Silica Aerogel Market

Global Silica Aerogel Market Overview

The  Silica Aerogel Market Size was valued at USD 0.92 Billion in 2023. The Silica Aerogel market industry is projected to grow from USD 1.01 Billion in 2024 to USD 1.89 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 8.21% during the forecast period (2024 - 2032). Due to its advantages, such as improved insulation from heat, low cost, and recyclability, the rising need from end-user sectors are the key market drivers contributing to market growth and expansion.Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review

Silica Aerogel Market Trends

• Growing need from end-user sectors is driving the market growth

The rising need from end-user sectors drives the market CAGR for Silica Aerogel. One of the primary drivers is the vast range of possible uses for aerogels in various industries. Aerogel is the most often used because of its low cost, thermal resistance, and reusable qualities. Several sectors are incorporating silica aerogel into their processes. Another driver of this market is the use of silica aerogel in the construction and development industries. The development of both residential and business structures is rising over time, as is the requirement for silica aerogel, which is fueling the expansion of the silica aerogel industry. Because the market value of solid silica aerogel is inexpensive, it has a broad use in the oil and gas sector. The growing natural gas and petroleum need will fuel the silica aerogel industry. Aside from the ever-increasing requirement for silica aerogel in the automobile industry, the market is expanding.

Additionally, the market will benefit from increased demand in end-user industries, including oil & gas and energy & electricity. The economic nature of silica aerogel due to its cheap price point and recyclable features will benefit the market and increase market prospects. With the increase in the construction and building industries, the market's demand will rise. The industry's top players will present several possibilities to the market, driving its expansion throughout the projected period.

According to the research, covid-19 was the primary cause of the economy's deterioration in several places. This pandemic had a significant impact on several commercial sectors. Because of the covid-19 epidemic, governments and the private sector suffered financial challenges. Businesses were forced to close due to limitations on social distancing and enforcing lockdowns in numerous nations. As a result, product manufacture has ceased. Labor scarcity was merely one of the key causes of the low output. The aerogel market needed to be improved by all of these concerns. Because building activity had been halted in several nations, demand was low. Overall, the covid-19 outbreak harmed the silica aerogel business. The industry's main players played a significant part in keeping silica aerogel demand substantial, and the aerogel market is projected to witness good development growth following the post-covid-19 scenario.

For instance, Aerogel has a heat sensitivity rating of R 10 / inch, but plastic foam variants such as XPS have a value of R 5, EPS has a rating of R 4, and P.U. has a rating of R 6. As a result, compared to traditional insulating coatings such as fiberglass and plastic foam, Aerogel delivers a 25% decrease in expenses for a goal value of R 4 or an 18-23% reduction in costs for a desired value of R 12. As a result, all of these variables work together to drive worldwide market expansion. Thus, it is anticipated that demand for Silica Aerogel will increase throughout the projected timeframe due to the rising need from end-user sectors. Thus, driving the Silica Aerogel market revenue.

Silica Aerogel Market Segment Insights

Silica Aerogel Form Insights

The  Silica Aerogel market segmentation, based on form, includes Blanket, Panel, Monolith, and Others. The blanket segment dominated the market, accounting for 38% of market revenue (USD 0.3 Billion) in 2022. Because of its insulating features, such as repellent to water, excellent ventilation, low dust & heat dispersion, and low powdering, aerogel blankets have a wide range of uses in buildings and garments.

Figure 1: Silica Aerogel Market, by Form, 2022 & 2032 (USD Billion)

Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review

Silica Aerogel Application Insights

The  Silica Aerogel market segmentation, based on applications, includes Oil & Gas, Building Insulation, Industrial Insulation, Aerospace & Defense, Automobile, And Others. The oil & gas category generated the highest market revenue of about 30% (USD 0.3 billion) in 2022. Aerogel blankets are primarily used to enhance the insulation of underwater pipes and oil & gas pipelines to minimize production costs, improve pipeline pressure obstruction, and decrease the quantity of steel needed in construction.

Silica Aerogel Regional Insights

By region, the research provides market insights into North America, Europe, Asia-Pacific, and the Rest of the World. The North American Silica Aerogel market will dominate this market during the projected timeframe, owing to enormous growth potential for the Aerogel market in the areas of development of applications, effectiveness, and product innovation. At the same time, demand is driven by its high insulating and low conductivity features, which will boost the market growth in North America.

