Silica Aerogel Market

Analysis by Form (Monolith, Blanket, Article, and Panel); by Process (Virgin, and Fabricated); and by Application (Oil & Gas, Automotive, Building Installation, Chemical, Aerospace & Defense, Electronics and Others) – Global Supply & Demand Analysis & Opportunity Outlook 2022-2031

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Report ID: 250 | Published On: Feb 13, 2023
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Major Macro-Economic Indicators Impacting the Market Growth

Silica Aerogel Market Share

The chemical industry is a major component of the economy. According to the U.S. Bureau of Economic Analysis, in 2020, for the U.S., the value added by chemical products as a percentage of GDP was around 1.9%. Additionally, according to the World Bank, Chemical industry in the U.S. accounted for 16.43% to manufacturing value-added in 2018. With the growing demand from end-users, the market for chemical products is expected to grow in future. According to UNEP (United Nations Environment Program), the sales of chemicals are projected to almost double from 2017 to 2030. In the current scenario, Asia Pacific is the largest chemical producing and consuming region. China has the world’s largest chemical industry, that accounted for annual sales of approximately more than USD 1.5 trillion, or about more than one-third of global sales, in recent years. Additionally, a vast consumer base and favorable government policies have boosted investment in China’s chemical industry. Easy availability of low-cost raw material & labor as well as government subsidies and relaxed environmental norms have served as a production base for key vendors globally. On the other hand, according to the FICCI (Federation of Indian Chambers of Commerce & Industry), the chemical industry in India was valued at 163 billion in 2019 and it contributed 3.4% to the global chemical industry. It ranks 6th in global chemical production. This statistic shows the lucrative opportunity for the investment in businesses in Asia Pacific countries in the upcoming years.

Silica Aerogel Market Forecast
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Global Silica Aerogel Market: Growth Drivers and Challenges

Growth Drivers

  • Rapid Growth of the Semiconductor Industry Worldwide - By 2030, the semiconductor industry is expected to reach a global market value of around USD 1 trillion. The sales of semiconductor devices accounted for approximately USD 590 billion in the year 2021. The compact size and high integration of semiconductor devices have resulted in numerous issues, such as, radio frequency delays, heat generation, and electromagnetic interference. To overcome such types of issues, low dielectric constant materials, such as, silica aerogel is used to make the interlayer dielectrics in semiconductor nanodevices.
  • Rapid Growth in the Construction Sector - For instance, Indian construction equipment sector is projected to grow at a compound annual growth rate of 6% until 2023. By 2025, India is projected to be the third largest construction market in the world. 
  • Infrastructure Development in Industrial Processes - During the first half of 2021-22, the industrial sector grew by 22% and is expected to grow by 11% this year. The Index of Industrial Production (IIP) has shown improvement, reflecting development in industrial performance. As compared to April-November 2020-21, the IIP grew at 17% during April-November 2021-22.   
  • Rising Trade of Insulating Glass Windows - Based on statistics from the International Trade Center (Trademap), the value of exports of multiple-walled insulating units of glass in United States in the year 2021 totaled USD 188,760 thousand, a significant increase from USD 177,189 thousand the year before.


  • High Production Costs for Silica Aerogels and Complexities Involved in the Preparation of Product
  • Inadequate Mechanical Properties
  • Low Adoption of Silica Aerogel due to Lack of Consumer Awareness 


The global silica aerogel market is segmented and analyzed for demand and supply by form into monolith, blanket, article, and panel. Among these segments, the blanket segment is anticipated to capture the largest market size in the global silica aerogel market owing to the expansion of the oil and gas industry and higher consumption of petrol and gas in various regions. For instance, India's petroleum consumption in Financial Year 2022 was nearly 200 MMT. Natural gas consumption in India is expected to grow by 24 BCM by 2024, growing at an average rate of 8% each year. In 2030, India plans to raise its refining output to 500 million tons. In the oil and gas industry, aerogel blankets are used to improve the insulation of deep-sea pipes and pipelines in order to lower production costs, increase pipeline compression resistance, and reduce steel usage in construction. Furthermore, aerogel insulators are hydrophobic, mechanically strong, and exhibit exceptional thermal properties. As aerogel blankets have a flexible physical structure, they can be cut and modified to meet specific requirements in a variety of industries, including construction, automotive, marine, and aerospace. Thus, widespread utilization in various end use industries is also expected to drive segment growth during the forecast period. 

