Fairfield Market Research Aerogel Market Size, Share, Report, Analysis, Trends, 2023-2030

Aerogel Market

Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2023-2030 - By Product, Technology, Grade, Application, End-user, Region: (North America, Europe, Asia Pacific, Latin America and Middle East and Africa)

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Industry: Chemicals & Materials

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This study intends to analyse diverse aspects of the global aerogel market. The insights offered in this report are expected to aid in market growth examination over the forecast timeline.

Key Report Findings

  • The global aerogel market was valued at over US$580 Mn in 2020
  • The oil and gas segment is expected to index the highest growth rate
  • Aspen Aerogels is considered to be the largest aerogel company in the world
  • North America to account for largest regional market share over the forecast period

Market Analysis in Brief

The global aerogel market has been experiencing steady growth due to the increasing demand for thermal insulation materials in various industries such as the oil and gas, construction, and automotive. Aerogel is a highly effective material that offers superior thermal insulation properties compared to traditional insulation materials. Moreover, increasing focus on sustainability and energy efficiency have also contributed to the growth of the aerogel industry. However, the excessive production costs, and lack of awareness about the benefits that aerogel materials offer, are some of the challenges faced by this market.

Growth Drivers

Increasing Demand for Energy-efficient Insulation, and Lightweight, High-performance Materials

As a highly effective insulator, aerogel is a favorable choice when constructing energy-efficient infrastructure in the construction sector. And, as the demand for energy-efficient building designs continues to increase owing to a range of factors such as the ever-growing increase in global populations, advancements in technology, and higher spending power, the demand for aerogel materials is expected to increase. According to a study by Fairfield Market Research, the global aerogel market was valued at about US$580 Mn in 2020, and this market is projected to grow at a high CAGR of over 16% over the forecast period.

Aerogel materials are increasingly being used in end-use industries such as the oil & gas sector, for their ability to withstand high pressures and temperatures. Additionally, aerogel offers favorable high-performance properties such as acoustic insulation, and fire resistance, it is also increasingly being adopted for various applications in the automotive, aerospace, and electronics sectors. Factors such as these are expected to have a profound influence on the growth trajectory of the global aerogel market in the years ahead.

Growing Popularity of EVs, and a Greater Focus on R&D Initiatives

Owing to the increase in awareness concerning the impact of fossil fuels on the environment, a growing number of individuals are now looking to make the transition to electric vehicles (EVs). These vehicles require lightweight materials to make them more efficient by improving performance and a vehicle’s range, thus making aerogel materials a favorable option in their manufacture.

Moreover, there has been a steady increase in various R&D initiatives being undertaken to develop these materials with improved strength and durability, as well as to expand its range of applications in various end-use industries, and to lower overall production costs. Factors such as these are also expected to boost growth prospects for the many players engaged in the global aerogel market.

Growth Challenges

Lack of Awareness, High Production Costs, and Environmental Concerns

As aerogel is a relatively new material, there is a lack of awareness and availability, particularly in many emerging countries around the world. Moreover, as it is a specialized material that involves a complex production process, aerogel can be expensive. These inflated costs could lead to the adoption of alternative materials that are more economical. Additionally, the production process of aerogel can generate hazardous waste which could negatively affect our environment. These elements could prove detrimental to the further adoption and expansion of the global aerogel market in the future.

Growth Opportunities Across Regions

North America to Remain the Largest Regional Market 

The aerogel markets in Europe, and Asia Pacific are expected to be driven by a growing demand for energy-efficient materials, the expansion of end-use industries in these regions, as well as the growing emphasis being placed on the reduction of carbon emissions. However, North America is expected to account for the highest share of the aerogel market over the forecast period. This can be attributed to the increasing demand for insulation materials in the construction industry as well as the growing use of aerogel in the oil and gas industry in this region.

Key Market Players - Aerogel Landscape

Some key companies in the global aerogel market include Aspen Aerogels, Cabot Corporation, Aerogel Technologies, BASF SE, and Guangdong Alison Hi-Tech Co. Ltd., to name a few. Key players in the market have been involved in new product launches and are implementing other growth strategies such as collaborations and acquisitions to strengthen their position.

Recent Notable Developments

  • In 2021, Aspen Aerogels acquired Fibertek, a company that specializes in the design and manufacture of advanced insulation systems. This move is expected to enhance Aspen Aerogels’ product portfolio and expand its existing customer base
  • In 2020, Cabot Corporation acquired Shenzhen Sanshun Nano New Materials Co., Ltd., a Chinese manufacturer of fumed silica and aerogel products. This acquisition is expected to bolster Cabot Corporation's position in the aerogel space and expand its presence in the Asia Pacific region
  • In 2019, Aspen Aerogels Inc. acquired Aerogel Technologies LLC, a leading supplier of custom aerogel materials and solutions for a wide spectrum of applications

Regional Classification of the Global Aerogel Market is Listed Below:

North America

  • U.S.
  • Canada


  • Germany
  • France
  • Spain
  • U.K.
  • Italy
  • Russia
  • Rest of Europe

Asia Pacific

  • China
  • Japan
  • India
  • Southeast Asia
  • Rest of Asia Pacific

 Latin America

  • Brazil
  • Mexico
  • Rest of Latin America

Middle East and Africa

  • GCC
  • South Africa
  • Rest of Middle East & Africa

*Regions and countries are subject to change based on data availability.

Key Elements Included In The Study: Global Aerogel Market

  • Aerogel Market by Product/Technology/Grade, Application/End-user, and Region
  • Executive Summary (Opportunity Analysis and Key Trends)
  • Historical Market Size and Estimates, Value and Volume, 2018 - 2022
  • Volume Consumption at Regional and Country Level, 2023 - 2030
  • Market Dynamics and Economic Overview
  • Market Size in Value and Volume, Growth Rates, and Forecast Figures, 2023 - 2030
  • Competitive Intelligence with Financials, Key Developments, and Portfolio of Leading Companies 
  • Regional and Product/Grade/Application/End-user Price Trends Analysis
  • Production Output Analysis (Major Producing Regions)
  • Value Chain and Five Force’s Analysis
  • Regional/Sub-region/Country Market Size and Trend Analysis
  • Company Market Share Analysis and Key Player Profiles

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Our Research Methodology

Considering the volatility of business today, traditional approaches to strategizing a game plan can be unfruitful if not detrimental. True ambiguity is no way to determine a forecast. A myriad of predetermined factors must be accounted for such as the degree of risk involved, the magnitude of circumstances, as well as conditions or consequences that are not known or unpredictable. To circumvent binary views that cast uncertainty, the application of market research intelligence to strategically posture, move, and enable actionable outcomes is necessary.

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