Silica Aerogel Market Worth 1.07 Billion USD by the end of 2024, Growing at a CAGR of 30% during 2018-2024.

March 18 15:54 2019

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The report on “Silica Aerogel Market” helps you to understand the market size, growth, trends, major company’s performance data and market opportunities.

Silica Aerogel Market Overview:

Aerogels are a synthetic ultra-light material that are derived from gel, where the liquid component of the gel is replaced with gas.  Aerogels can be of several types such as silicon, carbon, and polymers among others. Silica aerogels are the most extensively used of the lot and are derived by a modified process. It possesses a number of properties such as enhanced thermal insulation, cost-effectiveness and recyclability. Though found in the solid state usually, it is extremely porous and lightweight in nature and consists of low thermal conductivity features, which make it an ideal insulation material.

What is the Size of Silica Aerogel Market Size?

The Global Silica Aerogel Market was valued at USD 0.12 billion in 2016 and will reach 1.07 Billion USD by the end of 2024, growing at a CAGR of 30% during 2018-2024.

 

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Silica Aerogel Market Segmentation Analysis:

Silica aerogel is used in many end-user industries such as oil & gas, building insulation, aerospace & defence and transportation. The industry faces serious challenges from high production cost and poor mechanical strength. On the basis of the form, the market is segmented into blanket, monolith, panel, and others. However, the adoption of aerogel in newer applications, such as apparel, agriculture, and power generation, is expected to foster the market growth, during forecast period. The market is broadly divided into oil & gas, building insulation, industrial insulation, automotive, aerospace, and others.

Silica Aerogel Market Growth Drivers and Restraints:

The growing demand from various end-user industries is driving the growth of the global silica aerogel market. Global industrialization and urbanization in the developing regions across the globe, coupled with the growing energy demand has boosted the oil and gas sector, which, in turn, is adding to the growth of the market. The global silica aerogel is expected to grow at an expanding CAGR on account of increasing application of this product especially in the energy sector in the near future.

 

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Silica Aerogel Market Geographical Analysis:

Geographically, the market is spread across North America, Europe Asia Pacific and LAMEA.  Consumption of the silica aerogel in North America was the highest, owing to increasing demand in the oil & gas and construction applications. Further, with funding and research extensively by the government, North America has been cannibalizing the market in recent years. Europe too is one of the fastest growing regions, accounting for a high CAGR of 34.7% in the market across the globe.

Some of the Leading Manufacturers Covered in this Silica Aerogel Market Report are: Aspen Aerogel Inc., American Aerogel Corporation, Svenska Aerogel AB, BASF SE, Cabot Corporation, Dow Corning Corporation, Airglass AB, JIOS Aerogel, Active Aerogels, and Acoustiblok UK Ltd.

 

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