Global Silica Aerogel Market Regional Synopsis

Regionally, the global silica aerogel market is studied into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. Amongst these markets, the market in North America is projected to hold the largest market share by the end of 2031 owing to rapid growth and increasing revenues in the aerospace & defense (A&D) industry. For instance, the A&D industry sales in the United States contributed to a combined economic value of USD 380 billion, which represents 1.5% of the U.S. gross domestic product. Over USD 88 billion worth of A&D exports were exported from the U.S. in 2020, which accounted for about 6% of all domestic exports. Moreover, as a result of the growing use of silica aerogel products in automotive and marine applications in the region, along with an increase in thermal insulator demand and a shift towards eco-friendly materials, the silica aerogel market in the region is anticipated to grow during the forecast period.

Silica aerogel Market Regional

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The global silica aerogel market is further classified on the basis of region as follows:

  • North America (U.S. & Canada) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
  • Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
  • Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC (Finland, Sweden, Norway, Denmark), Ireland, Switzerland, Austria, Poland, Turkey, Russia, Rest of Europe), Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
  • Asia-Pacific (China, India, Japan, South Korea, Singapore, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
  • Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook

Market Segmentation

Our in-depth analysis of the global silica aerogel market includes the following segments:

By Form

  • Monolith Form
  • Blanket Form
  • Article Form
  • Panel Form

By Process

  • Virgin Process
  • Fabricated Process

By Application

  • Oil & Gas
  • Automotive
  • Building Installation
  • Chemical
  • Aerospace & Defense
  • Electronics
  • Others

Silica Aerogel Market Overwiew
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Top Featured Companies Dominating the Global Silica Aerogel Market

    • Cabot Corporation
      • Company Overview
      • Business Strategy
      • Key Product Offerings
      • Financial Performance
      • Key Performance Indicators
      • Risk Analysis
      • Recent Development
      • Regional Presence
      • SWOT Analysis
    • American Aerogel
    • Aspen Aerogels, Inc.
    • CF Technologies, Inc. 
    • JIOS Aerogel Pte Ltd
    • Guangdong Alison Hi-Tech Co., Ltd.
    • BASF SE
    • The Dow Chemical Company

In The News

  • January 11, 2022: Cabot Corporation recently mentioned that silica aerogel from its product line was used in renovating Mathildenhöhe, a colony of artists in Darmstadt, Germany. The site was recently inscribed on the UNESCO World Heritage List.  

  • April 03, 2019: BASF SE and Aspen Aerogels, Inc. announced the expansion of their strategic partnership by signing a supply agreement amendment. This amendment addressed the production and supply of a high-performance, noncombustible thermal insulation product.

Global Economic Impact

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Despite Inflation & Fearing Recession, Businesses Across the Globe Expected to Do Better in 2023:

In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.

Key Questions Answered in the Report

1) What are the major factors driving the growth of the silica aerogel market?

Ans: Rising installation of solar panels in homes along with widespread use in various end use industries such as aerospace, construction and semiconductor are the major factors driving the growth of the silica aerogel market.

2) What would be the CAGR of silica aerogel market over the forecast period?

Ans: The market is anticipated to attain a CAGR of ~8% over the forecast period, i.e., 2022 – 2031.

3) What are the challenges affecting the silica aerogel market growth?

Ans: The high production costs for silica aerogels coupled with complexities involved in the preparation of product are the challenges affecting the market growth.

4) Which region will provide more business opportunities for growth of silica aerogel market in future?

Ans: The market in North America is projected to hold the largest market share by the end of 2031 and provide more business opportunities in the future.

5) Who are the major players dominating the silica aerogel market?

Ans: The major players in the market are Cabot Corporation, American Aerogel., Aspen Aerogels, Inc., CF Technologies, Inc.JIOS Aerogel Pte Ltd, ENERSENS SAS, Guangdong Alison Hi-Tech Co., Ltd., BASF SE, The Dow Chemical Company, and others.

6) How are the company profiles selected?

Ans: The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.

7) What are the segments in the silica aerogel market?

Ans: The market is segmented by form, process, application, and by region.

8) Which segment captures the largest market size in form segment in the silica aerogel market?

Ans: The blanket segment is anticipated to garner the largest market size by the end of 2031 and display significant growth opportunities.

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