Dublin, Jan. 20, 2023 (GLOBE NEWSWIRE) -- The "Global Specialty Silica Market Size, Segments, Outlook, and Revenue Forecast 2022-2028 by Product, Application, and Region" report has been added to ResearchAndMarkets.com's offering.
According to this analysis, the Global Specialty Silica Market was valued at ~US$ 4 billion in 2017. It is estimated to be ~US$ 6 billion in 2022 and is forecasted to reach a market size of ~US$ 9 billion, growing at a CAGR of ~7% owing to the rising demand for rubber and paints & coatings across different end-use industries such as construction and footwear industries.
Specialty silica is widely utilized in the production of rubbers used in various industries such as footwear, automobile tires, and others. Increasing tire production in the automotive industry is one of the factors driving the growth of the specialty silica market. Global automobile production is increasing in several developed countries, increasing the demand for tire consumption.
The exponential increase in electric vehicle manufacturing presents lucrative opportunities for the tire industry, which is having a positive impact on the specialty silica market. In 2021, total electric vehicle sales reached 7.8 million units, double the figure from 2020.
The biggest challenge for the market is the high cost of colloidal silica and the growing preference of end users for lower-cost alternatives. Specialty silica showcases a cyclical behavior, with the market shifting focus to other substitutes that are much lower in price as compared to silica. It will impact player profit margins in the years to come.
Scope of the Report
Product
- Precipitated Silica
- Fumed Silica
- Fused Silica
- Silica Gel
- Colloidal Silica
Application
- Rubber
- Plastic
- Paint & Coatings
- Electrical & Electronics
- Agricultural & Feed
- Food & Beverages
- Personal Care
- Others
By Region
- North America (USA, Canada, Mexico)
- Europe (Germany, UK, France, Spain, Italy, Rest of Europe)
- Asia Pacific (China, Japan, South Korea, India, Indonesia, Australia, Rest of Asia Pacific)
- LAMEA (Latin America, Middle East, Africa)
Key Players
- Cabot Corporation
- Akzo Nobel N.V
- Evonik Industries
- Huber Engineered Materials
- Solvay
- PQ Corporation
- Madhu Silica Pvt. Ltd
- Wacker Chemie AG
- PPG Industries, Inc
- W. R. Grace & Co
Key Trends by Market Segment
By Product: The precipitated silica segment held the largest market share in the global specialty silica market in 2021, owing to its wide application in PVC sheets, wherein it helps in improving pigment dispersion and tensile strength
- Precipitated silica is the most commonly used specialty silica in the rubber industry. The product acts as a reinforcing agent and improves wear and tear resistance
- Fused silica is expected to register the highest CAGR during the forecast period. Fused silica products are used in the manufacture of optical components such as mirrors, UV and IR transmitting optics, lenses and metrology.
By Application: The rubber segment held the largest market share in the global specialty silica market in 2021, as rubber made of silica material is widely utilized in different end-use industries such as automotive, footwear, and others.
- In industrial rubber goods, specialty silica is commonly used in Liquid Silicone Rubber (LSR) and High-Temperature Vulcanized (HTV) rubber, which requires high mechanical strength and good electrical insulation.
- Paint & Coatings is expected to grow with the highest CAGR during the forecast period as it is widely used as a low-cost extender and is preferred for its chemical inertness tends to improve the viscosity of paints and coatings.
By Region: Asia Pacific held the largest market share among all other regions within the global specialty silica market in 2021, owing to the rising construction activities in China and Japan .
- According to the International Organization of Motor Vehicle Manufacturers (OICA), Asia Pacific is the largest producer of motor vehicles. The growing automotive industry, is the factor responsible for the largest share of the region.
- The Japanese construction industry is predicted to boom as the country prepares to host the World Expo in Osaka, Japan, in 2025. The demand for constructing various buildings and infrastructure for the event will boost the market for specialty silica in the region.
Recent Developments Related to Major Players and Organizations
- In November 2021, Nouryon announced the expansion of its Levasil colloidal silica manufacturing plant in USA. The plant expansion is aimed to meet the increasing demand from the packaging and construction industry
- In October 2021, Evonik Wynca Silicon Material started its fumed silica plant, which is the company's first fumed silica plant in China. It aims at positioning the company by building a global supply chain for its customers in China and overall Asia
Key Topics Covered in the Report
- Snapshot of Global Specialty Silica Market
- Industry Value Chain and Ecosystem Analysis
- Market size and Segmentation of the Global Specialty Silica Market
- Historic Growth of Overall Global Specialty Silica Market and Segments
- Competition Scenario of the Market and Key Developments of Competitors
- Porter's 5 Forces Analysis of Global Specialty Silica Industry
- Overview, Product Offerings, Strengths, & Weaknesses of Key Competitors
- Covid-19 Impact on the Overall Global Specialty Silica Market
- Future Market Forecast and Growth Rates of the Total Global Specialty Silica Market and Segments
- Analysis of Global Specialty Silica Market
- Major Production/Supply and Consumption/Demand Hubs within Each Region
- Major Country-wise Historic and Future Market Growth Rates of the Total Market and Segments
- Overview of Notable Emerging Competitor Companies within Each Region
Companies Mentioned
- Cabot Corporation
- Akzo Nobel N.V.
- Evonik Industries
- Huber Engineered Materials
- Solvay
- PQ Corporation
- Madhu Silica Pvt. Ltd.
- Wacker Chemie AG
- PPG Industries, Inc.
- W. R. Grace & Co.
- AeroShield
- WaferPro
- Ultra HPQ
- Ashtamers Pvt.Ltd.
- Qingdao Hengze Silica Gel Products Co.,Ltd.
For more information about this report visit https://www.researchandmarkets.com/r/d1bn27
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