The global aerogels market is likely to be driven by the increasing need for aerogels from end-use industries such as oil and gas and construction. Owing to their light weight, low heat conduction and high insulating properties, aerogels are being considered as a potential material for applications across various industries such as transportation and electronics industry. The increasing need for aerogels from construction sector due to their superior insulation feature is likely to drive the global aerogels market. The increasing demand for aerogels from the oil and gas and petrochemical industry is a major factor driving the global aerogels industry. However, the mounting cost of production of aerogels and the slow commercialization process in developing regions are likely to impede the market’s trajectory.
Request to view sample of this report at: https://www.transparencymarketresearch.com/sample/sample.php?flag=B&rep_id=1044
Against the backdrop of all of these factors, the global aerogels market is estimated to expand at a CAGR of 18.7% from 2014 to 2023, rising from US$353.6 mn in 2015 to touch a valuation of US$1,093.2 mn by 2023.
North America to Report Highest Consumption of Aerogels
Due to the high demand for aerogels from end-use industries in North America, the consumption of aerogels is expected to increase substantially in the upcoming years in the region. Based on volume, North America accounted for a share of 56.5% in the global market in 2014. The rapidly growing construction and transportation sectors in North America are anticipated to help the region maintain a lead in the global aerogels market. As construction companies in the U.S. and Canada are preferring the use of aerogels to benefit from their better insulating properties, the demand for aerogels in North America is expected to rise in the coming years.
Europe is expected to emerge as the second-largest region in terms of aerogel consumption. The increasing demand for aerogels from the oil and gas industry in Europe is anticipated to fuel demand for aerogels in Europe. Asia-Pacific is expected to be the most lucrative market in the coming years owing to the increasing commercialization of aerogels in the region.
Construction Sector to Emerge as Fastest Growing Segment among End Users
The increasing construction activities worldwide have been fuelling demand for aerogels as construction companies focus on enhancing the quality of structures. The increasing need for thermal and acoustic insulation among the construction companies is likely to increase the demand for aerogels in the sector in the coming years. The construction sector accounted for 12.6% in the global aerogels market in 2023. Owing to the increasing construction activities in developing countries, the segment is projected to increase at a CAGR of 16.0% from 2015 to 2023.
The oil and gas segment is anticipated to maintain its lead in the global aerogels market with a share of 64.4% in 2023 in terms of revenue. The rising need for aerogels from the electronics sector is also expected to enhance the sales of aerogels in future. Aerogels manufacturers are likely to gain potential opportunities from the electronics segment owing to the rise in demand for smart devices globally.
The leading companies in the global aerogels market are Aspen Aerogels, Inc., Cabot Corporation, Aerogel Technologies LLC, Svenska Aerogel AB, Surnano Aerogel Co., Ltd., JIOS Aerogel Limited, Guangdong Alison Hi-Tech Co., Ltd., BASF SE, Ocellus, Inc., and Green Earth Aerogel Technologies.
To get more info visit: https://www.prnewswire.com/news-releases/aerogels-market-to-reach-us-1093-2-mn-by-2023-mammoth-strides-taken-by-oil-and-natural-gas-industries-to-make-aerogels-market-witness-splendid-progress-tmr-844299034.html