Silica Aerogel Market size was valued at USD 915.1 million in 2023 and is set to cross USD 2.51 billion by 2036, expanding at more than 8.1% CAGR during the forecast period i.e., between 2024-2036. In the year 2024, the industry size of silica aerogel is evaluated at USD 974.4 million.
The growth of the silica aerogel market can be attributed primarily to the rising number of solar installations in homes worldwide. It was observed that solar photovoltaic (PV) installation in the United States increased by 3.8 gigawatts (GW) in Q1 2022, bringing the total to 126 GW of installed capacity, generating enough electricity for ~20 million homes. Also, in 2021, the solar industry contributed over USD 30 billion to the national economy. During the past several decades, manufacturers have adopted aerogels as a means of insulating solar panels in buildings and homes. Silica aerogels are remarkable materials that are transparent, extremely porous, lightweight, and provide unparalleled heat insulation, providing warmth both inside and outside when temperatures soar.
Silica aerogel market is a synthetic nanostructured substance produced from silica gel. It is a good thermal insulator since aerogel is a poor conductor of heat. The specific surface area and porosity of silica aerogels are high, and they possess excellent heat insulation capabilities. Pharmacies and electronics industries find these flexible, and mechanically robust compounds, useful for a wide range of applications. Moreover, increasing renewable energy and power demand around the world is creating a demand for high-quality insulators. In the power sector, silica aerogel is increasingly being used for insulation purposes owing to its high thermal insulation and low thermal conduction properties. For instance, renewable energy is estimated to play a growing role in the power sector by the year 2050, with its share of renewable energy increasing from 22% to 87%, mostly through an increase in solar and wind power generation. As a result, silica aerogel demand is expected to increase during the forecast period.
Growth Drivers
Challenges
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Base Year |
2023 |
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Forecast Year |
2024-2036 |
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CAGR |
8.1% |
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Base Year Market Size (2023) |
USD 915.1 million |
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Forecast Year Market Size (2036) |
USD 2.51 billion |
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Regional Scope |
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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.
Our in-depth analysis of the global silica aerogel market includes the following segments:
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By Form |
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By Process |
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By Application |
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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. North America is predicted to dominate majority revenue share by 2036, 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.
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.
Author Credits: Rajrani Baghel
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