The Global Silica Aerogel Market is anticipated to be driven by growing industrial demand and benefits over conventional insulating materials, according to our research report
The global Silica Aerogel market is segmented by form into blanket, monolith and panel, among others. Among these segments, the blanket form of silica aerogel accounts for the largest market share in terms of revenue. By end user industry, oil and gas sector dominates the global market in terms of revenue share.
The market of silica aerogel accounted for USD 124 Million in 2016 and further the market is predicted to register a high CAGR of 30% over the forecast period i.e. 2016-2024. The North America market for silica aerogel is the largest in terms of revenue, on account of rising popularity and wide scale industrial application. Asia Pacific and European regions are expected to witness high growth during the forecast period, owing to rising industrial demand for aerogel in these regions.
Rising industrial applications of Silica Aerogel: Major Boost
Properties of silica aerogel like strength, flexibility, high thermal insulation and lightweight make them good alternatives to conventional insulating materials used. These materials are finding increasing industrial applications owing to these benefits, thereby propelling growth in the market. Research and innovation in the product further augment demand. However, production costs continue to hinder market growth globally.
Rising demand of Silica Aerogel: Uplift
Silica aerogel is finding increasing applications across various industries like oil and gas, construction, etc. Rising demand in developing countries and regions with booming industrial sectors is propelling growth in the market. Environment friendly nature of materials used also adds to their popularity. However, high cost of production, ultimately borne by end users, acts as a restraint to market growth.
“Global Silica Aerogel Market Outlook 2024” contains detailed overview of the global silica aerogel market in terms of market segmentation by form, end use industry and geography.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, market challenges, risk analysis, market attractiveness, BPS (Base Point Scale) analysis, Porter’s five force model and SWOT analysis.
This market report also provides competitive outlook of some of the major players of the global silica aerogel market which includes profiling of companies like 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. The company profiles include business strategy, geographical revenue distribution, major information of the companies which encompasses business outlook, products, services and industries catered, financial analysis of the company and recent developments. Overall, the report represents comprehensive synopsis on 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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