Blanket Aerogel Market Overview
The Blanket Aerogel Market size
is estimated to reach US$1.1 billion by 2027 after growing at a CAGR of 15.2%
during the forecast period 2022-2027. Aerogel granules are typically enclosed
in non-woven fibers to create an aerogel blanket that is less dusty,
compressible and very effective insulation material and it is derived from silica,
polymer and carbon. The increased use of aerogel blankets in aerospace is
projected to boost the growth of the aerogel blanket market. The strong demand
from the oil and gas industry to minimize the production cost is also a crucial
element that will favor the expansion of the aerogel blanket market. The
covid-19 pandemic majorly impacted the Blanket Aerogel Market due to restricted
production, supply chain disruption, logistics restrictions and a fall in
demand. However, with robust growth and flourishing applications across major
industries such as transportation, building & construction and others, the Blanket Aerogel Market size is anticipated to grow rapidly during the forecast period.
Blanket Aerogel Report Coverage
The “Blanket Aerogel Report –
Forecast (2022-2027)” by IndustryARC, covers an in-depth analysis
of the following segments in the blanket aerogel Industry.
Key Takeaways
- Asia-Pacific dominates the Blanket Aerogel Market size, owing to growing demand from end-use industries such as automobiles, building & construction and others, thereby boosting the demand for blanket aerogel in APAC during the forecast period.
- The significant increase in demand for these blankets due to their non-toxic and environmentally friendly nature is projected to drive Blanket Aerogel Market expansion.
- Rapid improvements in the field of apparel manufacturing, as well as the stability of aerogel blankets due to their moisture resistance, are projected to provide a number of potential prospects for the aerogel blanket market.
- However, However, the nonwoven market's growth may be hampered by frequent price fluctuations in raw materials which hamper the market growth of blanket aerogel.
Figure: Blanket Aerogel Market Revenue Share, 2021 (%)
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Blanket Aerogel Market Segment Analysis – by Type
Silica held the largest share
in the Blanket Aerogel Market share in 2021 and is forecasted to grow at a CAGR
of 15.1% during the forecast period 2022-2027, owing to the extensive
characteristics provided by silica when compared to other material types such
as polymer and carbon. Aerogel blankets made of silica are created utilizing
fiber reinforcements, which turn inelastic aerogels into robust, stretchable
and water-repellent textiles. It is anticipated that these nonflammable
blankets comprised of silica aerogels will be particularly successful in passive
fire protection in homes, companies and other infrastructure, which drives the
market growth of silica in the Blanket Aerogel Market. Thus, these extensive
properties compiled with increasing application in the aerospace and building
& construction industry are majorly driving its segmental growth. Thus, the high demand for silica from
various industries will propel the
blanket aerogel industry.
Blanket Aerogel Market Segment Analysis – by End-use Industry
Building & Construction held
the largest share in the Blanket Aerogel Market share in 2021 and is forecasted
to grow at a CAGR of 15.4% during the forecast period 2022-2027. Blanket
aerogel is flexible blanket insulation that can assist reduce energy loss while
also saving space in commercial and residential buildings. Blanket aerogel is
an excellent energy-saving material that prevents heat loss or gains via the
building envelope. It is often utilized for total coverage in walls, floors and
roofs, as well as framing and windows, to provide maximum energy efficiency. The
building and construction sector is flourishing due to increasing investment
and urbanization, the development of architectural sites and residential
housing plans. For instance, according to the U.S Census Bureau, the seasonally
adjusted annual rate of construction in the United States increased from
US$1,553,547 in April 2021 to US$1,744,801 in April 2022. According to Oxford
Economics, the global construction output in 2020 was US$10.7 trillion 2020 and
is expected to grow by 42% or US$4.5 trillion between 2020 and 2030 to reach
US$15.2 trillion. With the rise in building and
construction projects across the globe, the demand for blanket aerogel is
anticipated to rise for various applications, which is projected to boost
the market growth in the building and construction industry during the forecast
period.
Blanket Aerogel Market Segment Analysis – by Geography
The Asia-Pacific held a significant share in the Blanket Aerogel Market share in 2021 up to 42.6%. The fueling demand and growth of blanket aerogel in this region are influenced by flourishing demand from major industries such as construction, automotive and others, along with fueling manufacturing activities across APAC. The building and construction sector is growing rapidly in Asia-Pacific owing to a major development in infrastructural projects, emphasis on affordable housing units and modular building technology. According to Japan's Ministry of Land, Infrastructure, Transport and Tourism, the construction order for new houses rose to 32.3% in June 2021, compared to -13.4% in June 2020. Furthermore, the Make in India campaign by the Government of India plans to achieve infrastructural investment worth US$965.5 million by the year 2040. According to the International Trade Administration, the construction sector in China is projected to grow at an average of 8.6% from the year 2022 to 2030. With the robust growth of the building and construction industry in Asia-Pacific, the demand for blanket aerogel in construction will rise, which is projected to boost the market growth in the building and construction industry during the forecast period.
Blanket Aerogel Market Drivers
Rising Demand for Oil and Gas Industry:
The rising
demand for blanket aerogel in the oil & gas industry is the major factor
driving the market growth of the Blanket Aerogel Market. Aerogel blankets are
primarily used to improve the insulation of deep-sea pipes and oil and gas
pipelines in order to minimize production costs, increase pipeline compression
resistance and reduce the quantity of steel used in construction. The industrial, commercial and residential sectors'
consistently rising need for oil and gas supplies is a major factor in the Blanket Aerogel Market's expansion. For instance, Nigeria completed the Dangote Refinery and Polypropylene Plant project at the end of 2021. The plant is anticipated to
process various crude grades, including shale oil and have a production
capacity of 12 300 b/d of fuel oil, 104,000 b/d of diesel and 153,000 b/d of
gasoline, 4,109 b/d of LPG and 73,000 b/d of jet fuel. As a result, the need
for blanket aerogel to comply with current environmental requirements will rise
along with the demand for oil and gas production activities in several nations
throughout the world, fueling blanket aerogel industry expansion in the coming
years.
