Blanket Aeroge Market Report Overview
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The blanket aerogel market size was USD 208.6 million in 2022. As per our research, the market is projected to touch USD 1168 million by 2031, exhibiting a CAGR of 20.7% during the forecast period.
The global COVID-19 pandemic has been unprecedented and staggering, with the Global blanket aerogel market experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden rise in CAGR is attributable to market’s growth and demand returning to pre-pandemic levels.
The lightest mesoporous solid substance currently found on Earth is aerogel. It is created by switching out the gel's liquid component for a gas. It consists of a network of connected nanostructures that must have at least 50% porosity. Due to their high porosity and low heat conductivity, aerogels are excellent insulation materials. Aerogel granules are typically enclosed in non-woven fibres to create an aerogel blanket that is less dusty, compressible, and a highly effective insulation material. Aerogel blankets, which come in various thicknesses up to 7 millimeters, are used for thermal insulation in buildings and industrial insulation.
COVID-19 Impact: Imposed Restrictions in the Economy Resulted in Decline in the Market
The COVID-19 outbreak caused temporary business closures as well as supply chain and manufacturing disruptions, which in turn reduced the development of telecom infrastructure and had a negative effect on the sales and marketing efforts of rugged phone companies competing in the market. The effects were severe, particularly for startups and small- to medium-sized businesses operating in this industry. Companies did, however, make a lot of restructuring efforts to address the supply chain difficulties and improve collaboration with suppliers and partners to lessen the negative market impact.
LATEST TRENDS
"Growth of the market in recent years to Boost Product Demand"
In order to meet the rising demand for energy, fossil fuels are essential. Fuels like diesel and petrol are necessary in one way or another for everything from producing energy to operating autos. Exploration, extraction, refinement, and marketing of products made from crude oil are all part of the oil and gas business. Due of the segment's significant earnings, the global economy depends on it greatly. Given the lead times for locating and producing hydrocarbons, the investments necessary in this sector are likewise fairly significant. Long pipelines must be used to safely transfer the effluent to the sites of regasification. The entire process takes place in difficult conditions, like Arctic waters and undersea pipelines and rigs.
Blanket Aeroge Market Segmentation
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- By Type
Based on type the Global Blanket Aerogel Market is classified as below 5 millimeters thicknesses, 5-8 millimeters thicknesses, above 8 millimeters thicknesses.
- By Application
Based on application the global blanket aerogel market is classified as building insulation, oil & gas, aerospace, automotive, healthcare, chemical, electronics, apparel, other.
DRIVING FACTORS
Utilization as a Catalyst to Boost the Market Growth
The market for aerogel blankets is likely to be impacted by the growing use of these blankets in aerospace. In accordance with this, a significant factor that will favor the expansion of the aerogel blanket market over the projected period of 2021 to 2028 is the increasing demand from the oil and gas industry. Furthermore, because aerogel blankets are produced in large quantities and are used as thermal wraps in a variety of applications, the new solutions offered in the fields of gelation processes and nanotechnology are also anticipated to have a positive effect on the market growth for aerogel blankets.
"Extensive Application in Laundering Process to Multiply the Production and Market Growth"
There are certain drawbacks to using conventional insulation materials such polyurethane foam, mineral wool, rock wool, and stone wool. In order to attain the correct R-value, for instance, thick layers of these materials are needed, which results in the loss of valuable floor space in new construction. It is considerably more difficult to add high insulation levels to older structures because the extra layers alter the aesthetic appeal of the building. Therefore, aerogels are anticipated to be a perfect replacement for conventional insulating materials in new construction in order to meet energy standards set by various regulatory authorities and to prevent structural compromises.
RESTRAINING FACTORS
"Several Challenges Associated with the Local Irritation to Restrain the Market"
One of the main factors limiting the expansion of the aerogel industry is the high cost of producing aerogel. The high cost of raw materials (for alkoxide-based precursor materials), labor-intensive process technologies (solvent exchange steps, lengthy reaction times constrained by diffusion), and the installation of relatively small production capacities of businesses are the main causes of the high cost of silica aerogels. It is expensive because substantial R&D is needed to manufacture aerogel materials. The synthetic processes utilized to make aerogel materials are not as flexible. Due to the highly specialized production processes used in aerogel manufacture, a sophisticated facility is needed. Supercritical drying is the step in the aerogel manufacturing process that costs the most money.
