Global Silica Aerogel Market Overview
Aerogel is a poor conductor of heat and this makes it good thermal insulator. This characteristic of silica allows the industries to adopt its derivatives such as silica aerogel for various industrial applications. Some of the major properties of silica aerogel such as high thermal resistance and convection inhibition are making it efficient at elevated temperatures. New opportunities are arising in the aerogel industry owing to spiked demand of high quality thermal insulators in various industries across the globe. There has been a significant progress which has been observed such as research and development activities related to aerogel in order to develop efficient and low cost aerogel derivatives.
Rapid growth in semiconductors industries on account of increasing penetration of compact electronic devices and technological advancements in imaging devices are the major driving factor for silica aerogel market. Moreover, rising demand for silica aerogel in developing nations owing to increasing infrastructure in industrial processes are some of the key factors anticipated to expand the market growth for the silica aerogel in near future.
Silica aerogel is the most widely used aerogel in industrial processes. The property of solidity and high strength makes it more advantageous in building and construction sector. The wide scale application of silica aerogel in aerospace industry is fostering the growth of silica aerogel market globally. It is effective to absorb infrared radiations which are beneficial to build solar houses. Likewise, high value of absorption of silica aerogel is making the most demanding material in chemical industries across the globe. Technological advancements in optics and light guides sector is expected to spur the demand for silica aerogel due to its high surface area and porosity of material.
Market size and forecast
The global silica aerogel market is predicted to register a modest CAGR over the forecast period i.e. 2016-2023. The market for silica aerogel was valued at USD 415.3 Million in 2015. Growing demand for silica aerogel due to its high thermal resistivity in architectural and aerospace applications is anticipated to propel the growth of silica aerogel industry in future.
North-America silica aerogel market is estimated to grow significantly over the forecast period. The region stood at first position in the global silica aerogel market with a contribution of around 64% in 2015. Rapid development in aerospace industry has strengthened the North America silica aerogel market over the past few years. Increasing demand for high grade and advanced thermal insulators such as silica aerogel in aerospace industry is contributing the largest share in overall revenue.
On the other hand, Europe is expected to be the second largest revenue contributor in worldwide silica aerogel market anticipated to register a CAGR of 21.5% over the forecast period. The market in the region is majorly driven on the back of introduction of government policies such as (Energy Efficiency Directive) in order to adopt efficient silicates. Shifting towards eco-friendly materials is likely to propel the demand for silica aerogel in near future.
Our in-depth analysis segmented the global silica aerogel market in the following segments:
Global Silica Aerogel Market is further classified on the basis of region as follows:
Growth Drivers and challenges
Increasing power sector across the globe is creating a demand for high value insulators in terms of quality and grade. The property of high thermal insulation and poor thermal conduction of silica aerogel is swelling the demand of these types of aerogel in power sector for the purpose of insulation. Moreover, rising demand for water proofing materials in building and construction sector in order to build modern infrastructure is expected to uplift the silica aerogel market in near future. Increasing demand for fuels from commercial and consumers end is contributing towards the expansion of oil and gas industry across the globe. The expansion of end-use industries is uplifting the demand for high grade insulators such as silica aerogels in order to operate efficiently, thus further expanding the growth of the market. In addition to this, factors such as wide scale application of silica aerogel in aerospace industry and presence of stringent regulations on the use of toxic insulators in order to maintain environmental figures are prompting the demand for silica aerogel all over the world. Various chemical industries are increasing the demand for silica aerogel on the back of its high absorption rate and high surface area.
However, high cost of silica which is further increasing the cost of its derivative, silica aerogel and high cost associated with the preparation of silica aerogel are some of the factors likely to inhibit the growth of silica aerogel market in near future. Conversely, complexities present in the preparation of silica aerogel are hampering the growth of silica aerogel market globally.
The key vendors of silica aerogel market are as follows:
Scope and Context
Overview of the Parent Market
The Global Silica Aerogel Market is segmented as follows:
Supply and Demand Risk
Porter’s Five Force Model
Geographical Economic Activity
Key Players (respective SWOT Analysis) and their Strategies and Product Portfolio
Recent Trends and Developments
Industry Growth Drivers and Challenges
Key Information for Players to establish themselves in current dynamic environment
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