Silicon Dioxide Aerogel market Share, Size, Expected Growth Opportunities and Forecast by 2029 | Is Silicon Dioxide Aerogel Industry Hit Worst due to Russia-Ukraine War Impact?
The global silicon dioxide aerogel market is expected to steadily expand in the foreseeable years because of the rising adoption of new chemical compounds in diverse industries. Fortune Business Insights™ shares this information in its report titled “Silicon Dioxide Aerogel Market, 2021-2028.“
Chemicals play a critical role in advancing technologies and industries today are constantly exploring materials and compounds to develop new products with a wide range of applications. Silicon dioxide is one such innovation. It is a white, solid oxide of silicon that can be found in nature and prepared in a laboratory. It can be extensively obtained as fused quartz, fumed silica, aerogel, or regular silica. Aerogel is a synthetic, extremely light, and porous material prepared by replacing liquid gel with gas that feels like delicate expanded polystyrene upon touch. This compound is also utilized in space exploration for collecting space dust, as it is challenging to capture the dust with any other material.
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Russia-Ukraine War Implication
The Russia-Ukraine war could change the Silicon Dioxide Aerogel market dynamics of Europe forever. The standoff has revived the predicament situation of the Cold War and pushed Europe to the brink of a major military conflict. The Russian aggression in Ukraine has redefined the global landscape in terms of business. As the global Silicon Dioxide Aerogel market was recuperating from the havoc wreaked by the COVID-19 pandemic, the Russia-Ukraine war has made several industry stakeholders skeptical.
The European Union is pushing for more sanctions against Russia, including halting imports of nuclear fuel from Russia and excluding Russia’s top lenders from the SWIFT banking system. Moreover, Russia has also imposed similar sanctions on most EU countries. The war crisis and sanctions have put a strain on global investment, trade, and economic activity. Therefore, skepticism and uncertainty remain prevalent regarding the conflict, its potential reach, and its longevity. Accordingly, the restoration of normal relations among partners could prove be a sign of improvement.
Based on product type, the market is segmented into micro silicon dioxide aerogel, ultrafine silicon dioxide aerogel, and others. On the basis of application, it is segregated into construction, oil & gas, marine, aerospace, automotive, and others. Geographically, it is divided into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
Highlights of the Report
The report analyzes the leading market segments and the recent trends of the market. It comprehensively discusses the market’s drivers and restraints and the impact of COVID-19 on the market. Additionally, it examines the regional developments and the strategies implemented by the market’s key players.
Drivers and Restraints
Rising Demand from End-User Sectors to Positively Affect Market Growth
There is a rise in the demand for silicon dioxide aerogel in numerous sectors, such as aerospace, oil & gas, chemical, and automotive, due to its insulating properties and excellent thermal conductivity. NASA has been utilizing this compound for niche space applications. For example, NASA has prepared a comet dust collector using aerogel in a tennis racket-shaped collector in the Stardust spacecraft. The dust particles are incredibly lightweight as they are composed of air. Further, the rapid adoption of silicon in imaging devices, light guides, and optical devices is expected to drive market growth.
Physical contact with silica particles can cause respiratory diseases such as lung cancers and other conditions such as silicosis, thereby hampering the market growth.
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Increasing demand for Oil & Gas in India and China to Boost the Asia Pacific Market
The Asia Pacific region is expected to dominate the silicon dioxide aerogel market share in the upcoming years because of the rising demand for new-age compounds from several industries in the region. Developing countries such as India and China will further elevate this demand due to the rapid escalation in the demographics of their respective territories.
North America is anticipated to be the second-largest shareholder of the market because of the growing demand for silicon dioxide aerogel from aerospace and oil & gas manufacturing companies. On the other hand, the market in Europe will significantly grow because of the soaring demand for the product from the automotive sector.
Implementation of Crucial Strategies to Enable Companies to Produce Quality Products
The competitive players of the market have undertaken joint ventures to produce new and high-quality products. For example, BASF and Aspen Aerogels undertook a joint venture in May 2018 to announce their latest products named Slentex and Slentine, made by using inorganic aerogel material, at the Insulation Expo Europe held in the city of Cologne. In addition, companies are showcasing several advancements in production technologies to attract consumers and create a great brand image.
April 2019: BASF and Aspen Aerogel extended their planned partnership to produce a brand new thermal insulation product named Slentex that is non-combustible and provides superior performance.
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List of Key Players Covered in the Silicon Dioxide Aerogel Market Report
- Aspen Aerogel
- JIIOS Aerogel
- Royal Dutch Shell Dow Chemical
- Active Space Technologies
- Cabot Corporation
- Honeywell International
- Wacker Chemie
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