As Industries Warm up to Use of Aerogels, the Material will Constitute Market Worth US$1.09 bn by 2023

Composed of 98% air, it is easy to see why aerogels are fast becoming the material of choice in applications where weight is a concern. The global aerogels market is expected to be worth over US$1.09 bn by 2023 rising remarkably from its 2014 valuation of US$309.1 mn. This massive jump will be facilitated by the soaring demand for aerogels in two massive industries – construction and oil and gas. According to Transparency Market Research, the silica aerogels will witness the highest demand. The market will also be defined by appreciable demand for metal oxide aerogels and carbon aerogels.

Here are three trends to watch out for in the Global Aerogels Market:

  • Silica aerogels to enjoy the highest demand: As compared to other types of aerogels, the demand for silica aerogels will be the highest. A lot of research has gone into commercializing silica-based aerogels and this has also made their prices competitive. Moreover, with a rising demand for silica aerogels in the construction, transportation, and oil and gas industries, steady demand is expected to emanate for silica aerogels over the coming years.
  • Oil and gas industry stands as the largest end user for silica aerogels: About 60% of all aerogels produced worldwide were consumed by the oil and gas sector in 2014. The material serves as an excellent insulating agent and thus finds numerous uses in the oil and gas sector. The construction sector, where insulation is used extensively in protecting dwellers from extreme temperatures, is the other key end user of aerogels. The use of aerogels will rise rapidly in the transportation sector, where there is an intense focus on using lightweight material at every possible opportunity.
  • The United States is an early adopter of technologies related to the manufacture of astoundingly lighter aerogels. The North America market is thus the largest regional market for aerogels with a 55% share as of 2014. Europe is expected to log the fastest growth in the global aerogels market. However, it will be at least a decade before aerogels catch on in the developing countries in Asia Pacific and Rest of the World.
What cannot be denied, however, is that the aerogels market will expand robustly over the next eight years.

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