The aerogel market size is estimated to be USD 638 million in 2020 and is expected to reach USD 1,045 million by 2025, at a CAGR of 10.4% during the forecast period. Factors such as superthermal resistance, and thinner and lighter alternatives will drive the aerogel market. The major restraint for the market will be the high manufacturing cost, poor mechanical strength. However, the potential substitute for conventional insulation materials will act as an opportunity for the market
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The key market players profiled in the report include Aspen Aerogels (US), Cabot Corporation (US), Aerogel Technologies (US), Nano tech Co. Ltd. (China), Armacell (Germany), Guangdong Alison Hi-Tech (China), Active Aerogels (Portugal), Enersens (France), JIOS Aerogel (South Korea), and BASF (Germany)
Players in the aerogel market are mainly concentrating on new product launches, agreements, and expansions to meet the growing demand for aerogel for various applications. New product launches help companies to strengthen their product portfolio and meet the specific demands of customers.
The growth of the aerogel market has been largely influenced by agreements and new product launches that were undertaken between 2016 and 2020. Companies such as Armacell and Enersens have adopted new product launches to enhance their market position.
Armacell (Germany) is one of the major players in the aerogel market. In order to expand its business, the company is focusing on enhancing its market reach by entering new markets and regions. For instance, in August 2019, Armacell (Germany) launched its industrial-scale aerogel line at its new plant in Cheonan, South Korea. This development can increase the annual production of aerogel-based insulation products from 250,000 m2 to 750,000 m2. Similarly, Aspen Aerogels has made an expansion into automotive design and production with the introduction of Airloy in the automotive application.
The companies also adopted new product launch as a strategy to expand their product portfolio and market presence. For instance, in August 2020, Armacell launched its next generation flexible aerogel blanket for dual-temperature and cryogenic applications. Armagel dt. exists in 5, 10, 15, 20 mm thicknesses and withstands up till -180¢ªc. Similarly, in February 2020, Enersens, launched its new product line, innovative insulating blanket, Skogar.
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The Aerogel Technologies (US) is also one of the leading suppliers of aerogel. It caters to the demand for aerogel products in North America, Europe, and APAC. It has a strong foothold in the markets in APAC, North America, and Europe. It The company has developed a new manufacturing technology that enables the production of aerogels with the durability of plastics in theoretically unlimited dimensions. This technology can enable aerogels to be used as a lightweight structural material for a wide variety of applications.
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