NEWARK, Del, Nov. 01, 2023 (GLOBE NEWSWIRE) -- The specialty silica market is likely to hold a valuation of US$ 11.93 billion by 2033. As of 2023, the market value is US$ 7.40 billion. As the automobile sector foresees growth, the specialty silica market, too, is expected to grow by 5.4% from 2023 to 2033.
The demand for specialty silica has significantly surged due to its increased applications in various industries. Specialty silica finds its applications primarily in the automotive industry, where it is used to manufacture tires. As the automotive industry continues to grow in countries like Germany, China, and the United Kingdom, the demand for specialty silica in these countries is also very likely to experience a noticeable surge.
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Specialty silica is also used extensively in the construction and building sector. The post-pandemic boom in the construction sector is substantially driving the market for specialty silica in the Chinese and Indian markets. Specialty silica is also used in manufacturing to produce mechanical seals, adhesives, and coatings.
Colloidal-type specialty silica has gained much popularity in various industries, such as machine tools, construction, and food and beverage. Its versatility and material properties have also made it a preferred choice in manufacturing lotions and creams in the cosmetics industry. The demand for colloidal specialty silica is also rising in the electronics industry, which produces semiconductors, electronic chips, circuits, etc.
“There is still much room for development in the specialty silica market. Key players in the market must develop innovative and sustainable ways to procure specialty silica, as there are a lot of environmental concerns regarding the carbon footprint in the manufacturing process. Recent developments in material science and nanotechnology can be very beneficial for the further expansion of this market”, opines Nikhil Kaitwade, Associate Vice President at Future Market Insights (FMI).
Key Takeaways from the Specialty Silica Market Report:
- The specialty silica market is expected to grow at a modest rate of 5.4% from 2023 to 2033.
- The colloidal type dominates the global specialty silica market, with an overall revenue share of 66.8%.
- Regarding application, the rubber industry captures 61.8% of the global specialty silica market revenue.
- India is the leading specialty silica market, with a growth rate of 8.5% from 2023 to 2033.
- India is followed by China (6.50%), Germany (5.70%), and Australia and New Zealand (5.20%) in terms of specialty silica market growth.
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Competitive Landscape:
The competitive landscaper for specialty silica market is still in its growing stages where small enterprises are making significant contributions to the overall specialty silica market by responding to the demand of local consumers, despite the presence of international players like Solvay SA, Huber Engineered Materials, and Madhu Silica.
These international brands, with their established reputation and experience in the industry, have gained popularity in the global market. They are also investing billions of dollars in the research and development of sustainable methods for procuring silica. These companies now focus on emerging economies like India to expand their consumer base.
Recent Developments in the field:
- Solvay announced the acquisition of Evonik Industries AG, a specialty silica business, in 2022. Solvay expanded its specialty silica product portfolio and market reach
- through this acquisition.
- In 2021, a global specialty chemicals and performance materials company, Cabot Corporation, acquired Germany-based Wacker Chemie AG.
Key Companies in the Market
- Solvay SA
- Huber Engineered Materials
- Madhu Silica Pvt. Ltd.
- Evonik Industries AG
- PPG Industries, Inc.
- Akzo Nobel NV
- Cabot Corporation
- Wacker Chemie AG
- Nalco Holding Company
- Qingdao Makall Group Inc.
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Specialty Silica Market by Category
By Product Type:
- Precipitated
- Fumed
- Fused
- Silica Gel
- Colloidal
By Application:
- Rubber
- Plastic
- Ink & Coatings
- Electrical & Electronics
- Agricultural & Feed
- Food & Beverages
- Personal Care
- Others
By Region:
- North America
- Latin America
- Europe
- Asia & Pacific
- The Middle East and Africa
Author
Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.
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