The global silica aerogel market is predicted to advance at a CAGR of 31.1% during 2016–2022. The key factors contributing to the market growth are the environment-friendliness, superior thermal insulation, and wide-ranging applications of silica aerogels and the fact that these are a lighter alternative to traditional insulation materials. Besides, these can be used to design and manufacture apparel meant for use in low temperatures.
Eco-friendly raw materials compose silica aerogel
Environment-friendly raw materials are used for the manufacturing of silica aerogel. These materials bear similarity to natural minerals, such as silicates, which do not emit harmful chemicals and are abundantly available across the world. The recyclability of silica aerogel sponges makes them eco-friendly and cost-effective. Due to these features, their use in several industries, including oil and gas, aerospace, healthcare, electronics, building insulation, is increasing, further boosting the growth of the silica aerogel market.
Silica aerogel can be recycled for other applications and done away with safely. For instance, the silica aerogel blankets used for insulation in buildings can be recycled for applications such as coating and plastering after being processed as composites or additives. Most of traditional insulating material are non-biodegradable and cannot be recycled. Thus, the wide application base of silica aerogel products supports the growth of the silica aerogel market.
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Europe to be the fastest-growing market for silica aerogel, globally
North America was the largest market for silica aerogel in 2015. This can be attributed to the continuous research and development (R&D) on silica aerogel in the region. Apart from key market players, the National Aerospace and Space Administration (NASA) has explored the applications of different types of aerogel. Besides, with financial assistance from NASA's Fundamental Aeronautics Program (Hypersonic and Subsonic Fixed Wing Projects) as well as the Exploration Systems Mission Directorate, the Glenn Research Center of NASA has come up with methodologies that can transform the aerogel technology.
Among all regions, Europe is expected to be the fastest-growing silica aerogel market during the forecast period. The energy-efficiency policies implemented by the European Union that mandate every building in the region to cut its greenhouse gas emissions by up to 20% by 2020 (under the colloquially named “20-20-20” plan) as well as the expanding building insulation industry are resulting in the rapid growth of the market in Europe.
The Dow Chemical Company, Cabot Corporation, BASF SE, Aspen Aerogels Inc., Aerogel Technologies LLC, Svenska Aerogel Holding AB, Maero Tech SDN BHD LLC, JIOS Aerogel Corporation, and Ocellus Inc. are among the key players operating in the global silica aerogel market.