Increasing Industrialization in Growing Economies is Likely to Foster the Growth of Global Silica Aerogel Market, according to our research report Global Silica Aerogel Market Outlook 2023.
Global silica aerogel market is segmented into form type such as blanket, article, monolith and panel. Among these segments, blanket form silica aerogel is the most widely used form in overall form segment of silica aerogel. The demand for blanket form silica aerogel is rising in chemical industries on account of its high absorption rate and large surface area. The global silica aerogel market is anticipated to register a modest CAGR over the forecast period i.e. 2016-2023. Moreover, the market of silica aerogel was valued at USD 415.3 Million in 2015. Rising industrialization in growing economies across the globe has fostered the growth of the market.
The North-America silica aerogel market is estimated to register a CAGR of 17.5% over the forecast period. Moreover, the market accounted for the largest revenue share of 64% in 2015 in overall silica aerogel market across the globe. Increasing demand for high grade and advanced thermal insulators such as silica aerogel in aerospace industry is contributing the largest share in overall revenue.
High value properties of Silica Aerogel:
Properties of silica aerogel such as high thermal resistance, opacity, high absorption rate and irradiative nature, etc. are beneficial for various industries across the globe. Increasing demand for high grade insulators in electronics and power generation industry is driving the market for silica-aerogel globally. Moreover, wide scale application of silica-aerogel making it one of the demanded materials for industrial applications.
Rapid Growth in Aerospace Industry:
Increasing demand for high grade and advanced thermal insulators such as silica aerogel in aerospace industry is propelling the demand for silica aerogels globally. Requirement of silica aerogel in large quantity in aerospace industries on account of wide application of silica aerogel is one of the major driving factors for the market of silica aerogel. Various new missions for mars and rapid construction of space crafts is expected to further bolster the demand for silica aerogels in near future.
On the other hand, complexities present in the preparation of silica aerogel are hampering the growth of silica aerogel market globally.
The report titled “Global Silica Aerogel Market Outlook 2023” delivers detailed overview of the Global Silica Aerogel Market in terms of market segmentation by form type, by process type, by application.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.
This report also provides the existing competitive scenario of some of the key players of the global silica aerogel market which includes company profiling of Cabot Corporation, Dow Corning Corporation, American Aerogel Corporation, Aspen Aerogels, Inc., etc. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global silica aerogel market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.