Silica Aerogel Market Size, Share, Industry Analysis, Trends, Growth, 2032

Silica Aerogel Industry Prospective:

The global silica aerogel market size was worth around USD 920.31 million in 2023 and is predicted to grow to around USD 1,839.70 million by 2032 with a compound annual growth rate (CAGR) of roughly 8.00% between 2024 and 2032.

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Silica Aerogel Market: Overview

Silica aerogel is the most commonly available and used type of aerogel. It is a solid material with a density level that is extremely low. Typical aerogels are produced by extracting the liquid components of a traditional gel. Since silica aerogel is the most commonly used form, in some cases, the word ‘silica’ is not used and the product is referred to only as aerogel. The production process of silica aerogel ensures that 50% of the original volume of the gel framework remains preserved. This can be achieved by superficially gel drying. However, there are several other procedures that are used for the production of silica aerogel. The density levels of silica aerogel are extremely low. It ranges between 0.003 to 0.35 g/cm. Additionally, they also showcase a high index of porosity thus allowing silica aerogel to have a higher surface area as compared to solid silica of the same mass. Since silica aerogels are chemically inert, they have high applications in several industries as they are resistant to several harsh chemicals. During the forecast period, the demand for silica aerogels is expected to grow rapidly. However, it may also come across several challenges associated with the supply of raw materials and final goods.

Key Insights:

• As per the analysis shared by our research analyst, the global silica aerogel market is estimated to grow annually at a CAGR of around 8.00% over the forecast period (2024-2032)
• In terms of revenue, the global silica aerogel market size was valued at around USD 920.31 million in 2023 and is projected to reach USD 1,839.70 million, by 2032.
• The market is projected to grow at a significant rate due to the increasing applications in space exploration and the aviation sector
• Based on application segmentation, aerospace was predicted to show maximum market share in the year 2023
• Based on form segmentation, the blanket was the leading segment in 2023
• On the basis of region, North America was the leading revenue generator in 2023

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Silica Aerogel Market: Growth Drivers

Increasing applications in space exploration and aviation sector will drive the market growth rate

The global silica aerogel market is expected to witness high growth due to the rising application of the material in the space exploration and aviation sectors. Silica aerogels are known for their insulation properties. Additionally, other advantages of silica aerogels such as high porosity and density encourage the use of the material in the space sector. They are used for covering or coating airplanes and spacecraft against damage from extreme temperatures. The coating acts as an insulating agent which is one of the key requirements of a spacecraft. More specifically, silica aerogel is used for thermal protection in low-pressure and low-temperature environments.

The European Space Agency has been discussing the use of the material in Mars exploration activities. The growing funding and interest in sending satellites and spacecraft to Mars will fuel the demand for silica aerogel in the coming years. In March 2023, the National Aeronautics and Space Administration (NASA) agency laid out its vision for Mars exploration using robots. The mission may cost as much as USD 300 million as per early estimates. In addition to this, several private players are entering the space exploration sector. Moreover, the demand for silica aerogel will further benefit from the increasing investments in lunar space exploration activities. Countries from across the globe are actively investing in advanced satellites for conducting research on the lunar surface. In February 2024, SpaceX announced the successful launch of a lunar lander from Cape Canaveral aiming for the South Pole of the lunar surface.

Increasing focus on developing high-performance silica aerogel will further promote the market growth rate

Researchers are actively working on improving the overall performance of the material. Several new research has been conducted globally to develop silica aerogel composites with thermal superinsulation properties. This includes research on the development of new techniques for aerogel synthesis by integrating the original and additional components that will work toward enhancing product performance. Moreover, the growing developments in the production of reinforced silica hydrogel composites with excellent mechanical reinforcement properties will drive the global silica aerogel market further.

Silica Aerogel Market: Restraints

High cost of production will restrict the market expansion rate

The global industry for silica aerogel is expected to be restricted due to the high production cost of the material. The higher expenses are related to the rising cost of certain precursor materials required for silica aerogel production. Additionally, the synthesis process is highly intricate which adds to the overall expense. Moreover, the thermally insulating material has a low shelf life and it is prone to downgrade with time when exposed to harsh environments thus raising questions over its cost-efficiency.

