According to IMARC Group’s latest report, titled “Aerogel Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026”, the global aerogel market exhibited strong growth during 2015-2020. Aerogel, also known as frozen smoke, refers to a translucent and synthetic solid-state substance with extremely low density and excellent thermal insulation properties. It is commonly produced by replacing the liquid element of the gel with gas in a high-temperature environment. Aerogel is light in weight and has a high surface area. It is widely utilized in numerous industrial and commercial applications across the globe.
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The expanding applications of this substance in various end-use industries are primarily driving the aerogel market. For instance, aerogel is extensively used in the construction sector, including as a superlight concrete and wall insulator, as well as in the aerospace sector, where it is a critical component in manufacturing fire suits, spacecraft, vehicles, etc., due to its superior thermal insulation properties. Apart from this, aerogel is also gaining popularity in the electronics and oil and gas industries across countries owing to its beneficial characteristics. Moreover, the rising levels of investments in research and development (R&D) activities are further augmenting the market growth. In addition to this, the introduction of new and innovative product variants by manufacturers, such as polymer-based aerogels with enhanced strength and flexibility, to expand their consumer base and market share is expected to fuel the aerogel market in the coming years. Looking forward, IMARC Group expects the market to grow at a CAGR of around 11% during 2021-2026.
As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the industry behaviors of the consumers globally and our estimates about the latest market trends and forecasts are being done after considering the impact of this pandemic.
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