Burlingame, Aug. 03, 2023 (GLOBE NEWSWIRE) -- Coherent Market Insights published a report, titled, global specialty silica market is estimated to be valued at $7.8 billion in 2022 and is expected to exhibit a CAGR of 7.0% during the forecast period (2023-2030). Specialty silica is a fine-grade, high-performance silicon dioxide material with various applications. Specialty silica contains properties such as large surface area, high porosity, and controlled particle size. It is used in different industries such as coatings, rubber, electronics, and personal care products. It improves stability, performance, and functionality across wide range of applications. The versatility of specialty silica allows it to act as a performance-enhancing additive, durability, increasing stability, and functionality in different applications.
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Key Trends and Analysis of the Global Specialty Silica Market:
Growing applications in coatings and launch of novel silica by manufacturers is a major trend in the global specialty silica market over the forecast period. Market players are offering novel silica, specifically for coating industry. For instance, in March 2019, DKSH’s Business Unit Performance Materials, specialty chemicals, and ingredients distributor expanded performance range of silica of Evonik to be used in ink and coatings applications to Thailand, Singapore, Indonesia, Cambodia, Myanmar, and the Philippines. Thus, this trend is likely to fuel growth of the global specialty silica market over the forecast period.
Global Specialty Silica Market – Drivers
Increasing adoption of specialty silica in the electronics industry to boost market growth
The adoption of specialty silica for chemical mechanical planarization/polishing (CMP) in the electronics industry is growing rapidly. CMP is a polishing process in which the undesirable dielectric products on the surface of the silicon wafer is removed. Specialty chemicals are used widely to manufacture defect-free, flat, and smooth surfaces on optical lenses, semiconductors, and sapphire wafers in electronics goods. The high demand for this component in electronics industry is driving growth of the global specialty silica market.
Rise in demand from personal care industry to accelerate the market growth
The use of specialty silica is widespread in personal care products such as sunscreen, toothpaste, and cosmetics, as a functional ingredient. With the increasing growth of this beauty and personal care industry, the demand for specialty silica is increasing significantly. According to Coherent Market Insights, the global beauty and personal care products market is likely to grow at a CAGR of 7.6% from 2022 to 2030 with US$ 972.7 billion market value.
Speciality Silica Market Report Coverage
| Report Coverage | Details | |||
| Base Year: | 2022 | Market Size in 2022: | US$ 7.8 Bn | |
| Historical Data for: | 2017 to 2021 | Forecast Period: | 2023 to 2030 | |
| Forecast Period 2023 to 2030 CAGR: | 7.0% | 2030 Value Projection: | US$ 13.4 Bn | |
| Geographies covered: |
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| Segments covered: |
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| Companies covered: | Solvay SA, Huber Engineered Materials, Madhu Silica Pvt. Ltd. (MSPL), Evonik Industries AG, PPG Industries, Inc., Akzo Nobel NV, Cabot Corporation, Wacker Chemie AG, Nalco Holding Company, Qingdao Makall Group Inc. | |||
| Growth Drivers: |
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| Restraints & Challenges: |
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Global Specialty Silica Market – Restrain
Dependency on cyclical end-use industries to limit the market growth
The dependency on cyclical end-use industries acts as a challenge for specialty silica market. Specialty silica thus is not a standalone finished product; it is instead a consumable product with applications across many end-use industries. Some end-use industries present cyclical behavior with respect to demand. This further impacts demand for specialty silica.
Global Specialty Silica Market – Opportunities
Rise in the launch of new products by market players for emerging applications are likely to create growth opportunities in the global specialty silica market over the forecast period. For instance, in August 2019, Evonik Business Line Silica introduced a novel specialty product, SPHERILEX 145, for the oral care industry.
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Global Specialty Silica Market - Key Developments
In October 2021, Evonik Wynca Silicon Material announced to have commenced its first fumed silica plant in China. This expansion of the company focuses on strengthening its market position as it build global supply chain for its customers in Asia.
In 2020, Evonik Wynca introduced two novel specialty silica products named ACEMATT 3600 and ACEMATT 3400, designed for different coatings applications.
Key Market Takeaways:
Global specialty silica market is expected to exhibit a CAGR of 7.0% during the forecast period. The specialty silica market is growing rapidly in response to the increasing demand for specialty silica in tire production from automotive industry. The automotive industry is showing substantial growth all over the world, in turn driving the market growth.
On the basis of Product Type, Precipitated Segment is expected to dominate the market during the forecast period and this is attributed to the increased demand. Precipitated silica acts as s reinforcement agent and enhance tear and abrasion resistance.
On the basis of Application, Rubber Segment is expected to dominate the market during the forecast period and this is attributed to the benefits of specialty silica in rubbers. Specialty silica is a major reinforcing agents in rubber industry due to its high modulus, fatigue resistance, and high tear strength.
On the basis of Geography, Asia Pacific is expected to hold a dominant position over the forecast period, due to rise in economic growth of developing countries in the region. Due to the, the production of tire is increasing the region, and along with this, the coatings sector is also expanding rapidly in the region. These factors are thus driving growth of the global specialty silica market in the region.
Competitive Landscape:
Key players operating in the global specialty silica market include Qingdao Makall Group Inc., Solvay SA, Nalco Holding Company, Huber Engineered Materials, Wacker Chemie AG, Madhu Silica Pvt. Ltd. (MSPL), Cabot Corporation, Evonik Industries AG, Akzo Nobel NV, and PPG Industries, Inc.
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Detailed Segmentation:
- Global Specialty Silica Market, By Product Type:
- Precipitated
- Fumed
- Fused
- Silica Gel
- Colloidal
- Global Specialty Silica Market, By Application:
- Rubber
- Plastics
- Ink & Coatings
- Electrical & Electronics
- Agriculture & Feed
- Food & Beverage
- Personal Care
- Others
- Global Specialty Silica Market, By Region:
- North America
- U.S.
- Canada
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Europe
- Germany
- France
- U.K.
- Italy
- Spain
- Russia
- Poland
- Rest of Europe
- Asia Pacific
- China
- India
- ASEAN
- Australia & New Zealand
- Rest of Asia Pacific
- Middle East & Africa
- GCC
- South Africa
- North Africa
- Rest of Middle East & Africa
- North America
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