Wellesley, Mass. – The thermal and acoustic insulation sector accounted for 82.3% of all revenues in 2012 and shows the most potential growth with a five-year compound annual growth rate (CAGR) of 20.2% from 2012 through 2017. Sales of aerogels for this sector were generated primarily by their utilization in industrial insulation.
The global market for aerogel-based products increased from $85.1 million in 2010 to $110.5 million in 2011, and is estimated to be valued at $137.5 million in 2012. After declining from 2008 to 2009 due to the global economic downturn, sales of aerogel products rebounded, growing at a CAGR of 27.1% during the 2010-2012 period.
Through 2017, high unit prices will remain a major factor that will negatively affect mass commercialization of these materials; while over the shorter term, weak global economic conditions will continue to affect several sectors in which aerogels find application. Overall, however, sales of aerogel products are projected to continue growing at a very healthy rate during the next five years, driven by increasing demand for high-performance thermal insulation, the continued expansion of the green-building market, more stringent environmental and energy saving regulations, and greater utilization of aerogels in healthcare, personal care, energy, and emerging applications.
As a result, the total market for aerogel products is forecast to grow at a compound annual growth rate (CAGR) of 19.3% from 2012 through 2017, reaching global revenues of $332.2 million by 2017.
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Publish Date: January 2013
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