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.
Environment-friendliness, large base of end-use applications, and superior thermal insulation and lighter alternative are the factors that drive the growth of the market.
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In terms of application, the silica aerogel market has been segmented into oil and gas, building insulation, industrial insulation, aerospace and defense, transportation and others. Oil and gas industry was globally the largest application area of silica aerogel, in terms of value and volume in 2015. The oil and gas industry accounted for approximately 38.3% (in terms of volume) and 38.7% (in terms of value) of the global silica aerogel industry in 2015. Building insulation is expected to witness the fastest growth during the forecast period. This growth is propelled by increasing awareness for reducing carbon emission and growing demand for green buildings.
North America accounted for 57.1% (in terms of volume) and 58.3% (in terms of value) of the global silica aerogel market in 2015. The U.S. was the largest silica aerogel consumer in North America, accounting for 75.1% (in terms of volume) and 74.7% (in terms of value) in 2015. The regional growth is propelled by the research and development programs going on in the field of silica aerogel. NASA, along with industry partners, has explored the use of different types of aerogel for multiple applications. With financial assistance from NASA's Fundamental Aeronautics Program (Hypersonics and Subsonic Fixed Wing Projects) and the Exploration Systems Mission Directorate, NASA's Glenn Research Center has developed two methodologies that transform the aerogel technology.
Additionally, superior thermal insulation and light weight of silica aerogel makes its apt for application in high end and capital industries such as aerospace, defense, and oil and gas industries. Major players in the silica aerogel market are working on technological advancement to reduce the manufacturing cost and make it commercially viable for application in textile, daylighting, domestic housing solutions.
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The silica aerogel market is driven by the use of eco-friendly materials. Environment-friendly raw materials are used for manufacturing silica aerogel materials. Silica aerogel materials are similar to natural-occurring minerals (silicates are abundantly available minerals on Earth) and they don’t emit or possess harmful chemicals. Silica aerogel sponges are recyclable, which signifies their cost-effectiveness and eco-friendly nature. These features are increasing its usage in various industries such as aerospace, oil & gas, electronics, healthcare, electronics and building insulation.
The key companies operating in the 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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