The global silica aerogel market was valued US$ 8.23 Bn in 2019 and is expected to reach US$ 13.45 Bn by 2027, at a CAGR of 9.8% during a forecast period.
Global Silica Aerogel Market
Market Definition:
Silica aerogels are defined as colloidal silica present in the form of fine lightweight material obtain from gel where the liquid constituent of the gel is substituted with gas. mainly used as thermal protection particularly at lower temperatures.
The report study has analyzed the revenue impact of COVID-19 pandemic on the sales revenue of market leaders, market followers, and disrupters in the report, and the same is reflected in our analysis.
Market Drivers and Restraints:
The global silica aerogel market is expected to record significant growth during the forecast period. High demand for urbanization and infrastructure construction industries are expected to witness significant growth, which is attracting the manufactures and clients to use the silica aerogel for glass making optics, imaging devices and others, and widely accepted for removal of heavy metals owing to high porosity and high surface area expected to drive the silica aerogel market. Development and huge demand for automotive products by the population have broadened the demand for glass on a large scale will simultaneously drive the global silica aerogel market growth across the globe. The popularity of silica aerogel in the market for different sectors as per application is boosting the market growth. Ongoing construction projects across developing economies will demand high thermal stability hence building insulation demand from aforementioned industry considered as another growth driver for the market.
Moreover, fluctuation in the availability of raw materials and the cost of the products are expected to hamper the market growth in the coming years. Stringent government regulation on the use of silica is another factor which is pulling the global silica aerogel market growth.
Silica Aerogel Market Segment analysis:
By the application segment, oil and gas sub-segment is expected to dominate the silica aerogel market currently and in the future. Silica aerogel functions as an insulator for oil and gas industry hence the segments have registered the largest market share in the year 2019. Approximately, 45% of the total market share is documented by oil and petrochemical industries owing to the properties like low heat conductance and chemical inertness making this product ideal choice for the pipe insulation and protection in petrochemical industries. Additionally, silica aerogel is used in gas processing plants, subsea piping and refineries in oil and gas industries. Moreover, the technological machinery progress in petrochemical industries is expected to contribute in the global silica aerogel market by the end of 2027. Furthermore, the government initiative and huge spending for the new oil and gas plant in developed and developing economies with huge involvement of vendors engaged in the segment is helping the overall silica aerogel market globally.
Silica Aerogel Market Regional Analysis:
Regionally, Asia Pacific is expected to dominate the silica aerogel market and is expected to grow at a CAGR of X.23 % during the forecast period. Developing regions like India, China, and Japan are considered major contributors for the silica aerogel market growth in the Asia Pacific region. Rapid urbanization and huge source to obtain raw material is attracting all the small and large-scale vendors to invest in the market is boosting the growth across the region.
North America held the second largest market for silica aerogel after APAC at a noticeable CAGR of 7.21% during the base year. Vast application in chemicals, aerospace, defence, automotive is helping silica aerogel market to grow during forecasted period.
The objective of the report is to present a comprehensive analysis of the Global Silica Aerogel Market including all the stakeholders of the industry. The past and current status of the industry with forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that includes market leaders, followers, and new entrants. PORTER, SVOR, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers.
The report also helps in understanding Global Silica Aerogel Market dynamics, structure by analyzing the market segments and project the Global Silica Aerogel Market size. Clear representation of competitive analysis of key players by Application, price, financial position, Product portfolio, growth strategies, and regional presence in the Global Silica Aerogel Market make the report investor’s guide.
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Scope of Silica Aerogel Market
Global Silica Aerogel market, By Form
• Monolith
• Blanket
• Panel
• Others
Global Silica Aerogel market, By Application
• Building Insulation
• Oil & Gas
• Aerospace
• Automobile
• Healthcare
• Defence
• Other
Global Silica Aerogel Market, By Region
• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa
Key Players Operating the Silica Aerogel Market,
• Green Earth Aerogel Technologies
• Guangdong Alison Hi-Tech
• Jios Aerogel Corporation
• Insulgel High-Tech
• Guizhou Aerospace
• Aspen Aerogels
• Cabot Corporation
• Aerogel Technologies
• Nano High-Tech
• Active Aerogels
• Enersens
• Dow Chemical Company
• BASF SE
• Svenska Aerogel Holding AB
• Ocellus Inc
• Maero Tech Sdn Bhd
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