Aerogel Market: By Type (Silica, Polymer, Carbon, Others), By Form (Blanket, Panel, Particle, Monolith), By Processing (As Manufactured (Virgin), Composites, Additives), By Application (Oil & Gas, Construction, Transportation, Performance Coating, Day-Lighting & LVHS, Automotive, Pharmaceuticals, Others) and Geography

Aerogel Market was valued at USD 1,250.0 million in 2022 and is poised to grow at a CAGR of 16.8% over 2023-2029. The aerogel is known for its incredibly low density, high porosity, and exceptional thermal insulating qualities. Aerogel is a synthetic material made from a gel, in which the liquid component is replaced with a gas, creating a substance that is primarily made of air but has a solid structure. Due to its translucent nature, it is frequently called "frozen smoke" or "blue smoke." The increased demand for thermally insulated material in various industries like construction, aerospace, and other industrial applications drives the aerogel market. Aerogels are enticing for use in situations where adequate thermal insulation is required due to their remarkable thermal insulation qualities. Furthermore, the rising demand for aerogels in the oil and gas industry to withstand extreme conditions is anticipated to propel the market demand.

Additionally, the increased awareness of energy efficiency and sustainable building practices among the citizens has created several opportunities in the construction industry to develop aerogels that are energy efficient and lightweight. Currently, the research into the potential biomedical uses of aerogels, including medication delivery and tissue engineering, is an important milestone. But the aerogels' intrinsic brittleness and fragility may restrict their use in specific structural applications. Additionally, the difficulty to satisfy significant demand if aerogel production technologies have scalability issues may hinder the market growth. However, the ongoing technological advancement for mass production, infrastructure development, increasing investment by the key market players in research and developmental activities, and increased disposable income are anticipated to burgeon the market demand over the forecast period.

 Aerogel Market Key Developments:

• In May 2023, Cabot Corporation launched ENTERA aerogel particles for use in thermal barriers for lithium-ion batteries. ENTERA aerogel particles are a thermal insulation additive designed to enable the development of ultra-thin thermal barriers for electric vehicle (EV) lithium-ion batteries.
• In September 2022, Armacell, a global leader in energy efficiency launched ArmaGel HTL, a unique, non-combustible aerogel blanket specifically engineered for industrial applications where non-combustibility, thermal performance and corrosion under insulation mitigation are essential
• In February 2022, Aspen Aerogels, Inc., a technology leader in aerogel-based sustainability and electrification solutions, announced that Koch Strategic Platforms ("KSP"), a subsidiary of Koch Investments Group, has agreed to make a $150 million investment in Aspen through the purchase of convertible notes and common stock to support the Company's aerogel thermal barrier growth opportunities.
• In August 2022, Armacell, a leading global of elastic foam for apparatus insulation and a leading manufacturer of tailored foams, announced that it would acquire Austroflex Rohr-Isoliersysteme GmbH for an undisclosed amount.