Silica Aerogel Market 2018 to 2023
Aerogels are a synthetic ultra-light material derived from gel, where the liquid component of the gel is replaced with gas. Aerogel can be of many types such as silicon, carbon, and polymers among others. Silica aerogels are most extensively used, which are derived by a modified stober process. Silica aerogel possesses a number of properties such as enhanced thermal insulation, cost-effective, and recyclable. Therefore, it is used in many end-user industries such as oil & gas, building insulation, aerospace & defense, and transportation.
The growing demand from the end-user industries is driving the growth of the Global Silica Aerogel Market. The growing industrialization and urbanization in the developing regions across the globe is expected to boost the market growth during the forecast period. Moreover, the growing energy demand has boosted the oil and gas sector, which, in turn, is adding to the growth of the market. The Global Silica Aerogel Market is expected to grow at an expanding CAGR on account of increasing application of Silica Aerogel in the energy sector.
The oil and gas segment dominated the global market in 2016 and is expected to continue the dominating over the forecast period 2017-2023. Excellent thermal insulations properties of Silica Aerogel facilitate its use in the oil and gas industry.
Industry Current Scenario
The oil and gas end-use segment is leading the market and is expected to show a considerable CAGR during the assessed years. The growing oil and gas activities across the globe has fuelled the use of silica aerogel owing to its excellent thermal insulating properties. Silica aerogel is extensively used in gas processing units, refineries, subsea piping, and others. The growing oil and gas activities in harsh climates have increased the demand for excellent thermal insulation, in turn, adding to the market growth.
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The Global Silica Aerogel Market is spanned across five key regions: Europe, Latin America, Asia Pacific, North America, and the Middle East & Africa. Among these, Asia Pacific holds a considerable portion of the market and is anticipated to grow rapidly during the forecast period. The demand from developing end-user industries in the region such as construction and automotive is expected to fuel the market growth. The key countries attributing to the growth of the Silica Aerogel in this region are China and India. North America is the dominant region in the Global Silica Aerogel Market. The developed end-use industries coupled with the growing adoption rate are the major factors fuelling market growth. Additionally, the shale gas boom in the region has surged the oil and gas related activities in the region, which, in turn, is fuelling the growth of the Silica Aerogel Market. The major countries attributing to this growth are Canada, and the U.S. European market of Silica Aerogel is mainly driven by the developed automobile and construction. Moreover, the increasing use of silica aerogel in the oil and gas sector is also impacting the market growth, positively.
Key Points from Table of Contents:
11. Company Profiles
11.1 BASF SE
11.1.1 Company Overview
11.1.2 Form/Business Segment Overview
11.1.3 Financial Updates
11.1.4 Key Developments
11.2 The Dow Chemical Company
11.2.1 Company Overview
11.2.2 Form/Business Segment Overview
11.2.3 Financial Updates
11.2.4 Key Developments
11.3 Cabot Corporation
11.3.1 Company Overview
11.3.2 Form/Business Segment Overview
11.3.3 Financial Updates
11.3.4 Key Developments
11.4 Aspen Aerogels Inc
11.4.1 Company Overview
11.4.2 Form/Business Segment Overview
11.4.3 Financial Updates
11.4.4 Key Developments
11.5 Aerogel Technologies
11.5.1 Company Overview
11.5.2 Form/Business Segment Overview
11.5.3 Financial Updates
11.5.4 Key Developments
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