Silica Aerogel Market Trends

Growth Drivers

• Rapid Growth of the Semiconductor Industry Worldwide - By 2030, the semiconductor industry is expected to reach a global market value of around USD 1 trillion. The sales of semiconductor devices accounted for approximately USD 590 billion in the year 2021. The compact size and high integration of semiconductor devices have resulted in numerous issues, such as, radio frequency delays, heat generation, and electromagnetic interference. To overcome such types of issues, low dielectric constant materials, such as, silica aerogel is used to make the interlayer dielectrics in semiconductor nanodevices.
   
• Rapid Growth in the Construction Sector - For instance, Indian construction equipment sector is projected to grow at a compound annual growth rate of 6% until 2023. By 2025, India is projected to be the third largest construction market in the world. 
   
• Infrastructure Development in Industrial Processes - During the first half of 2021-22, the industrial sector grew by 22% and is expected to grow by 11% this year. The Index of Industrial Production (IIP) has shown improvement, reflecting development in industrial performance. As compared to April-November 2020-21, the IIP grew at 17% during April-November 2021-22.   
   
• Rising Trade of Insulating Glass Windows - Based on statistics from the International Trade Center (Trademap), the value of exports of multiple-walled insulating units of glass in United States in the year 2021 totaled USD 188,760 thousand, a significant increase from USD 177,189 thousand the year before.

Challenges

• High Production Costs for Silica Aerogels and Complexities Involved in the Preparation of Product
• Inadequate Mechanical Properties
• Low Adoption of Silica Aerogel due to Lack of Consumer Awareness