is the largest aerogels market, in terms of value, in 2023 due to the due to its robust economic growth, high demand for advanced insulation in construction, and presence of major oil & gas industries. Aerospace and defense sectors in this region favor aerogels for their lightweight and thermal properties. Thus, the demand for aerogels is high in North America region. Likewise, the North America is projected to be the fastest growing market, in terms of value, during the forecast period 2024 to 2029.