Silica Aerogel Market: Comprehensive Insights, Rising Demand, Technological Innovations and Regional Outlook end of 2023
Global Silica Aerogel Market is segmented into form such as monolith form, blanket form, article form and panel form. Among these segments, blanket form segment accounted for the dominating segment in overall silica aerogel market and is projected to garb a considerable CAGR in near future. Likely, increasing adoption of silica aerogel by various industries such as oil and gas, automotive and others is propelling the market of silica aerogel across the globe. In addition to this, increasing adoption of environmental friendly products is also predicted to foster the growth of silica aerogel market.
Global silica aerogel market is anticipated to mask a noteworthy CAGR during the forecast period i.e. 2016-2023. Moreover, the global silica aerogel market accounted revenue of USD 415.3 Million in 2015. Additionally, the market is riding on the back of spiked growth in construction and aerospace industry.
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The electronics segment by application is projected to seize a robust CAGR over the forecast period. Moreover, the growth of aerospace segment is attributed to the growing demand high grade and advanced thermal insulators such as silica aerogel. In terms of regional platform, North America and Europe region are the prominent regional markets of silica aerogel. With 64% share, North America region captured the largest market of silica aerogel in 2015.
Moreover, swift development in aerospace industry in this region is pushing the demand for silica aerogel. Europe silica aerogel market is projected to grasp a CAGR of 21.5% over the forecast period. Apart from this, Asia-Pacific region is believed to be the most lucrative market of silica aerogel owing to emerging economies such as India and China.
Rising Government Initiatives
Favorable government policies in order to adopt efficient silicates due to their numerous properties such as light weight and others is believed to fuel the growth of silica aerogel market. For instance, government policies such as Energy Efficiency Directive are encouraging the consumers to adopt silica aerogel. This factor is projected to foster the growth of silica aerogel market.
Growing Power Sector
Expansion of power sector has augmented the demand for high value insulators in terms of quality and grade and property of high thermal insulation and poor thermal conduction of silica aerogel are anticipated to impel the growth of silica aerogel market by the end of 2023. Moreover, various properties of silica aerogel such as high strength, light weight, high absorption rate and high surface area are attracting the consumers which are believed to flourish the growth of silica aerogel market. On the contrary, high cost associated with silica is expected to dampen the growth of silica aerogel market throughout the globe.
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 Aerogel Technologies, Cabot Corporation, Dow Corning Corporation, Aspen Aerogels, Inc., NanoPore Incorporated, JIOS Aerogel, Active Space Technologies, Guangdong Alison Hi-Tech, Insulgel High-Tech, Enersens Aerogels.
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.
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