According to a 2014 market research report by Allied Market Research, 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 will generate about two-thirds 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 in North America and Europe.
Aerogel is chiefly used as an insulator, with better thermal insulation capacity than conventional alternatives. However, due to relatively higher prices, its mass adoption has been limited to sophisticated applications in the oil and gas industry and aerospace. Nevertheless, due to the advent of more 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 a multitude of favorable drivers, such as supporting policies promoting green infrastructure in European and Middle Eastern countries, the market is anticipated to have widespread adoption, especially in building insulation. In the meantime, the need for efficient and easy to install thermal insulations, higher thermal resistance, thinner and lighter solutions for industry purposes, and reusability have been primary factors driving market growth.
Silica, carbon, and alumina have been the prime sources of manufacturing aerogel whilst others (polymer, chalcogels, and seagels) are scarcely used. Silica aerogel is projected to be the most promising segment, mainly due to efficient insulation properties and lightweight solutions.
Others aerogel segments are anticipated to grow at a CAGR of 52% during the forecast period. This includes applications in agriculture, cryogenics, apparels and power generation. The substantial growth of other types is mainly attributed to polymer aerogel, which is emerging as an efficient and cost effective heat insulator.
The oil and gas segment leads the global aerogel application market in both in terms of value and volume through to 2020. Acoustic Insulation, building insulations and electronics applications are also expected to have a significant growth rate.
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