Aerogel is manufactured by removing the liquid component of the gel using the supercritical drying method. Aerogel was first produced from silica gel and is one of the most commonly available aerogel. Silica aerogel is the world’s lowest density solid and possesses a number of properties such as enhanced thermal insulation, cost-effective, and recyclable. The global silica aerogel market will grow at a CAGR of 19.6% during the forecast period.
Growth by Region
North America has largest share in the market due to growing oil & gas activities. Europe will grow at higher rate owing to development in automobile and oil & gas industries. Asia Pacific will grow at a significant rate due to rapid industrialization and applications of silica aerogel in various industries.
Drivers vs Constraints
The growing urbanization and industrialization are boosting the growth of the market. Increasing infrastructure in industrial processes is rising the demand for silica aerogel. However, the high cost of silica and cost associated with the production of silica aerogel are hampering the market growth.
Industry Trends and Updates:
Armacell International in Cheonan, South Korea started producing state-of-the-art silica aerogel blankets for high-temperature applications.