WELLESLEY, Mass., May 30, 2018 (GLOBE NEWSWIRE) -- High demand in a broad range of industry end-users is expected to drive growth in the global market for specialty silica. The demand for raw material from the end-use industry and the increasing demand from tire and non-tire rubber markets are also expected to push growth. In a new report, Specialty Silica: Global Market Through 2023, BCC Research estimates this market to reach almost $8.7 billion by 2022, up from $6.5 billion in 2017, indicating a compound annual growth rate (CAGR) of 5.8%.
In recent years, the global production of specialty silica has shifted from developed regions such as Europe and the United States to developing economies such as China and India. Growing demand from both developed and developing countries is expanding the worldwide specialty silica market. Industrial growth in the developing economies and the increasing use of specialty silica in the manufacture of eco-friendly “green” tires are driving growth, as well.
The Asia-Pacific region is the largest regional market for specialty silica in terms of volume and has high growth potential. Growing end-user industries such as rubber, plastics, food and beverage are expanding the Asia-Pacific market. The precipitated silica plants in China and India are growing, requiring continuous need for maintenance in the transportation industry. Also, increasing government initiatives to boost private sector investments in the rubber industry, particularly in China and India, is driving growth in the automotive sector, spurring high demand for specialty silica.
Research Highlights
- In the specialty silica market, which is oligopolistic in nature, greater than 95% of the trade takes place through dealers to recognized buyers.
- Precipitated silica, estimated as the largest and the fastest growing type over the forecast period, is expected to reach 2,375.8 kilotons in 2022.
- The rubber industry is the largest user of specialty silica among major end-users, in terms of value and volume.
“Over the past decade, the global specialty silica market has grown steadily with specialty silica becoming one of the most widely used advanced materials in the world. The continued recovery of the global economy and rapid industrialization has boosted high demand for the material,” the report notes. “End-use industries that use specialty silica as their raw material, such as rubber, food and beverage, healthcare, cosmetics and personal care, plastics, agriculture and others, have also been growing steadily. Increased competition and development in formulation technology and product development are continuing to stimulate growth in the global market.”
About BCC Research
BCC Research is a publisher of market research reports that provide organizations with intelligence to drive smart business decisions. By partnering with industry experts worldwide, BCC Research provides unbiased measurements and assessments of global markets covering major industrial and technology sectors, including emerging markets. For more information about BCC Research, please visit bccresearch.com. Follow BCC Research on Twitter at @BCCResearch.