Synopsis of Aerogel Market:
Moreover, its optimized performance, and ease of application are set to drive the market growth over the assessment period. It is projected that the blanket sub-segment is set to grow at a significant rate owing to its growing demand in refineries, construction, pipelines, and thin-gap thermal barriers. Additionally, manufacturers and investors have shifted their focus to this form of material in end-use industries as it provide superinsulation property to the final product. The market by processing is classified further into virgin, composites, and additives. In these segments, virgin is leading the processing segment in the market on account of its boundless use in oil & gas, petrochemical, and other sectors. The market by application is segregated into oil & gas, construction, transportation, performance coating, and others. The oil & gas segment holds a majority of the market due to growing consumption of aerogel in various application such as insulation boards, insulation packs, storage tanks, and others. Moreover, the growing demand for superior insulation materials from construction, marine, aerospace, transportation is set to grow at a higher rate during the forecast period.
Some of the prominent players operating in the Global Aerogel Market are BASF SE (Germany), Aspen Aerogels, Inc. (U.S.), Cabot Corporation (U.S.), Aerogel Technologies, LLC (Germany), Nano High-Tech Co., Ltd. (China), Guangdong Zhaoqing L&V Co. Ltd. (China), Active Aerogels (Portugal), Enersens SAS (France), JIOS Aerogel Limited (U.S.) and Svenska Aerogel AB (Sweden) among others.
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The Global Aerogel Market is segmented into the Type, Form, Processing and Application.
On the basis of the Type, the market is segregated into silica, polymer, and carbon segments.
The market by Form is sub-divided into blanket, panel, particle, and monolith segments.
The market by the Processing is classified as virgin, composites, and additives segments.
The market by Application is bifurcated into oil & gas, construction, transportation, performance coating, and others.
The Aerogel Market is segmented across five regions: Asia Pacific, North America, Europe, Latin America, and the Middle East & Africa. Among these, North America holds a major share of the market due to the growing consumption of insulation materials in oil & gas, construction, transportation, and others. The increasing demand for Aerogel in oil and gas pipelines and its lower installation costs and improved compression resistance has propelled the region to witness a higher growth over the assessment period. Countries such as the U.S., Canada, and Mexico are the major players in this market.
The Asia Pacific region is growing significantly in the market due to increasing research & development activities of Aerogel product in the leading companies. It is predicted that growing investments in the end-use industries is likely to drive the market in the region during the forecast period. The growing consumption of insulation materials in aerospace, marine, defense, electrical & electronics has propelled countries such as China, Japan, and India to achieve a stunning growth in the market as they provide excellent flexibility, stability and low maintenance to the product.
The European market has also observed a remarkable growth due to the implementation of new rules and regulations proposed by the government to follow lower dense materials than steel in pipe line constructions. The market has been driven by the application of this rule in oil & gas, construction, and steel segments. It is estimated that the growing innovation and technological advancement are predicted to propel the growth in countries such as the U.K, Italy, Germany, and France during the forecast period.
The Latin American region is estimated to witness a moderate growth in the market due to high cost of production and lack of technological standardization in the region. Moreover, the Middle East & Africa is anticipated to witness a significant growth in the market due to growing demand for superior insulation materials in downstream industries.
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