Development of aerogel market
Mar 21,2023
Due to its excellent thermal insulation performance, aerogel materials have a wide range of applications, mainly in energy equipment, transportation, building materials, clothing and other fields, with a huge potential scale and a global market space of more than 10 billion dollars.
As a whole, it is in the growth stage of its lifecycle, and multiple fields are flourishing. According to IDTechEX Research, since aerogel technology has only gradually improved in recent years, most application fields are still in the early and growing stages of aerogel promotion, and regional energy, building construction, clothing, daily chemicals, LNG pipelines and other fields have developed rapidly. At present, the relatively mature application fields are mainly oil and gas pipelines (excluding LNG pipelines), refining projects, industrial insulation, etc.
The construction and transportation sectors will experience faster growth. In 2019, most of the downstream applications of aerogel were concentrated in oil and gas projects (56%) and industrial insulation (26%), which accounted for 82% of the market, 6% of building construction and 3% of transportation projects.
According to IDTechEX Research analysis, the proportion of the construction industry is expected to increase in 2024, with the application proportion expected to double from before, approaching 12%.
By 2029, the proportion of construction will reach nearly 18%, and the transportation sector will also increase to 5%, while the proportion of traditional oil and gas sectors will decrease to 41%. Construction and emerging sectors will become the main consumer drivers.
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