The global aerogel blanket market is expected to post a CAGR of nearly 19% during the period 2019-2023, according to the latest market research report by Technavio.
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Technavio has published a new market research report on the global aerogel blanket market from 2019-2023. (Graphic: Business Wire)
A key factor driving the growth of the market is the growing adoption of aerogel blankets in construction sector. Over the past few years, there have been growing concerns regarding greenhouse gas emissions caused by thermal insulation materials used in residential and commercial construction. In countries such as the US, China, and EU member states, the adoption of stringent directives and regulations to reduce emissions from buildings has aided the shift from traditional thermal insulation materials such as cork and mineral wool to aerogel blankets. Moreover, aerogel blankets used as insulation material in buildings helps in the reduction of wall thickness, thus, improving the space efficiency of buildings.
As per Technavio, the rising adoption of flexible aerogel blankets in cryogenics will have a positive impact on the market and contribute to its growth significantly over the forecast period. This global aerogel blanket market 2019-2023 research report also analyzes other important trends and market drivers that will affect market growth over 2019-2023.
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Global aerogel blanket market: Rising adoption of flexible aerogel blankets in cryogenics
The insulation of cryogenic piping and equipment pose significant challenges to temperature-critical industries such as the oil and gas industry even though cryogenic applications comprise a small portion of industrial insulation. The operation of liquefaction and regasification in LNG facilities involves extremely low temperatures at below minus 165°C. Flexible aerogel blankets are the preferred insulation material for LNG piping and equipment owing to the excellent insulation offered at cryogenic temperatures.
“During the transport and installation of equipment, aerogel blankets enable the pre-insulation of LNG piping and equipment while offering considerable protection from physical and thermal shock. Furthermore, the flexibility of the blanket material removes the need for contraction joints in LNG piping. The removal of contraction joints also significantly reduces labor and installation costs for LNG pipelines. Thus, the cryogenic applications of aerogel blankets will result in their increased adoption in the oil and gas sector during the forecast period,” says a senior analyst at Technavio for research on plastics, polymers, and elastomers.
Global aerogel blanket market: Segmentation analysis
This market research report segments the global aerogel blanket market by end-user (energy; construction; aerospace, automotive, and marine; and others) and geographical regions (APAC, EMEA, and the Americas).
The energy segment held the largest market share in 2018, accounting for nearly 80% of the market. This end-user segment is expected to dominate the global market throughout the forecast period.
The Americas led the market in 2018 with a market share of nearly 52%. This region is expected to dominate the market through 2023, however there will be a decrease in its market share.
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Five Forces Analysis
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