Silica Aerogel Market Set to Record Rapid Growth at 22.6% CAGR During the Forecast Period, 2018 - 2023 | Million Insights

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Aug 21, 2019, 06:20 ET

FELTON, California, Aug. 21, 2019 /PRNewswire/ -- Global Silica Aerogel Market is anticipated to grow considerably in the forecast period owing to the growing demand from several end-use industries like building & construction, oil & gas, automotive, aerospace, performance coating and marine. Aerogel is the synthetic ultra-light material derived from gel, where the liquid element of the gel is replaced with gas.

Silica aerogels are the most common type of aerogel varieties. It is a nanostructured material with high specific surface area, low density, low dielectric constant, high porosity, and excellent heat insulation properties. The different type of aerogels used are carbon, silicon, and polymers, etc. Silica aerogels are most widely used, which are derived by a revised stober process. Silica aerogel hold multiple properties like cost-effective, enhanced thermal insulation and recyclable, due to which it is used in several end-user industries. Owing to these properties, market is projected to rise considerably with a CAGR of 22.6% in the coming years.

The increase in demand from the end-user industries is one of the major driving forces of silica aerogel market. The rising industrialization and urbanization in the emerging nations worldwide is another driving factor for the market. Furthermore, the increasing energy demand has propelled oil & gas sector, which again is expected to affect the growth of the market in the years to come. The emerging economies and changing lifestyle has majorly impelled the growth of construction segment, thereby driving silica aerogel market.

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Silica aerogel is widely used as an insulator for refrigerators, containers and refrigerated vehicles. It is also widely used in textile industry to manufacture aerogel blankets. Silica aerogel is also used as an absorbent in numerous chemical manufacturing industries. The developments in the end-use industries increases the demand for silica aerogel too. Several businesses are focusing on extensive research & developments to develop new applications of silica aerogel, which again increases its use in various industries.

Conversely, cost of silica increases the cost of its derivation and preparation cost of aerogel are few factors constraining the growth of silica aerogel market. In addition, the complexities prevalent in preparation of silica aerogel are obstructing the rise of the market worldwide. The top market players are applying various competitive strategies like new product development, expansion, partnership to sustain in the growing silica aerogel market.

The market is categorized on the basis of raw material, form, application, and geography. Based on raw material, market is divided into silica, carbon, alumina, and others. On the basis of form, the market is divided into blanket, particle/powder, block, and panel. In terms of application, silica aerogel market is classified into building insulation, oil & gas, aerospace, automotive, healthcare, chemical, electronics, apparel, and other. Building insulation segment is projected to hold larger share of silica aerogel market owing to speedy growth of urbanization in emerging countries.

Geographically, the market is segmented as North America, Latin America, Europe, Asia Pacific, and Middle East & Africa. North America is expected to hold larger share of the market owing to the growing research & development activities. The key participants of silica aerogel market are Aspen Aerogel Inc., Airglass AB, Cabot Corporation, Acoustiblok UK Ltd., American Aerogel Corporation, BASF SE, Dow Corning Corporation, JIOS Aerogel, Active Aerogels, and Svenska Aerogel AB.

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Market Segment:

Key Regions

North America
Europe
Asia Pacific
Middle East and Africa
South America

Key Vendors

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Key Questions Answered in this Report

What will the market size be in 2023?
What are the key factors driving the global silica aerogel market?
What are the challenges to market growth?
Who are the key players in the silica aerogel market?
What are the market opportunities and threats faced by the key players?

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