Silica Aerogel Market: Opportunities

Growing construction of new facilities producing silica aerogel will create high-growth opportunities

The global silica aerogel market is expected to register high growth opportunities due to the increasing investments in the construction of new facilities that can produce silica aerogel in large quantities. In September 2023, JIOS Aerogel announced that it had received a fresh set of investments from the MegaChem Group. This will help the silica aerogel-producing company to launch new construction plants in the Singapore region thus expanding its global footprint. The company plans to meet the increasing demand for aerogel in the electric vehicle (EV) sector with the help of the new facility. In February 2024, advanced materials manufacturer, Dragonfly Insulation, announced receipt of an investment worth £935,000 proposed by the North East Innovation Fund. The company already has a grant funding of £300,000 from Innovate UK’s Future Economy Investor Partnership program.

Rising application of silica aerogel in the building sector will generate high-growth avenues

The industry for silica aerogel is expected to be further driven by the increasing use of silica aerogel in the building sector. Silica aerogels have unique characteristics that make them suitable for application in the construction sector. Some of the essential properties are the absence of electrical conductivity, high strength, high specific surface area, acoustic insulation, and low dielectric constant. The construction industry is seeking measures to reach net zero obligations. Additionally, the material is being explored for its application in building air purification. Silica aerogels are considered suitable for removing contaminants due to their high surface area thus helping the global silica aerogel market grow.

Silica Aerogel Market: Challenges

Complexities related to installation will challenge the market growth rate

The global industry for silica aerogel market is expected to be challenged due to the complexities related to the installation of high-performance material. Accurate installation of silica aerogel requires careful detailing, specialized equipment, and trained professionals. Additionally, silica aerogel may not show compatibility with other materials used during the building process thus effectively impacting the market growth rate.

Silica Aerogel Market: Segmentation

The global silica aerogel market is segmented based on application, form, and region.

Based on application, the global market segments are defense, healthcare, automobile, aerospace, oil & gas, building insulation, and others. In 2023, the highest demand for silica aerogel was observed in the aerospace market. The excellent thermal properties of aerogel make them a remarkable material highly sought-after in the production of spacecraft that operate in an intense environment. The growing investments in space exploration are expected to aid the segmental demand. In 2023, the space industry was valued at over USD 487 billion.

Based on form, the global market segments are panel, blanket, monolith, and others. In 2023, the blanket segment was the highest revenue-generating. This form of silica aerogel offers easy installation and hence has higher applications as a covering agent. The use of silica aerogel blankets extends across large-scale industries such as space exploration, automotive, and building. The global construction sector was valued at over USD 700 billion in 2023.

Silica Aerogel Market Report Scope

Silica Aerogel Market: Regional Analysis

North America to generate the highest revenue during the forecast period

The global silica aerogel market will be dominated by North America during the projection period. The US is expected to emerge as the leading nation. The presence of crucial producers of silica aerogels in the US will help the region flourish with a rapid growth rate. For instance, Cabot Corporation, a leasing US-based chemicals industry, is one of the largest producers of silica aerogel in the world. The company currently operates across 20 countries. In 2021, Cabot’s total revenue was over USD 4 billion.

The growing demand for silica aerogel in the space sector is the primary regional market driving factor. The US is home to the world’s most promising space exploration industry. Apart from federally-funded space organizations, several private companies in the US have shown interest in developing aircraft and space shuttles to capture essential information from space including lunar and Mars areas. Asia-Pacific is expected to witness substantial growth during the forecast period. China, Singapore, India, and some of the other Asian countries will contribute to the regional revenue. China leads the world in terms of chemicals manufacturing while India is registering a surge in the investments in the chemicals sector thus creating more growth scope for silica aerogel production.

Silica Aerogel Market: Competitive Analysis

The global silica aerogel market is led by players like:

• BASF SE
• Cabot Corporation
• Aerogel Science & Technology
• Enersens
• Ocellus Tech
• Aerogel Technologies LLC
• Aerogel Technologies
• JIOS Aerogel Limited
• Aspen Aerogels Inc.
• Active Aerogels
• Svenska Aerogel AB
• Nano High-Tech Co. Ltd.
• Armacell International S.A.
• Guangdong Alison Hi-Tech Co. Ltd.
• TAASI Corporation.

The global silica aerogel market is segmented as follows:

By Application

• Defense
• Healthcare
• Automobile
• Aerospace
• Oil & Gas
• Building Insulation

By Form

• Panel
• Blanket
• Monolith

By Region

• North America
  • The U.S.
  • Canada
• Europe
  • France 
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa