Thermal insulation materials are highly sought after for applications such as building envelopes, refrigerators, cryogenic fuel storage chambers, and water supply piping. However, current insulation materials either do not provide sufficient insulation or are costly. A new class of insulation materials, hollow silica particles, has attracted tremendous attention due to its potential to provide a very high degree of thermal insulation. However, current synthesis strategies provide hollow silica particles at very low yields and at high cost, thus, making the particles unsuitable for real-world applications. In the present work, a synthesis process that produces hollow silica particles at very high yields and at a lower cost is presented. The effect of an infrared heat absorber, carbon black, on the thermal conductivity of hollow silica particles is also investigated and it is inferred that a carbon black–hollow silica particle mixture can be a better insulating material than hollow silica particles alone.