Silica Aerogel Market to See 31.1% CAGR through 2022
The U.S. is the major consumer of silica aerogel, and its demand is expected to grow significantly during the forecast period.
According to a recent report available from Research and Markets, the worldwide market for silica aerogel is expected to grow at a compound annual growth rate (CAGR) of 31.1% through 2022. North America accounted for the major share of the global silica aerogel market; the U.S. is the major consumer of silica aerogel, and its demand is expected to grow significantly during the forecast period. Extensive R&D work on silica aerogel by the National Aeronautics and Space Administration (NASA) is reportedly propelling this growth. NASA used silica aerogel for the MARS rover mission, due to its light weight and superior thermal insulation solution. In addition, NASA is working to reduce the manufacturing cost of silica aerogel and make it viable for commercial purposes.
The global silica aerogel market is witnessing significant growth due to superior thermal insulation, lighter weight, and more environmentally friendly properties, as well as a large base of end-use applications. In addition, silica aerogel is a potential substitute for conventional insulation materials.
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