ALBANY, New York, September 19, 2018 /PRNewswire/ --
The global aerogels market depicts the presence of a moderately competitive vendor landscape, says Transparency Market Research on the basis of a newly published report. Such a competitive scenario mainly exists due to the presence of a handful of key players having a large global potential for earning vast revenue amounts. Most players in the global aerogels market are involved in the production of raw aerogel materials, besides the final product. With new players entering the vendor landscape, the level of competition is expected to magnify substantially during the next few years.
A recent trend involving entry of numerous Chinese players is already increasing the level of competition in the global aerogels market. Aspen Aerogels, Inc., Cabot Corporation, Aerogel Technologies, LLC, and Surnamo Aerogel Co.Ltd., are some of the key companies present in the global aerogels market. In 2014, these companies accounted for about 77% of the global market. However, the level of consolidation is expected to decline in the future, as applications of the aerogels will increase in various end users industries.
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Coming to the statistical perspective, expert analysts peg the market to grow at a phenomenal CAGR of 18.7% from 2014 to 2023, which is the proposed forecast period. At this rate, the global aerogels market is predicted to gain revenue worth US$ 1093.2 mn by 2023, which is a decent rise from an initial valuation of US$353.6 mn clocked in 2014.
Brisk Rise in Oil and Gas Exploration Boosts Market's Expansion
Rapid advancements in the oil and gas sectors where aerogels play a crucial for facilitating various processes is majorly driving the global aerogels market. Moreover, with rising demand for quality petrochemicals, a higher requirement of the aerogels is being witnessed by this industry, thus proving to be beneficial to the market's growth.
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In comparison to conventionally utilized materials such as mineral wool and fiberglass, aerogels provide greater thermal insulation and better protection against external forces. Such properties have made numerous manufacturers prefer aerogels instead of other alternatives, thereby proving to be beneficial to the market's growth. With growing shale gas exploration in the U.S., Ukraine, Poland, and the U.K., a dramatic increase in the sales of aerogels is likely to occur during the next few years. Moreover, the commercialization of aerogels in developing regions is anticipated to augment the sales of materials, consequently proving to be a large impetus to the global aerogels market.
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Steep Raw Material Expenses Stunt Progress in the Aerogels Market
However, high costs of production of aerogels is substantially high, owing to expense raw materials, and this factor poses as a key hindrance to the global aerogels market. The steep maintenance price of aerogels makes them an expensive end product for consumers. Moreover, formulation of aerogels requires high-cost additives and energy sources which in turn increase production expenses.
Manufacturers are consequently forced to fix high prices for their aerogels products, which could lead to a decrease in demand, and thus exist as a prime obstacle to the aerogels market's progress. Furthermore, the high price of aerogels and slow commercialization rate in developing regions such as Asia Pacific, Latin America, and the Middle East and Africa is likely to impede the sales of aerogels globally. However, many companies are expected to introduce low-cost aerogel manufacturing processes with high efficiency in the near future. This could certainly help reduce effects of most restraints in the global aerogels market.
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This review is based on the findings of a TMR report, titled, "Aerogels Market (Product Type - Silica aerogels, Metal oxide aerogels, Carbon aerogels, others; End-user - Construction, Oil & gas, Transportation, Electronics, Others) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 - 2023"
- Rapid advancements in the oil and gas sectors where aerogels play a crucial for facilitating various processes is majorly driving the global aerogels market.
- A recent trend involving entry of numerous Chinese players is already increasing the level of competition in the global aerogels market.
Key segments of the global aerogels market:
By Product Type
- Silica aerogels
- Metal oxide aerogels
- Carbon aerogels
- Oil & gas
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