This report analyses aerogel market by geography, applications and forms. By geography, the report is segmented into Asia-Pacific, Europe and North America. The aerogel products included in this report are mainly based on aerogel application types. The applications covered in this report are building insulation, oil and natural gas, aerospace, automotive, industry, cryogenics, etc. In various applications the purpose of using aerogel product is different and ranges from thermal insulation to catalyst agent hence depending on the application aerogel market is segmented by form. Aerogel market is estimated from production side of the market.
This report estimates the market size of the global aerogel market both in terms of volume and value. It discusses market drivers, restraints and opportunities, raw materials, and product price trends. It also includes value chain analysis, Porter's analysis, product life cycle analysis, and patent analysis. The report also deals with market share by participant for the overall market. It also tracks the recent activities of market players in terms of product launches, expansion plans, supply contracts, and partnerships and collaborations. In addition, the top 11 players of the aerogel market have been profiled in this report.
The aerogel market report covers its production across regions. The aerogel market is analyzed in terms of volume (metric tons) produced in each region. The increasing awareness about energy efficiency, increasing environmental concerns and emission reduction targets are driving the growth in aerogel production. In addition, aerogel performance and multiple possible applications for achieving energy efficiency are acting as key driver for a high growth rate in aerogel production. Aerogel is manufactured by a critical manufacturing process called supercritical drying. Costs associated with its manufacturing are high which results in high pricing of material. High prices are acting as restraints for aerogel market growth.
The global aerogel production is expected to grow from 3,750 metric tons in 2010 to 70,000 metric tons by 2017, at an estimated CAGR of 52% for the period 2012 to 2017. As of year 2011, North America leads aerogel production with a share of 57% followed by Europe (42%) and Asia (1%). The major players in the industry are Aspen Aerogel (U.S.), Cabot Corp. (U.S.), and Dow Chemicals (U.S.). Some small Chinese and Malaysian companies together account to the total market of the Asian aerogel production.
The North America region is expected to continue its dominance on the global aerogel production, due the steady growth of aerogel production and research initiatives in U.S. while Germany will lead the European market of aerogel production. The global aerogel production is mainly divided between two countries U.S. and Germany and they account for 57% and 40% market share respectively
The report breaks the global aerogel production market into the following three segments:
On the basis of Geography: The report is divided in geographies Asia-Pacific, Europe, North America; and major countries such as U.S., Germany, Spain, Sweden, China, and Malaysia.
On the basis of Product Forms: The report divides the aerogel by forms like blankets, particles, blocks, and panels.
On the basis of Applications: The aerogel market is divided by applications. The important applications considered in this report are building insulation, oil and gas, aerospace, automotive, industry, and cryogenics.
Aerogel is solid foam which consists of around 98% air. These are usually classified into four categories: Silica, Carbon, Metal oxide and Organic aerogels. These are also commonly known as 'blue smoke'. Aerogel is used in various industries such as building insulation, oil and gas, personal care, pharmaceutical etc. Although discovered in 1930s, it is still in its growth phase in terms of commercial, large-scale use. The excellent physical properties of aerogels are its market drivers.
Global aerogel production was worth $115.7 million in 2011. This value is expected to increase from $174.6 million in 2012 to $1,379.6 million in 2017 at a CAGR of 51.2%. North America is expected to continue to lead the global aerogel market in the next five years. The growth rate between value and volume market is slightly different owing to the commercialization of aerogel in the next five years resulting in decrease in cost of production.
The U.S. is the market leader in aerogel production, capturing around 57.0% share of the global aerogel market in 2011. In the second place stands Germany with a 40.5% share. However, Asian countries like China and Malaysia have started producing aerogel on a pilot stage. With continuous development and efforts, it is expected that Asia will emerge as one of the major aerogel producer.
Amongst application sectors, the oil and gas sector dominates the global aerogel market with almost 45% share in the total, thanks to its critical insulation requirements. However, automotive and aerospace applications are catching up quickly.
As mentioned earlier, reduction in production cost will have a great impact on the number of new entrants in the market. Since there is no government support available as of now; large scale manufacturing of aerogel is difficult for new companies.
The companies leading aerogel sector currently are Aspen Aerogels (U.S.), Cabot Corp. (U.S.), and American Aerogels (U.S.). However, with intensive R&D activities being carried out by different companies, a single innovation could provide a competitive advantage to one company.