According to the latest market research study released by Technavio, the global aerogel market is expected to grow at a CAGR of over 19% during the forecast period 2016-2020.
This market research report by Technavio provides an in-depth analysis of the market in terms of revenue and emerging market trends. The report also includes an up-to-date analysis and forecasts for various market segments and all geographical regions.
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Technavio research analysts categorize the global aerogel market based on application:
Global aerogel market share by application 2015
|
Oil and gas |
68.5% |
|
Construction |
12.3% |
|
Automotive, marine, and aerospace |
4.9% |
|
Day lighting and LVHS |
2.3% |
|
Performance coating |
1.9% |
|
Others |
10.1% |
Source: Technavio
The top three revenue contributing application segments are discussed below:
Global aerogel market by oil and gas applications
The oil and gas application area is the largest segment of the global aerogel market, occupying around 69% share of the market in 2015. The segment involves exploration and production of oil and gas along with selling and marketing of products like lubricants, which are obtained from crude oil. The oil and gas application segment generates huge revenues for the aerogel market as the investment made in this segment is vast considering the lead time for finding and extracting hydrocarbons. The output needs to be carefully elated to the re-gasification sites through long pipelines, which require insulation. If these hydrocarbons are not maintained at a suitable temperature, they can clog the flow lines, thereby hampering their performance.
“Considering the challenging environment of Arctic regions, maintaining the temperature of these pipelines for an uninterrupted flow of hydrocarbons is of prime importance. Besides, reduced thickness of the insulating material and superior insulation performance are very critical for oil and gas industry players, and for this reason, the oil and gas industry is heavily dependent on aerogels for insulation,” says Ajay Adhikari, a lead analyst at Technavio for research on plastics, polymers, and elastomers.
Global aerogel market by construction applications
Aerogel materials are used in the construction sector as thermal insulators for commercial, residential, and industrial buildings. These materials are used in curtains, window panes, and interior walls, and for day-lighting applications in the architectural sector. The increasing investment of aerogel manufacturers in the construction segment determines growth in the market. Leading vendors such as Aspen Aerogels is focusing on investing in its facility expansion to target the construction segment.
Global aerogel market by automotive, marine, and aerospace applications
The automotive, marine, and aerospace application area is the third-largest segment of the global aerogel market. In the aerospace sector, aerogel materials are widely used with their lightweight thermal insulation for exhaust, ducting and nacelle applications, enhanced acoustic performance, thermal signature reduction for hot engine components and aircraft skins, and the capability to provide protection against fire. With the combination of such crucial characteristics, aerogels can not only reduce the weight of aircraft and their parts but also lead to level cost savings. The superior thermal insulating power and hydrophobic properties of aerogel materials make them the perfect solution for chill water lines as well as steam pipe insulation on shipboards. In the automotive segments, aerogels are applied in an extremely thin profile, which increases the internal volume and cabin space, making them ideal for automotive applications. Aerogels have more thermal resistance than conventional insulation materials, making them well-suited for these applications. Aerogels also provide thermal insulation to vital automotive components, such as engines and batteries. In the marine industry, aerogels are used to wrap engine exhaust pipes for insulation. Hydrophobic aerogel insulation repels and resists water, which makes it an extremely effective product for various marine applications such as insulating vessels and tanks.
The top leading vendors operating in the global aerogel market are:
- American Aerogel
- Aspen Aerogels
- Aerogel Technologies
- BASF
- Cabot
Other prominent vendors in the market include Nano High-Tech, Guangdong Alison Hi-Tech, Active Aerogels, Enersens SAS, and JIOS Aerogel.
A more detailed analysis is available in the Technavio report titled, ‘Global Aerogel Market 2016-2020’. Technavio also customizes reports by other regions and specific segments upon request.
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