Furthermore, the major countries studied in the market report are the US, Canada, German, France, the U.K., Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.

Figure 2: Silica Aerogel Market Share by Region 2022 (USD Billion)                           

Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review

The Europe region’s Silica Aerogel market is expected to grow quickly during the projected timeframe as Governments have implemented measures to expand infrastructure and increase energy efficiency policies, which require all buildings in all nations to cut their energy use by 20%. Further, the German Silica Aerogel market holds the largest market share, and the U.K. Silica Aerogel market is expected to grow and expand significantly in the European region during the projected timeframe.

The Asia-Pacific Silica Aerogel Market accounts for the second-highest market share during the projected timeframe as products are widely used in the automotive, aerospace, construction and building, and oil and gas sectors. Moreover, China’s Silica Aerogel market dominates the market share, and the Indian Silica Aerogel market is expected to expand and grow steadily in the Asia-Pacific region during the projected timeframe.

Silica Aerogel Key Market Players & Competitive Insights

Leading market players invested heavily in research and Development (R&D) to scale up their manufacturing units and develop technologically advanced solutions, which will help the Silica Aerogel market grow worldwide. Market participants are also undertaking various organic or inorganic strategic approaches to strengthen and expand their  footprint, with significant market developments including new product portfolios, contractual deals, mergers and acquisitions, capital expenditure, higher investments, and strategic alliances with other organizations. Businesses are also coming up with marketing strategies such as digital marketing, social media influencing, and content marketing to increase their scope of profit earnings. The Silica Aerogel industry must offer cost-effective and sustainable options to survive in a highly fragmented and dynamic market climate.

Manufacturing locally to minimize operational expenses and offer aftermarket services to customers is one of the critical business strategies organizations use in the  Silica Aerogel industry to benefit customers and capture untapped market share and revenue. The Silica Aerogel industry has recently offered significant advantages to the End-user industry. Moreover, more industry participants are utilizing and adopting cutting-edge technology has grown substantially. Major players in the Silica Aerogel market, including BASF SE (Germany), The Dow Chemical Company (U.S.), Cabot Corporation (U.S.), Aspen Aerogels Inc. (U.S.), Aerogel Technologies (U.S.), JIOS Aerogel Corporation (Korea), Svenska Aerogel Holding AB (Sweden), C.F. Technologies (U.S.), and Ocellus Inc (U.S.) are attempting to expand market share and demand by investing in R&D operations to produce sustainable and affordable solutions.

Svenska Aerogel is a Swedish firm that creates aerogel materials. Quartzite is a nano-porous amorphous silica-based material with many uses, including insulation, filtering, paints, and varnishes. The substance is available in small particles, granulates, pellets, and paste forms. It is incorporated with various colors and varnishes. It can be utilized as an Acoustic and thermal insulation component in industrial, building, and coating goods. The technology developed by the company may be used for molecule filtering, fluid filtering, water or beverage filtering, and other applications. The company also provides customized solutions. Svenska Aerogel reported in May 2020 that it had received an additional order for Quartzene from Novcoat. The purchase will be used to create an energy-efficient thermal insulating covering.

Armacell provides its clients with creative and safe heat, acoustic, and mechanical options, resulting in long-term value. It concentrates on specialized insulating materials, unique performance foams for technologically advanced ultralight programs, and future aerogel blanket technologies. Armacell reported the release of the ArmaGel HTL aerogel insulating blanket in September 2022. The non-combust aerogel blanket is especially intended for industrial applications that require thermal efficiency, non-combustibility, and preventing corrosion beneath the insulation.

Key Companies in the Silica Aerogel market include

• BASF SE (Germany)
• Aspen Aerogels Inc. (U.S)
• Ocellus Inc (U.S.)
• Aerogel Technologies (U.S.)
• JIOS Aerogel Corporation (Korea)
• Svenska Aerogel Holding AB (Sweden)
• Cabot Corporation (U.S.)
• F. Technologies (U.S.)
• The Dow Chemical Company (U.S.)

Silica Aerogel Industry Developments

September 2022: Armacell reported the release of the ArmaGel HTL aerogel insulating blanket in September 2022. The non-combust aerogel blanket is especially intended for industrial applications that require thermal efficiency, non-combustibility, and preventing corrosion beneath the insulation.

