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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This Report @ http://www.grandviewresearch.com/industry-analysis/aerogel-market
Further key findings
from the repot suggest:
·
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.
·
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.
·
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.
·
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.
·
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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About Grand View
Research
Grand View Research, Inc. is a U.S. based market research and
consulting company, registered in the State of California and headquartered in
San Francisco. The company provides syndicated research reports, customized
research reports, and consulting services. To help clients make informed
business decisions, the company offers market intelligence studies ensuring
relevant and fact-based research across a range of industries including
technology, chemicals, materials, healthcare and energy.
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