Silica Aerogel Market Global Research Report: By Form (Blanket, Panel, Monolith, Others), The Application (Oil & Gas, Building Insulation, Industrial Insulation, Aerospace & Defense, Automobile And Others) – Forecast Till 2027
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Silica Aerogel Market Analysis
Silica aerogel is used in various applications such as building insulation, oil and gas, automobile, industrial insulation, and aerospace among others. The growing consumption in the developing region across the globe are the major factors contributing to the global market of silica aerogel.
The increasing government investments in the construction has augmented the use of building insulation, in turn, fuelling the market growth. Among the various application sector, oil and gas is the dominant segment and is expected to show the same trend during the forecast years.
The oil and gas end-use segment is leading the market and is expected to show a considerable CAGR during the assessed years. The growing oil and gas activities across the globe has fuelled the use of silica aerogel owing to its excellent thermal insulating properties. Silica aerogel is extensively used in gas processing units, refineries, subsea piping, and others.
The growing oil and gas activities in harsh climates have increased the demand for excellent thermal insulation, in turn, adding to the market growth.
Top Key Players
Some of the prominent players operating in the global silica aerogel market are BASF SE (Germany), The Dow Chemical Company (U.S.), Cabot Corporation (U.S.), Aspen Aerogels Inc. (U.S), Aerogel Technologies (U.S.), JIOS Aerogel Corporation (Korea), Svenska Aerogel Holding AB (Sweden), CF Technologies (U.S.), and Ocellus Inc (U.S.) among others..
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The global silica aerogel market is spanned across five key regions: Europe, Latin America, Asia Pacific, North America, and the Middle East & Africa. Among these, Asia Pacific holds a considerable portion of the market and is anticipated to grow rapidly during the forecast period.
The demand from developing end-user industries in the region such as construction and automotive is expected to fuel the market growth. The key countries attributing to the growth of the silica aerogel in this region are China and India.
North America is the dominant region in the global silica aerogel market. The developed end-use industries coupled with the growing adoption rate are the major factors fuelling market growth. Additionally, the shale gas boom in the region has surged the oil and gas related activities in the region, which, in turn, is fuelling the growth of the silica aerogel market.
The major countries attributing to this growth are Canada, and the U.S. European market of silica aerogel is mainly driven by the developed automobile and construction. Moreover, the increasing use of silica aerogel in the oil and gas sector is also impacting the market growth, positively.
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Please note that the assessment period of report has been updated from 2017-2023 to 2020-2027. Cordially fill Sample
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Synopsis of Silica Aerogel Market
Aerogels are a synthetic ultra-light material derived from gel, where the liquid component of the gel is
replaced with gas. Aerogel can be of many types such as silicon, carbon, and polymers among others. Silica
aerogels are most extensively used, which are derived by a modified stober process. Silica aerogel possesses a
number of properties such as enhanced thermal insulation, cost-effective, and recyclable. Therefore, it is used
in many end-user industries such as oil & gas, building insulation, aerospace & defense, and transportation.
The growing demand from the end-user industries is driving the growth of the global silica aerogel market. The growing
industrialization and urbanization in the developing regions across the globe is expected to boost the market growth
during the forecast period. Moreover, 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 silica aerogel in the energy sector.
The oil and gas segment dominated the global market in 2016 and is expected to continue the dominating
over the forecast period 2017-2023. Excellent thermal insulations properties of silica aerogel facilitate its use
in the oil and gas industry.
The Global Silica Aerogel Market Share by Application
Source: MRFR analysis
The silica aerogel market is segmented across five regions: Europe, Latin America, Asia Pacific, North America,
and the Middle East & Africa. Asia Pacific is the fastest growing market. North America is the second leading
Silica Aerogel Market Glo