(MENAFNEditorial) Global aerogel market is estimated to witness significant growth over the next six years on account of surging demand for thermal & acoustic insulation in several end-use industries such as oil & gas, building & construction, automotive and aerospace industries. Increasing R&D spending coupled with technological advancements in material science has enabled aerogel manufacturing capabilities. Added advantage and intrinsic properties such as high porosity and low thermal conductivity has enabled aerogel application as high performance thermal insulation in oil & gas and construction industries.
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North America was the largest aerogel market in 2013 and is estimated to lose market share to other high growth regional markets such as Asia Pacific and Europe. China emerged as the largest single-country manufacturer as well as consumer of aerogel. Growth of the automotive manufacturing industry coupled with the ever-expanding oil & gas market is expected to bolster aerogel market growth in this region. Oil & gas was the largest consumer of aerogel and accounted for over 70% of the market demand in 2013. Automotive and aerospace industries are estimated to witness above average growth rates over the forecast period on account of increasing safety and precision requirements in these segments.
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Silica aerogel was the most dominant product segment in global market followed by polymers. Polymers are estimated to witness the highest growth rates in the global aerogel market over the forecast period due to their high durability and thermal conducting properties. Global aerogel market has witnessed an increase in number of patent filings over the past few years. Increased R&D and patent filings is estimated to create immense opportunities for market players over the next few years. Major companies involved in manufacturing & supply of aerogel include Aspen Aerogel, Cabot Corp., and Dow Chemicals.
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