Bolstering Growth of the Automotive Industry:
The bolstering growth of the automotive industry is driving the market growth of blanket aerogel.
Aerogel blankets have high mechanical resistance, providing durable and
long-lasting insulation and low thermal conductivity, allowing for a
reduction in total insulation thickness. These features improve blanket
capabilities and expand the aerogel blanket market in the automobile industry.
Moreover, the automotive sector is rapidly growing due to factors such as the
high demand for passenger vehicles among the middle class, urbanization and
flourishing growth in fuel-efficient vehicle technologies. According
to the report from India Energy Storage Alliance, the EV market in India is
expected to increase at a CAGR of 36% until 2026. Furthermore, the National
Automobile Dealers Association (NADA) anticipates that the new light-vehicle
sales in 2022 will show an increase of 3.4% compared to 2020. According to the
International Organization of Motor Vehicle Manufacturers (OICA), the global
production of passenger cars rose from 55834456 units in 2020 to 57054295 units
in 2021. With the increase in automotive vehicle production and growth
prospects, the demand for blanket aerogel will rise. Thus, with flourishing
demand in automotive, the blanket aerogel is driving and growing rapidly.
Blanket Aerogel Market Challenge
High Manufacturing Cost:
The
high cost of production is one of the primary issues limiting the growth of the
aerogel market. The high cost of silica aerogels is attributable to the high
cost of raw materials labor-intensive approach techniques and enterprises'
configuration of relatively small production capacity. Aerogel materials
necessitate extensive research and development, making the entire process
costly. Aerogel materials are created utilizing less versatile synthetic
processes. Due to the extremely specialized production procedures, aerogel
manufacture demands a complex facility. Supercritical drying is the most
expensive step in the aerogel manufacturing process. As a result of this
serious flaw in the new manufacturing technology, overall production costs
rise, requiring manufacturers to boost product prices to meet the costs, which
has a negative impact on Blanket Aerogel Market growth.
Blanket Aerogel Market Industry Outlook
Technology launches, acquisitions and R&D
activities are key strategies adopted by players in the Blanket Aerogel Market.
The top 10 companies in the Blanket Aerogel market are:
- Cabot Corporation
- Aerogel Technologies LLC
- Enersens Aerogel
- Green Earth Aerogel Technologies
- Armacell International S.A.
- ZhengZhou Joda Technology Co. Ltd.
- Aspen Aerogels Inc.
- Acoustiblok UK Ltd.
- Active Aerogels
- Airglass AB
Recent Development
- In August 2020, Armacell, introduced ArmaGel DT, a next-generation flexible aerogel blanket for dual-temperature and cryogenic applications. ArmaGel® DT aerogel insulation blanket with an integrated vapor barrier is available in thicknesses of 5, 10, 15 and 20 mm.
Relevant Reports
Report Code: CMR 0271
Report Code: CMR 0284
Report Code: CMR 0297
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LIST OF TABLES
LIST OF FIGURES
1.US Europe Blanket Aerogel Market Revenue, 2023-2030 ($M)2.Canada Europe Blanket Aerogel Market Revenue, 2023-2030 ($M)
3.Mexico Europe Blanket Aerogel Market Revenue, 2023-2030 ($M)
4.Brazil Europe Blanket Aerogel Market Revenue, 2023-2030 ($M)
5.Argentina Europe Blanket Aerogel Market Revenue, 2023-2030 ($M)
6.Peru Europe Blanket Aerogel Market Revenue, 2023-2030 ($M)
7.Colombia Europe Blanket Aerogel Market Revenue, 2023-2030 ($M)
8.Chile Europe Blanket Aerogel Market Revenue, 2023-2030 ($M)
9.Rest of South America Europe Blanket Aerogel Market Revenue, 2023-2030 ($M)
10.UK Europe Blanket Aerogel Market Revenue, 2023-2030 ($M)
11.Germany Europe Blanket Aerogel Market Revenue, 2023-2030 ($M)
12.France Europe Blanket Aerogel Market Revenue, 2023-2030 ($M)
13.Italy Europe Blanket Aerogel Market Revenue, 2023-2030 ($M)
14.Spain Europe Blanket Aerogel Market Revenue, 2023-2030 ($M)
15.Rest of Europe Europe Blanket Aerogel Market Revenue, 2023-2030 ($M)
16.China Europe Blanket Aerogel Market Revenue, 2023-2030 ($M)
17.India Europe Blanket Aerogel Market Revenue, 2023-2030 ($M)
18.Japan Europe Blanket Aerogel Market Revenue, 2023-2030 ($M)
19.South Korea Europe Blanket Aerogel Market Revenue, 2023-2030 ($M)
20.South Africa Europe Blanket Aerogel Market Revenue, 2023-2030 ($M)
21.North America Europe Blanket Aerogel By Application
22.South America Europe Blanket Aerogel By Application
23.Europe Europe Blanket Aerogel By Application
24.APAC Europe Blanket Aerogel By Application
25.MENA Europe Blanket Aerogel By Application