The global aerogel market is expected to reach USD 1.92 billion by 2022, according to a new report by Grand View Research, Inc. Growing demand for high thermal resistance products is expected to drive demand for aerogel over the next few years. In addition, lightweight and compressed size of the material makes it a favorable option for thermal insulation.
Building & construction is anticipated to witness highest growth at a CAGR of 38.6% over the forecast period. Increasing number of infrastructure projects, particularly in Asia Pacific, is expected to drive demand for lightweight materials. Rising awareness regarding the benefits of the product is expected to augment its use in these end-uses over the forecast period.
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summary of this report @ http://www.grandviewresearch.com/industry-analysis/aerogel-market
Further key findings from the repot suggest:
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Market for silica-based aerogel was estimated at
USD 307.5 million in 2014. It provides several advantages such as resistance
for high temperatures -140°Cto 20°C. Mars exploration projects, ‘Spirit’ and
‘Opportunity’ by NASA made use of silica aerogels, which were successful at
extreme temperature on Mars.
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Hydrophobic silica aerogels exhibit excellent
water absorption properties. In addition, these materials also absorb other
substances that repel water such as oil. Owing to this,
specially-functionalized silica aerogel powder and blankets are being used in
oil-spill cleanups, which will also be commercially in few days.
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Growing demand for aerogel silica owing to its
light diffusion, superior thermal insulation and high surface area, in
architectural applications, is expected to propel growth of the overall
industry. Moreover, increasing focus on infrastructure development is expected
to bolster growth.
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North America accounted for 57.2% of the global
market in 2014 and is expected to witness moderate growth over the forecast
period owing to limited growth of the end-use industries. Development of
cheaper materials such as polymers are expected to drive the demand for polymer
based aerogel in building & construction industry, especially in Asia
Pacific.
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Europe is expected to witness a substantial
growth at a CAGR of 32.9% from 2015 to 2022.The European Union has set a target
to achieve 20% reduction in energy by 2020. This target is a part of policy set
under Energy Efficiency Directive (EED).Aerogel, particularly silica-based,
exhibit properties similar to naturally available silicates, thus, they are
eco-friendly in nature.
·
Key industry players include Aspen Aerogels
Inc., Cabot Corporation, Aerogel Technologies LLC, BASF SE, and Dow
Corning Corporation. These companies are focusing on R&D activities to
develop new products and enhance their aerogel portfolio.
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Grand View Research has segmented the global aerogel market on the basis of form, product, end-use and region:
Global Aerogel Form Outlook (Revenue, USD Million; 2012 - 2022)
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Blanket
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Particle
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Panel
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Monolith
Global Aerogel Product Outlook (Revenue, USD Million;2012 - 2022)
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Silica
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Carbon
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Polymers
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Others
Global Aerogel End-use Outlook (Revenue, USD Million; 2012 - 2022)
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Oil &gas
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Building &construction
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Automotive, aerospace & marine
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Performance coatings
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Others
Global Aerogel Regional Outlook (Revenue, USD Million; 2012 - 2022)
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North America
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U.S.
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Europe
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Germany
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U.K.
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Asia Pacific
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China
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Japan
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Latin AmericaMEA
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Brazil
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