May 2020: Svenska Aerogel reported in May 2020 that it had received an additional order for Quartzene from Novcoat. The purchase will be used to create an energy-efficient thermal insulating covering.

March 2019: Aspen Aerogels stated in March 2019 that it was renewing the strategic partnership by signing an extension for a confidential supply arrangement.

Silica Aerogel Market Segmentation

Silica Aerogel Form Outlook

• Blanket
• Panel
• Monolith
• Others

Silica Aerogel Application Outlook

• Oil & Gas
• Building Insulation
• Industrial Insulation
• Aerospace & Defense
• Automobile
• Others

Silica Aerogel Regional Outlook

• North America
  • US
  • Canada
• Europe
  • Germany
  • France
  • UK
  • Italy
  • Spain
  • Rest of Europe
• Asia-Pacific
  • China
  • Japan
  • India
  • Australia
  • South Korea
  • Australia
  • Rest of Asia-Pacific
• Rest of the World
  • Middle East
  • Africa
  • Latin America

Silica Aerogel Form Outlook (USD Billion, 2018-2032)

• Blanket

• Panel

• Monolith

• Others

Silica Aerogel Application Outlook (USD Billion, 2018-2032)

• Oil & Gas

• Building Insulation

• Industrial Insulation

• Aerospace & Defense

• Automobile

• Others

Silica Aerogel Regional Outlook (USD Billion, 2018-2032)

• North America Outlook (USD Billion, 2018-2032)

  • North America Silica Aerogel by Form

    • Blanket

    • Panel

    • Monolith

    • Others

  • North America Silica Aerogel by Application

    • Oil & Gas

    • Building Insulation

    • Industrial Insulation

    • Aerospace & Defense

    • Automobile

    • Others

  • US Outlook (USD Billion, 2018-2032)

  • US Silica Aerogel by Form

    • Blanket

    • Panel

    • Monolith

    • Others

  • US Silica Aerogel by Application

    • Oil & Gas

    • Building Insulation

    • Industrial Insulation

    • Aerospace & Defense

    • Automobile

    • Others

  • Canada Outlook (USD Billion, 2018-2032)

  • Canada Silica Aerogel by Form

    • Blanket

    • Panel

    • Monolith

    • Others

  • Canada Silica Aerogel by Application

    • Oil & Gas

    • Building Insulation

    • Industrial Insulation

    • Aerospace & Defense

    • Automobile

    • Others

• Europe Outlook (USD Billion, 2018-2032)

  • Europe Silica Aerogel by Form

    • Blanket

    • Panel

    • Monolith

    • Others

  • Europe Silica Aerogel by Application

    • Oil & Gas

    • Building Insulation

    • Industrial Insulation

    • Aerospace & Defense

    • Automobile

    • Others

  • Germany Outlook (USD Billion, 2018-2032)

  • Germany Silica Aerogel by Form

    • Blanket

    • Panel

    • Monolith

    • Others

  • Germany Silica Aerogel by Application

    • Oil & Gas

    • Building Insulation

    • Industrial Insulation

    • Aerospace & Defense

    • Automobile

    • Others

  • France Outlook (USD Billion, 2018-2032)

  • France Silica Aerogel by Form

    • Blanket

    • Panel

    • Monolith

    • Others

  • France Silica Aerogel by Application

    • Oil & Gas

    • Building Insulation

    • Industrial Insulation

    • Aerospace & Defense

    • Automobile

    • Others

  • UK Outlook (USD Billion, 2018-2032)

  • UK Silica Aerogel by Form

    • Blanket

    • Panel

    • Monolith

    • Others

  • UK Silica Aerogel by Application

    • Oil & Gas

    • Building Insulation

    • Industrial Insulation

    • Aerospace & Defense

    • Automobile

    • Others

  • Italy Outlook (USD Billion, 2018-2032)

  • Italy Silica Aerogel by Form

    • Blanket

    • Panel

    • Monolith

    • Others

  • Italy Silica Aerogel by Application

    • Oil & Gas

    • Building Insulation

    • Industrial Insulation

    • Aerospace & Defense

    • Automobile

    • Others

  • Spain Outlook (USD Billion, 2018-2032)

