Silica Aerogel Market Analysis
The global silica aerogel market is likely to grow at a healthy CAGR between 2017- 2023, reveals the new Market Research Future (MRFR) report. Silica aerogel or frozen smoke is a synthetic, translucent solid-state substance which possesses excellent thermal insulating properties and extremely low density. This is generally produced by substituting the gel’s liquid element with gas in high temperatures.
For its high surface area and lightweight, silica aerogel has a wide range of applications in different commercial and industrial applications worldwide, such as aerospace, automotive, industrial insulation, building insulation, oil and gas, to name a few. In the aerospace sector, it is used to manufacture spacesuits and wetsuits, in the construction sector it is used as a wall insulator and superlight concrete, and it also serves as a vital component in the manufacturing of vehicles, spacecraft, and fire suits owing to its excellent thermal insulation property.
Numerous factors are adding to the global silica aerogel market growth. Such factors, as revealed by the latest MRFR report, include rising adoption in various end use industries such as building insulation, electronics, healthcare, aerospace, oil and gas, and others, innovations and advancements in materials, its adoption in new applications especially power generation, agriculture, and apparel, growing globalization, availability of raw materials in abundance, and its excellent properties such as high insulation.
On the contrary, poor mechanical properties and high production costs are factors that may impede the silica aerogel market growth over the forecast period.
Silica Aerogel Market Segmentation
The Market Research Future Report provides an inclusive segmental analysis of the global silica aerogel market based on end use industry and form.
By form, the silica aerogel market is segmented into panel, monolith, blanket, and others. Of these, the blanket segment will lead the market over the forecast period.
By application, the silica aerogel market is segmented into aerospace, automotive, industrial insulation, building insulation, oil and gas, and others. Of these, oil and gas will dominate the market over the forecast period.
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Silica Aerogel Market Regional Analysis
By region, the global silica aerogel market covers the growth opportunities and recent trends across Europe, North America, the Asia Pacific (APAC), and the Middle East and Africa (MEA). Of these, the APAC region will spearhead the market over the forecast period for the burgeoning demand from the automotive and construction sector. India & China are the key contributors in the region. Besides, increased focus by emerging players on research and development is also adding market growth.
The global silica aerogel market in North America is predicted to have significant growth over the forecast period for its increasing adoption rate and developed end use industries. Besides, the boom in shale gas has increased the region’s oil and gas related activities that in turn are boosting the market growth. The US and Canada are the key contributors in the region. Increasing use in the oil and gas sector, growing automobile and construction sector, strong consumer awareness, and strong foothold of leading industry players are also boosting the market growth.
The silica aerogel market in Europe will have a healthy growth over the forecast period while that in the MEA is predicted to have stable growth over the forecast period.
Leading players profiled in the global silica aerogel market report include Ocellus Inc (U.S.), CF Technologies (U.S.), Svenska Aerogel Holding AB (Sweden), JIOS Aerogel Corporation (Korea), Aerogel Technologies (U.S.), Aspen Aerogels Inc. (U.S), Cabot Corporation (U.S.), The Dow Chemical Company (U.S.), and BASF SE (Germany). Industry players have incorporated several strategies to stay head and shoulders above others in the competition and also cater to the growing needs of customers. These strategies comprise mergers and acquisitions, strategic alliances, extensive research and development activities, contracts, new product launch, partnership, and collaborations, among others.
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