Our in-depth analysis of the global aerogel market includes the following segments:
On the basis of regional analysis, the global aerogel market is segmented into five major zones including North America, Europe, Asia Pacific, Latin America and the Middle East & Africa. The market in North America is expected to witness noteworthy growth over the forecast period on the back of rising demand for aerogels from aerospace, marine and automotive industries. Technological advancements, extensive usage and growing emphasis on using eco-friendly substitutes also play a crucial role in the progress of the market in this region. Europe holds the position of second-largest shareholder accredited to the rising usage of aerogels in construction industry in the region. On the other hand, Asia Pacific is expected to be the most profitable market in the forecast period owing to the presence of increased production and usage of aerogels in many countries, especially in China and Japan. The market in the Middle East is also assessed to show a modest growth resulting from the presence of strong ongoing oil and gas related industrial activities in gulf nations. It was reported in 2018 that more than one fourth of the World’s total oil was produced in the Middle Eastern countries.
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The global aerogel market is further classified on the basis of region as follows:
In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.
Author Credits: Smruti Ranjan, Rajrani Baghel
Ans: Growing demand from end-users is one of the primary factors driving the growth of the aerogel market.
Ans: The market is anticipated to attain a significant CAGR over the forecast period, i.e., 2021 – 2029.
Ans: High production cost is estimated to hamper the market growth.
Ans: North America will provide highest business growth opportunities on the back of increasing demand for aerogels in aerospace, marine and automotive industries.
Ans: The major players in the market are Aerogel Technologies, LLC, CMC Materials Corporation, Aspen Aerogels, Inc., BASF SE and others.
Ans: The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
Ans: The market is segmented by type, application, form, process and by region.
Ans: The silica segment is anticipated to hold the largest market size and is estimated to grow with a notable CAGR over the forecast period and display significant growth opportunities.