Aerogel Market is Expected to Reach $1,896.6 Million, Globally, by 2020 - Allied Market Research
Portland, OR, June 21, 2014 --(PR.com
)-- According to a new market research report by Allied Market Research titled, "Global Aerogel Market (Raw Material Type, Forms, Applications, Geography) - Industry Analysis, Trends, Share, Opportunities and Forecast, 2013-2020", the global aerogel market is forecast to reach $1,896.6 million by 2020 from $221.8 million in 2013, registering a CAGR of 36.4% during forecast period (2014 - 2020). North America and Europe collectively will generate near about two-third of the market revenue by 2020. In terms of volume, the market is expected to reach 953.1 million sq ft by 2020, from 105.6 million sq ft in 2013. Though the consumption of aerogel is spread world over, largely evenly, over 85% of the aerogel production facilities are located inNorth America and Europe.
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Aerogel is chiefly referred to as a strong insulator, with its better thermal insulation capacity than conventional alternatives. However, due to relatively higher prices, its mass adoption was limited to sophisticated applications in the oil & gas industry and aerospace. Nevertheless, due to advent of various cost-efficient aerogel manufacturing techniques, it has now emerged as a better alternative in many applications such as automotive, healthcare, chemicals, electronics, and building insulation. With multitude of favorable drivers such as supporting policies pertaining to green infrastructure in European and Middle Eastern countries, the market is anticipated to have widespread adoption, especially in building insulation segment. In the meantime, the need for efficient and easy to install thermal insulations, higher thermal resistance, thinner & lighter solutions for industry purposes, and reusability has been other primary factors elucidate the market growth.
Silica, carbon, and alumina have been the prime sources of manufacturing aerogel where others (polymer, chalcogels, and seagels) are scarcely being used. Silica aerogel is projected to be the most promising segment, mainly due to efficient insulation properties and lightweight solutions. Other aerogel segments are anticipated to grow at a CAGR of 52% during the forecast period. The substantial growth of other types is mainly attributed to polymer aerogel, which is emerging as an efficient and cost effective heat insulator.
The aerogel has its application in building insulations, oil & gas, acoustic, aerospace, chemical, electronics, healthcare, automotive thermal management and others. The others segment includes applications in agriculture, cryogenics, apparels and power generation. Oil & gas segment leads the global aerogel application market in both in terms of value and volume through 2020. Acoustic Insulation, building insulations and electronics applications segments are also expected to witness significant growth rate. Various upcoming green infrastructure policies across the world, especially in Europe and Middle Eastare expected to drive the building insulation market during the analysis period.
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Geographically, the market is segmented into North America, Asia-Pacific, Europe, Latin America & Africa, and Middle East. Though North America currently leads the global market, Europe will outperform North America in terms of revenue. The early adoption of aerogel technology in these regions primary drives the market, especially in the fields of aerospace and building insulations. However, due to plenty of scope in Europe for using aerogel in building applications the region is expected to contribute largely to the overall growth of the market. However, Asia Pacific is forecast to be the most lucrative regional market, growing at a CAGR of 37.3% from 2014 to 2020.
The report analyzes top winning strategies of prominent players in the market. The companies profiled in the report includes Aspen Aerogels Inc., American Aerogel Corporation, Cabot Corporation, Dow Corning Corp., Svenska Aerogel AB, BASF SE, Airglass AB, JIOS Aerogel, Active Space Technologies and Acoustiblok UK Ltd.
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