ALBANY, New York, December 10, 2018 /PRNewswire/ --
Transparency Market Research (TMR) observes the global aerogels market has a highly competitive vendor landscape. Thanks to growing number of players and an increasing number of new entrants in the market, the players are experiencing intense competition. However, the market is dominated by the handful of the companies. Some of the prominent players operating in the market are Aspen Aerogels, Inc., Aerogel Technologies, LLC, Cabot Corporation, and Surnamo Aerogel Co.Ltd. These companies collectively accounted for the share of nearly 77% in 2014 of the global market for aerogel.
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A report from TMR estimates, the global aerogels market valued at US$353.6 mn in 2015 and is expected to attain a valuation of US$1,093.2 mn by the end of 2023. The market is expected to expand with a CAGR of about 18.7% over the forecast period from 2015 to 2023. Based on region, in terms of volume, North America dominated the market and is projected to remain dominant over the forecast period in the global aerogels market by accounting the overall share of 55.6% by the end of forecast period till 2023. Based on products segment, silica aerogel segment is likely to lead the market with 63.2% share in terms of volume by the end of the forecast period.
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Growing Need for Lightweight Material from Automotive Aerogels Market
Demand for lightweight material from the manufactures of luxurious automotive and cars is fuelling the growth of the global aerogels market. in addition, the growing need for better power backup and aircraft are encouraging numerous manufacturers to use aerogels in the high-power mechanism is fuelling demand for aerogels and likely to fuel the growth of the aerogels market. This uptake of aerogels is putting pressure on the engine, which is leading to raising the temperature in vehicles. Additionally, aerogels are effective to heat conductive properties and they are the potential source to be used in the automotive for reducing its weight, temperature, and pressure. Thus, demand is higher from the automotive industry.
Thanks to the advanced properties of the aerogels, the product is increasingly used in numerous end-use industries such as construction and oil & gas. This widening uptake is propelling the growth of the aerogels market.
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High Cost of Aerogel to Limit Adoption across Emerging Economies
Despite these growth prospects, high production and overall cost of aerogels due to the high cost of raw material used in the manufacturing is hampering the growth of the aerogels market. Additionally, the high maintenance cost of aerogels is also hampering adoption of aerogels and likely to restrain the growth of the global aerogels market. Moreover, slow rate of gaining profit in developing regions such as Latin America, Asia Pacific, and the Middle East and Africa is likely to obstruct the sales of aerogels globally.
This information is encompassed in the new report by TMR, titled "Aerogels Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 - 2023."
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For the study, the aerogels market has been segmented as follows:
- Silica Aerogels
- Metal Oxide Aerogels
- Carbon Aerogels
- Other Aerogels
- Oil & Gas
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