Blanket Aeroge Market Regional Insights
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"North American Region to Dominate the Market with Extensive Utilization and Multiplying Manufacturers"
In terms of both production and consumption of aerogel materials, North America is the greatest region. In terms of product innovation, quality, and application development, it is the world's top aerogel market. The oil and gas industry dominates the North American aerogel market because of the significant need for cutting-edge solutions there and the aerogel's reduced thickness, improved insulating qualities, and low thermal conductivity. In North America, the usage of aerogel materials in automotive, marine, and aerospace applications is predicted to increase. With the region's ongoing recovery attempts, energy efficiency standards, and insulation laws, it is predicted that demand for aerogel in Europe would rise.
KEY INDUSTRY PLAYERS
"Financial Players to Contribute Towards Expansion of Market"
This market is extremely competitive and consists of various global and regional players. Major players are involved in strategizing various plans such as mergers and acquisitions, partnerships, introduction of new and enhanced products, along with joint ventures. The report is extensive research of a list of market players who contribute towards the expansion of the market. The information is a collusion of latest technological developments, trends, production lines mergers and acquisitions, market study and others. Other factors such as regional wise analysis and segment wise analysis are also considered to understand the market share, product growth, revenue growth and others during the forecasted period.
List of Market Players Profiled
- Aspen Aerogel (US)
- Cabot Corporation (US)
- Svenska Aerogel AB (Sweden)
- Acoustiblok (UK)
- Active Aerogels (US)
- Airglass AB (Sweden)
- DuPont (US)
- Nano High-Tech (China)
- American Aerogel Corporation (US)
- JIOS Aerogel Corporation (US)
- BASF SE (Germany)
- Aerogel Technologies LLC (US)
REPORT COVERAGE
The SWOT analysis and information on future developments are covered in the study. The research report includes a study of several factors that promote market growth. This section also covers the range of numerous market categories and applications that could potentially affect the market in the future. The specifics are based on current trends and historical turning points. The state of the market's components and its potential growth areas over the following years. The paper discusses market segmentation information, including subjective and quantitative research, as well as the impact of financial and strategy opinions. Additionally, the research disseminates data on national and regional assessments that take into account the dominant forces of supply and demand that are influencing market growth. The competitive environment, including market shares of significant competitors, is detailed in the report along with fresh research methodology and player strategies for the anticipated time.
| REPORT COVERAGE | DETAILS |
|---|---|
Market Size Value In |
US$ 208.6 Million in 2022 |
Market Size Value By |
US$ 1168 Million by 2031 |
Growth Rate |
CAGR of 20.7% from 2022 to 2031 |
Forecast Period |
2022-2031 |
Base Year |
2023 |
Historical Data Available |
Yes |
Regional Scope |
Global |
Segments Covered |
Type and Application |
Frequently Asked Questions
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What value is the global blanket aerogel market expected to touch by 2031?
The global blanket aerogel market is expected to USD 1168 million by 2031.
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What CAGR is the global blanket aerogel market expected to exhibit by 2031?
The global blanket aerogel market is expected to exhibit a CAGR of 20.7% by 2031.
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Which are the driving factors of the global blanket aerogel market?
The global blanket aerogel market for aerogel blankets is likely to be impacted by the growing use of these blankets in aerospace.
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Which are the key players functioning in the global blanket aerogel market?
Aspen Aerogel, Cabot Corporation, Svenska Aerogel AB, Acoustiblok UK, Active Aerogels, Airglass AB, DuPont, Nano High-Tech, American Aerogel Corporation, JIOS Aerogel Corporation, BASF SE, Aerogel Technologies LLC are the key players functioning in the global blanket aerogel market.
