Press release
Silica Aerogel Market is estimated to grow at a CAGR of 30% during 2016 to 2024 | Vital Players are Cabot Corporation, American Aerogel Corporation, Dow Corning Corporation, Svenska Aerogel Holding AB and Maero Tech Sdn Bhd
Silica Aerogel Market
The global silica aerogel market is increasing due to the increase in aerogel applications in industries such as oil and gas, marine, automotive and aerospace. Aerogel is a solid material of extremely low density, composed mainly of air, and manufactured using a conventional gel. The aerogel is made of materials with many properties, which makes it suitable for the applications of the aforementioned industries. These properties include thermal and acoustic damping, low density, a high degree of porosity and other desired properties. In addition to the abundant use of aerogel in industrial applications, one of the main reasons for the increase in the global market is that the material is considered a good substitute for the high-performance thermal insulation materials.
The size of the silica aerogel market was USD 0.12 billion in 2016 and is expected to reach USD 1.07 billion by 2024, which represents an average annual growth rate of 30% between 2016 and 2024.
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Drivers and restrictions:
Increased demand for aerogels by end users such as oil and gas, automotive, marine and aerospace, the increase in globalization that led to greater investment, new constructions and aerogel properties like high insulation, and the availability of cheap and abundant raw materials are some of the factors that drive the growth of the global silica aerogel market. The high production costs may hamper the rapid expansion of the market.
Geographical segmentation:
The global silica aerogel market has grown significantly in North America, which accounts for an important part of the total market share. Followed by North America, the region of Asia Pacific excluding Japan (APEJ) is the second largest region in the world due to the high consumption of aerogel in China. However, the European market will probably be the most successful region in terms of annual growth in the coming years.
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Key Players of Silica Aerogel Market
The global Silica Aerogel Market is dominated by major players such as Cabot Corporation, American Aerogel Corporation, Dow Corning Corporation, Svenska Aerogel Holding AB, Maero Tech Sdn Bhd, Aerogel Technologies LLC, Aspen Aerogels, Inc. and BASF SE.
Scope of the report:
The report offers a comprehensive analysis of the industry by providing the estimations of market potential and forecasts with utmost granularity. Along this, the factors influential in effecting the market dynamics and trends are discussed in detail at the product level. Further, the performance of the market at the regional and country-level is assessed and the prospects with high growth potential are identified and debated.
The key players in the industry are profiled providing insights on their financial performance, market position and growth strategies. Comparative analysis on prime strategical activities of the market players delineating the key developments like mergers & acquisitions, collaborations and an evaluation of the competitive environment within the industry are provided.
The report also offers a broad outlook of the market along with recommendations from industry experts on the opportunities for investment activity.
What else? Apart from the syndicated report, our in-house team has an expertise and experience in designing custom reports to meet your specific research needs and assist you in making well-informed decisions.
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