The global silica aerogel market is expected to grow at a CAGR of 31.1% during the forecast period. The major factors driving the growth of the global market include superior thermal insulation and lighter alternative, environment-friendly material and a large base of end-use applications. Additionally, silica aerogel is a potential substitute for conventional insulation materials and its use in fabrication of apparels for low temperature weather has further boosted the demand for silica aerogel.
The raw materials used for manufacturing silica aerogel materials are environment-friendly. Silica aerogel materials are similar to naturally-occurring minerals (silicates are abundantly available minerals on Earth) that do not emit or possess harmful chemicals.
Silica aerogel sponges are recyclable, and therefore, are cost-effective and eco-friendly. These features increase its applicability in various industries such as aerospace, oil & gas, electronics, healthcare, electronics and building insulation.
Most of the conventional insulating materials are non-recyclable and non-biodegradable.
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The report finds that North America has been the largest market for silica aerogel. The ongoing research and development programs are propelling the regional growth in of silica aerogel.
NASA, along with key industry players, has explored the use of diverse types of aerogel for multiple applications. With the financial assistance of NASA's Fundamental Aeronautics Program (Hypersonics and Subsonic Fixed Wing Projects) and the Exploration Systems Mission Directorate, NASA's Glenn Research Center has established methodologies that transform aerogel technology.
Europe is expected to come out as the fastest growing region for silica aerogel during the forecast period. The European market is propelled by the building insulation industry and the European Union's energy efficiency policy mandates for all buildings to cut their energy consumption by 20% (generally known as 20-20-20 energy policy) till 2020.
The key companies operating in the global silica aerogel market include BASF SE, The Dow Chemical Company, Cabot Corporation, Aspen Aerogels, Inc., Aerogel Technologies, LLC, JIOS Aerogel Corporation, Svenska Aerogel Holding AB, MAERO TECH SDN BHD and Ocellus Inc.
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GLOBAL SILICA AEROGEL MARKET SEGMENTATION
- Oil and gas
- Building insulation
- Industrial insulation
- Aerospace and defense
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