Aerogels Market Future Demand, Segment and Analysis with forecast 2023

The entry of new Chinese companies in the global aerogels market has increased the competition level for the existing players, reports Transparency Market Research in a new study. The aerogels market has a moderate degree of competitive rivalry due to the existence of few key companies with a strong global potential. The leading companies in the global aerogels market are Aspen Aerogels, Inc., Cabot Corporation, Aerogel Technologies, LLC, and Surnamo Aerogel Co.Ltd., with nearly 77% of the global market in 2014.

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The players operating in the global aerogels market are also involved in the production of raw materials used in the manufacturing of aerogels. Thus, companies involved in integrated manufacturing have diverse advantages in terms of product quality and cost. Leading players in the global aerogels market are backward integrated as it strengthens their position in the market. The present level of consolidation is expected to decline due to the widening scope of aerogel applications in various end-user industries.

Increasing Demand for Thermal Insulation Materials from Oil and Gas Industry to Boost Sales of Aerogels

According to TMR analysts, oil and gas and petrochemical industries are the main end-users of aerogels, which are used in a variety of equipment. As compared to conventional materials such as mineral wool and fiberglass, aerogels offer high thermal insulation. As a result, they are in demand by various end-use industries, oil and gas sector being the largest of all.

Growing shale gas exploration in the U.S., Ukraine, Poland, and the U.K. is likely to increase the sales of aerogels in the coming years. Moreover, the commercialization of aerogels in developing regions is anticipated to augment the sales of aerogels. Thus, the increase in demand for aerogels from oil and gas industry is estimated to lift sales globally.

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Demand for Aerogels Products to Face Hindrance Owing to their High Cost

The cost of production of aerogels is substantially high due to the high cost raw materials used in their manufacturing. The high maintenance cost of aerogels makes them an expensive end product for consumers. The formulation of aerogels requires high-cost additives and energy sources which in turn increase production costs. Manufacturers are consequently forced to fix high prices for their aerogels products, leading to a decrease in demand.

Furthermore, the high price of aerogels and slow commercialization rate in developing regions such as Asia Pacific, Latin America, and the Middle East and Africa is likely to impede the sales of aerogels globally.

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