  • Spain Silica Aerogel by Form

    • Blanket

    • Panel

    • Monolith

    • Others

  • Spain Silica Aerogel by Application

    • Oil & Gas

    • Building Insulation

    • Industrial Insulation

    • Aerospace & Defense

    • Automobile

    • Others

  • Rest Of Europe Outlook (USD Billion, 2018-2032)

  • Rest Of Europe Silica Aerogel by Form

    • Blanket

    • Panel

    • Monolith

    • Others

  • Rest Of Europe Silica Aerogel by Application

    • Oil & Gas

    • Building Insulation

    • Industrial Insulation

    • Aerospace & Defense

    • Automobile

    • Others

• Asia-Pacific Outlook (USD Billion, 2018-2032)

  • Asia-Pacific Silica Aerogel by Form

    • Blanket

    • Panel

    • Monolith

    • Others

  • Asia-Pacific Silica Aerogel by Application

    • Oil & Gas

    • Building Insulation

    • Industrial Insulation

    • Aerospace & Defense

    • Automobile

    • Others

  • China Outlook (USD Billion, 2018-2032)

  • China Silica Aerogel by Form

    • Blanket

    • Panel

    • Monolith

    • Others

  • China Silica Aerogel by Application

    • Oil & Gas

    • Building Insulation

    • Industrial Insulation

    • Aerospace & Defense

    • Automobile

    • Others

  • Japan Outlook (USD Billion, 2018-2032)

  • Japan Silica Aerogel by Form

    • Blanket

    • Panel

    • Monolith

    • Others

  • Japan Silica Aerogel by Application

    • Oil & Gas

    • Building Insulation

    • Industrial Insulation

    • Aerospace & Defense

    • Automobile

    • Others

  • India Outlook (USD Billion, 2018-2032)

  • India Silica Aerogel by Form

    • Blanket

    • Panel

    • Monolith

    • Others

  • India Silica Aerogel by Application

    • Oil & Gas

    • Building Insulation

    • Industrial Insulation

    • Aerospace & Defense

    • Automobile

    • Others

  • Australia Outlook (USD Billion, 2018-2032)

  • Australia Silica Aerogel by Form

    • Blanket

    • Panel

    • Monolith

    • Others

  • Australia Silica Aerogel by Application

    • Oil & Gas

    • Building Insulation

    • Industrial Insulation

    • Aerospace & Defense

    • Automobile

    • Others

  • Rest of Asia-Pacific Outlook (USD Billion, 2018-2032)

  • Rest of Asia-Pacific Silica Aerogel by Form

    • Blanket

    • Panel

    • Monolith

    • Others

  • Rest of Asia-Pacific Silica Aerogel by Application

    • Oil & Gas

    • Building Insulation

    • Industrial Insulation

    • Aerospace & Defense

    • Automobile

    • Others

• Rest of the World Outlook (USD Billion, 2018-2032)

  • Rest of the World Silica Aerogel by Form

    • Blanket

    • Panel

    • Monolith

    • Others

  • Rest of the World Silica Aerogel by Application

    • Oil & Gas

    • Building Insulation

    • Industrial Insulation

    • Aerospace & Defense

    • Automobile

    • Others

  • Middle East Outlook (USD Billion, 2018-2032)

  • Middle East Silica Aerogel by Form

    • Blanket

    • Panel

    • Monolith

    • Others

  • Middle East Silica Aerogel by Application

    • Oil & Gas

    • Building Insulation

    • Industrial Insulation

    • Aerospace & Defense

    • Automobile

    • Others

  • Africa Outlook (USD Billion, 2018-2032)

  • Africa Silica Aerogel by Form

    • Blanket

    • Panel

    • Monolith

    • Others

  • Africa Silica Aerogel by Application

    • Oil & Gas

    • Building Insulation

    • Industrial Insulation

    • Aerospace & Defense

    • Automobile

    • Others

  • Latin America Outlook (USD Billion, 2018-2032)

  • Latin America Silica Aerogel by Form

    • Blanket

    • Panel

    • Monolith

    • Others

  • Latin America Silica Aerogel by Application

    • Oil & Gas

    • Building Insulation

    • Industrial Insulation

    • Aerospace & Defense

    • Automobile

    • Others